‘Shark Tank’ star Barbara Corcoran offers advice to Upstate small businesses

Published: Oct. 12, 2022 at 10:39 AM EDT
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GREENVILLE, S.C. (FOX Carolina) - In 2020, there were more than 430,000 small businesses in South Carolina, according to the U.S. Small Business Administration. It’s roughly 99.4% of all Palmetto State businesses.

Entrepeneur Barbara Corcoran is offering advice to Upstate companies struggling to see the light at the end of the tunnel. Corcoran invests in companies on ‘Shark Tank’ to help them grow.

It’s no secret it’s been a rough few years for small businesses in the Carolinas-- from a pandemic to inflation. With people now quitting their jobs at a record pace, the mogul has some advice.

“Retaining employees is never easy work, no matter what is going on in the economy,” Corcoran said. “Retaining the great employees and keeping them motivated and on track and in line with you... with the same goals, having a mutuality among you has always been the key to any excellent business. Today it’s more challenging, but the moment you lose your first person should be a wakeup call... there is always a way to attract new people and retain them, but it starts with really respecting your people and doing everything you can as if you work for them instead of them working for you.”

Corcoran says the biggest keys to a successful business are communication and perseverance.

For those thinking about quitting your 9 to 5 and starting your own business, the shark says go for it-- don’t live with regrets, but remember passion is the easy part of owning a company.