As producers for Shark Tank conduct a nationwide search for candidates to appear on season five of the ABC television show, they are inviting entrepreneurs to make the ultimate pitch, selling themselves and their ideas to a cast of investors—‘sharks’—including real estate mogul Barbara Corcoran.
Corcoran has an inspiring life story, having turned a $1,000 loan into an ultra-successful real estate firm. She sold the Corcoran Group for $66 million in 2001. Her regular appearances on Shark Tank and the Today Show have made Corcoran a popular television personality and motivational speaker. When I wrote my first book on public speaking, I interviewed Corcoran about effective pitching and communication. She told me a story story that might surprise a lot of Shark Tank viewers; an incident that triggered a panic attack, a fear of public speaking, and a determination to reinvent herself.
Corcoran told me that she had been invited to speak at a seminar for home buyers. She was building her real estate practice at the time and thought the appearance would be a good way to elicit some free advertising. The former waitress had little experience speaking in front of large groups. Corcoran strolled up to the podium to address 800 people in the audience and began with a joke. Unfortunately she blanked out on the punch line. Everything unraveled. She told me that she opened her mouth and nothing came out. Corcoran slumped back to her seat as a shocked moderator introduced the next speaker. Corcoran was so distraught she thought she’d never speak again.
Corcoran refused to let the incident define her. She saw the setback as an opportunity to reinvent herself. The next day Corcoran called NYU and pitched a course on real estate sales. Corcoran even claimed she was an “excellent speaker.” For the next five years she taught courses at the university, and did, indeed, become an excellent speaker. Corcoran took what many would have perceived as a negative experience and turned it into a source of empowerment. Corcoran’s story reminds me of how billionaire Warren Buffett overcame his “terrifying” fear of public speaking. In a previous column I revealed how Buffet, like Corcoran, volunteered to teach college courses for the purpose of building his confidence.
Very few people are excellent communicators right out of the gate. This YouTube video surfaced a couple years ago showing a young and very nervous Steve Jobs preparing for a television interview. As he was taking his seat, Jobs asked for water and the restroom because, “I’m deathly ill and ready to throw up at any moment. I’m not joking.” Years later he would be considered one of the most charismatic business leaders of our time and an astonishing speaker.
Successful leaders refuse to let setbacks define them. Instead they see these incidents as opportunities to improve their skills. Corcoran didn’t sulk around her apartment after her speaking debacle. She took action the very next day to transform herself into the communicator she knew she could become.