Dr. Oz talks to "Shark Tank" investors Barbara Corcoran, Daymon John, and Mark Cuban about their advice on how to make money, manage your financial stress better, and monetize big ideas.
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00:00 So there's a big day here at the doctor our show cuz we have a very special interview with not one not two
00:05 But three investors of the mega hit shark tank
00:09 They are here to give all of you advice on how to make money how to manage your financial stress and exactly what to do
00:15 If you have the next big idea now our lovely audience today via zoom our entrepreneurs
00:20 Who've actually pitched on shark tank in past seasons?
00:23 So they know what the bites like now right on the heels of their 13th season premiere here
00:28 They are please welcome my friends Barbara Corcoran
00:31 There she is Oh
00:33 Damon John and Mark Cuban
00:36 They swim out
00:38 shaking
00:40 Come on over here
00:42 Mark back to the fear where you going Barb. I thought I was supposed to know you can sit here if you want
00:50 But do I just sit here?
00:51 She's falling apart
00:53 I was wondering where you were going
00:56 I'm here. Let me help you
00:58 Your former contestants are laughing
01:02 All day doctor you told to take a medicine I know you know that the people backstage of my show trick the guests
01:11 That one worked just fine
01:14 You know, it's the best place to have mark over there because the last time we were this close regarding each other in an NBA
01:19 Celebrity All-Star
01:21 Sharp elbows and he can box you out. Yeah, that's the rugby
01:25 So we I remember
01:27 Vividly the very first time that we met because it was 13 years ago. Both of our shows were launching simultaneously
01:34 I had no idea what I was getting into you probably didn't either. What does it feel like?
01:37 I do you still get excited after 13 years? Oh god, I get excited every time those doors open
01:41 I'm like looking at that person thing
01:43 I'm gonna meet myself looking for a waitress or some nobody who needs a break and I'm sitting there
01:48 I'm sure you are too like how could make a difference here? So it doesn't wear so
01:53 I look at all those people and I say man, I wish I would have thought of that
01:57 But wait a minute I can invest in it. Yeah, you know, it's just so exciting. They can change lives. What's better than that?
02:02 Magic magic making so there's some amazing guest hosts coming on the show this year. I happen to know him, right?
02:10 But so yeah, Kevin Hart great. Yeah and an investor and Dan Lebesque is one of my favorite people on the planet
02:15 He was a kind bars. Yes. What is it like when there's new blood in the what you go out to them?
02:20 Oh, yeah, absolutely. I mean I call him rookie right get the first deal done. Come on rookie. Come on rookie
02:25 Yeah, you make them work a little bit
02:27 But they're they're all obviously so smart that they fit right in but you got to find your balance with them
02:32 Don't you know not at all?
02:34 And it's fun
02:36 Because you listen after we sit next to Kevin we hear the royalty do you did to me?
02:44 It's like a crazy granddad at the table, right but somebody who is really a proven shark in their own, right?
02:51 And they know the fundamentals of business
02:52 But maybe we disagree and we can have a healthy debate that we'll all learn from they're not being truthful
02:57 I hate every guest shark. I know that for one reason to take my seat
03:00 Mark first walked on the set. He was a guest shark. He left with that seat
03:06 He stole the sheet is the seat and I tell everybody where Mark sat in that seat
03:10 He owned it will never have another guy that can walk and dominate like that again until Kevin Hart came
03:15 Yeah, Kevin Hart was so much better than this
03:17 He was so he was so funny. I if I were mark I would worry about my told her we've had so many other
03:26 Much more younger beautiful. They're women sharks way more coherent
03:31 You're safe are what you're good I'm still insecure
03:40 Get double elimination tournament all day every day
03:42 So mark I'm asking because you make a lot of prominent investments even outside of a shark tank
03:47 What gives you more pleasure?
03:48 Is it the joy of just making a ton of money or finding something that that you believe in a couple things?
03:53 It's not so much the money anymore. It's the impact right, you know, can you change someone's life?
03:57 You know and then what kind of impact can the product have can it change the world?
04:02 Can it change an industry and so when something's disruptive and I change somebody's life, that's what's the most appealing to me always
04:09 The same thing I mean, you know, the money is great
04:12 But I've noticed whenever I go out to actually try to make money at something. It doesn't work. It doesn't work
04:18 It's usually just this passion this person
04:20 I really love to work with or of course as a doctor you see a way
04:25 More than we do you create change and you just get a good feeling from it
04:29 You can't spend a ton of time doing something you own that will never be the best at it
04:32 And if you don't love it, you won't do that. That's right. What's the favorite product you ever invested in Barbara?
04:35 Well, my favorite product is my most profitable product funny enough
04:39 It's the comfy and it's a wearable blanket to crazy guys came in brothers. They pitched
04:43 They didn't know what they were gonna sell it for they didn't know how to make it. It was handmade
04:47 They know where they were gonna manufacture it and they didn't know what they were gonna do with the whole idea
04:51 I'm gonna think of myself didn't nuts but I'm gonna spend the money. They're asking $50,000
04:55 I took a third of their business and three years later. They made four hundred million dollars. What did I know?
05:00 What is the most profitable company Shark Tank history? It's not even close Barb doesn't brag enough
05:05 It's the most incredible deal ever ever four hundred million dollars in revenue, but it was by accident
05:11 It's not like I thought they had anything there. I'm just nice guys. I'll tickle. I'll take a whack at them
05:16 Like crazy. Yeah, it's a favorite product. My favorite product is bomba socks
05:21 Every sock that we sell we give a pair away to the homeless
05:25 So I saw the impact and I and we've given away now 60 million pair of socks as well as now
05:30 Underwear and t-shirts those are bomba socks. These are bomba socks, of course
05:33 I'll show them up put them up there you get I actually have some of these. Yeah, they're cool
05:36 Yeah patterns on their patterns on them and it is the number one invested product in Shark Tank history
05:42 Oh really said who it is the producers out of they call
05:45 And it shows that
05:48 You know, these are the underachievers around me can't do their math because 500 million is better than 400 million
05:54 So I'm feeling really strong. I'm feeling strong the very strong about it. Are they like siblings to you?
05:59 Do you guys trash talk in your sleep a whole?
06:02 Never
06:04 All the time but Barbara and Damon
06:08 No one can get a word in edgewise because they're killing each other. They Kevin's in the middle and
06:13 Mark owns the Dallas Mavericks who trash talks more the guys in the NBA a shark tank. Good question. It's it's a toss-up, right?
06:20 Because we're next to each other for 12 hours a day. Yeah non-stop your favorite product, you know, they're all my children
06:28 But you know, I'll have a little recency bias. One of my companies is a tattoo
06:33 Butter and oiled and called mad rabbit and they're doing a big promotion and support
06:39 Program for breast cancer right now as we speak starting today
06:43 And so when our companies stand up and and try to have an impact and help have a purpose right and have passion behind it
06:50 That's always the most important to me. Excellent. So what an honest answer here which shark has the biggest bite?
06:54 Oh, there we know is Mark. Yeah, there we go
06:57 I
06:59 He shoots from he comes straight out straight after you
07:03 He's extremely definitive, you know in a very quick period of time
07:08 I think I have to think about it because
07:10 Honestly, you know
07:11 I hear so many great things with some of these sharks and and I'm up there about to jump in a deal and one of them
07:15 Says something brilliant I go. Oh, yeah, and that's why I'm out
07:23 Alright so mark who's the biggest minnow the guppy out there? Oh my Kevin
07:27 Yeah, mr. Wonderful wonderful
07:30 All the time hammer no nail. Yes
07:33 Walks and I love Kevin's feet shake
07:36 Has some innovative ideas in terms of financing. I'll give him that credit, right?
07:40 But unless something fits that royalty or that very specific equation, he's not doing it
07:45 Yeah, so and after he makes the deal he renegotiates and gives away more money. I hear that from the inside really
07:51 Yeah, he's a pushover. He's a sweet guy. All right coming up
07:54 We dive into the deeper connection between health and wealth when we come back
07:57 But especially financial stress from the pandemic that a lot of you are feeling welcome back
08:01 We are here with the investors of the hit show shark tank Barbara Corcoran Damon
08:05 John and Mark Cuban we've all heard the saying with more money comes more problems. So mark, do you think that's true?
08:11 And how do you de-stress?
08:13 Shoot baskets play basketball for real. Like if I'm stressed, I'll go I have a tennis court slash basketball court outside
08:21 I'll just go shoot baskets
08:22 Literally because all I care about is the ball going through the hoop
08:25 I get to clear my head that sound of the net when the ball goes through that's what I do Barbara
08:30 What do you do you shoot hoops do yeah, I jog away from my husband bill
08:34 But I do ski that's what I do most most as often as I can and I ski better than any man
08:42 I've ever met. I just had to put that in it had nothing to do with the show, but I had to say it
08:46 Yeah, I like this the trash talk. You have it on the couch never stops
08:50 Uh Damon you've been a leader during the pandemic especially but even before that with small business folks and you know
08:57 Helping them out and the pandemic really hurt small businesses. Yeah, what's your advice to help them build back financially when they've got almost nothing left
09:04 Well, that is challenging and there's no one right answer
09:07 They have to take inventory what they have how much cash on and you know
09:10 Maybe renegotiate leases or and talk to their employees and come up with ways to be creative
09:16 But don't put your head in the sand you have to start making decisions you the most landlords will be
09:21 Sympathetic staff customers will be sympathetic
09:23 Remember why you're in the business if you have to make it a little bit smaller do that so you can you know grow?
09:29 Further afterwards, but you know, you got to take inventory and everybody's inventory is different
09:34 But let's talk about women for a second 1.8 million women less fewer in the workforce
09:39 A lot of women said it's not worth it to me
09:41 I go back to my family's some lost their jobs because you know, but that their own desire
09:45 They are household constraints, you know, so what's the what's the fix?
09:48 Well, you know women paid the biggest price in covert absolutely and it's not like they wanted to go home and many of them quit
09:54 Their jobs they had to go home. They had their kids at home. They had a school them at home
09:57 So they got the worst of covert no doubt
10:00 But I don't fall for the typical thing that we can't attract enough women to the workplace. We're having a hard time hiring
10:06 I just don't buy it
10:07 You can attract as many women as you want if you accommodate them as mothers as people have three jobs the household
10:12 The kids and the job a little different what the men have so you have to support the women and make their schedules as flexible
10:19 As you can and coven has proven that people work very well when they're not in the office
10:23 We've all learned to trust employees
10:24 So there's absolutely no excuse to not be able to attract women back then pay them fairly
10:29 And by the way, they were there smarter than men. They work harder than always
10:34 She's absolutely right and I think this for the people doing the right thing in business to pay them fairly and accommodate them
10:42 You're gonna get
10:43 massively sharp talent
10:45 So be on that side of it because there's a pool of amazing talent
10:50 That's just not being appreciated and you help society in a way. That's
10:52 Immeasurable immeasurable. So you guys are all self-made no trust babies here, right trust fund babies and that's the American story
10:59 So I'm curious because it's part of the future of this nation
11:02 What do we need to do to get more people to become entrepreneurial?
11:05 Well, if you make heroes of the entrepreneurs, which they obviously are
11:09 They're the best example of what's great about America the more you put them in the public eye the more people emulate them
11:14 It's just the natural law and I think you've been so so much advocating about the government's involvement. How do you feel about it?
11:21 you know
11:24 Government intervention could be a lot of different things
11:26 But I think the most important thing that we can do is education because without a fundamental financial understanding
11:32 You don't know where to start
11:34 I mean, that's the reason I do shark tank because there is so little great school high school middle school financial education or entrepreneurial
11:41 Training people watch us. They literally use shark tank in thousands of schools to teach kids to be entrepreneurs
11:48 And so I think we need more programs government funded that get people going and understanding their own personal finances and business in general
11:57 What does the government do wrong in stifling entrepreneurship and they might come back to you specifically about why don't we have more heroes?
12:04 What they're doing wrong is there again?
12:07 It's gonna be echoing when Mark said, you know
12:08 They should teach kids financial intelligence like they teach them shop in the second and third grade
12:13 Yeah, right and because kids don't know what to do with taxes
12:16 They don't know what compounding interest is but yet they're gonna take out
12:19 $400,000 in student debt that they won't pay up till they're 50 years old for a career
12:24 They're not sure they want to have it right and this is important whether you are balancing a checkbook as a mom or dad at
12:28 Home or running a fortune 500 company and I would say at the state level more than a federal level
12:33 We need to simplify starting a business. There's a lot of ridiculous licensing requirements
12:37 You have to hire a lawyer way too often and the minute potential entrepreneur they can be wanting to be a plumber
12:45 They could be wanting to cut here the minute they hear about all the requirements and they realize they have to hire an accountant
12:51 Or a lawyer to start 90% of them stop
12:54 There's no reason why this all can't be automated and is daunting this 30 million small businesses in this country and 22 million of them
13:01 Are one man or one woman operations daunting? The only other thing that you mentioned earlier is access to money
13:07 You go to your local bank. They're not gonna lend on your unless they have a backup or parent guarantee
13:11 So it promulgates young kids rich kids getting financing not the kids that need it
13:17 So we thought we had PT loans during the pandemic right where there were small businesses
13:22 That could work with the Small Business Administration that you know
13:26 If you look for a bright light out of the pandemic
13:29 People started to understand small businesses really small business started to understand how to work with the Small Business Administration
13:34 And there are opportunities there and there are some good programs
13:37 As the internet made it easier or harder to start a small business. It's inspiring way easier way
13:43 Pick up your phone right now and you can do a million dollars this week
13:47 If you understand what you're doing
13:48 In fact when you think about most of the successful businesses from this season on Shark Tank
13:52 I would say 80% of them were online. It's almost like we heard retail
13:55 It was a foreign world because with the pandemic people had the time
13:58 You know
13:59 You could get in front of a laptop or even on a phone or a PC and figure out how to start a business whether it's
14:04 on Etsy eBay Shopify BigCommerce
14:07 Whatever it was and in 30 minutes be up and selling the other store. You don't have a lease
14:12 You don't have to do all this type of stuff and rebuild the store you start a store speaking of investments
14:16 How important is going to college to becoming an entrepreneur?
14:18 100% thumbs up people talk about well this guy dropped out Bill Gates dropped out. No, no
14:24 No, I've had this conversation with my kids. You need to learn the language of business
14:28 You don't want to be dependent on somebody else when you understand finance
14:31 You don't need to be dependent on somebody else when you understand marketing
14:35 You don't have to be dependent on somebody else that that college education not only gives you specifics
14:41 But it teaches you how to learn and it gives you independence. I just believe you need further education
14:46 I am not sure if you need necessarily college, but a hundred and twenty percent
14:49 You definitely need to keep educating yourself in any way you can
14:52 I don't know if I ascribe to their way of thinking I don't think colleges for any of everybody
14:57 I think a lot of people waste their time in college
14:59 I think you have to get your hands on the knowledge you need and it's not always in the classroom
15:03 I have hired people who have the best education in the world and put them on their feet in a street situation
15:09 And they cannot perform they don't have the foggiest idea. I've hired people with no education at all
15:14 They're smart as could be their street smart. They know how to Bob. They know how to weave
15:18 They know how to get that's for jobs. Those were people you're hiring. Yeah, but still I mean
15:23 I do think for most people depending upon what you want to do four years spent in college is a great idea
15:27 It builds self-confidence, but I think for a lot of people it's four years wasted
15:31 I really do when you're announcing your candidacy for president mark never never it's a long time from now
15:37 No, no, no, it's wife's never gonna. Yeah, never gonna live ever gonna live what?
15:41 Which shark which shark is gonna be in the White House first?
15:46 Well, that has to be more they never visited this guy
15:49 They want me to make merchandise, yeah, will we ever have a shark in the White House we will I'm sure we will yeah
15:57 It will probably be Kevin Hart
16:00 He's popular enough, yeah, let's hope so
16:05 All right
16:06 Come out the Sharks are gonna jump into the water to offer advice to an entrepreneur in need that happens when we come back
16:11 No, welcome back
16:12 We're having a blast because we're here with the investors on the hit show shark tank Mark Cuban Damon John and Barbara Corker good friends
16:17 They're mixing it up. It is time to watch them in action as they offer advice to an entrepreneur who can really use it
16:23 Please welcome via zoom Gloria. So Gloria tell us a bit about your business. And what is your question for Barbara? Hi, dr
16:30 Eyes, I am a hands-on
16:32 100% owner of foot Nanny foot Nanny is old-fashioned wellness in a jar
16:37 I put this brand off the memory of my mother and my grandmother's gift of the old-fashioned rubdown
16:43 They believe if your feet felt good your entire body felt good in
16:48 2019 I did 1.5 million in sales
16:51 I nearly doubled it and I did 2.5 million in sales. Nice. I
16:57 Currently have three warehouses
17:02 For foot Nanny's fives and when you go to foot name calm
17:06 You take the foot quiz and repair your feet with an at-home experience kick
17:12 Good job
17:15 Charts, I need help. I need help. I dream of this day to ask for help. I
17:19 Have a question. I love you all mark. Damon Barbara. I love you all but Barbara have a question, okay?
17:28 Do you think I should focus on expanding my the growth of my products to make them more available to shoppers?
17:35 or should I keep it keep it boutique and
17:39 Continue to create more foot care kits and the customer experience in the foot Nanny spots
17:45 Gloria you obviously have the enthusiasm to take this business as far as you want. You're not short on energy
17:51 That's for sure and you're in love with your product
17:54 Okay, the only danger is when you're in your sophomore junior year, which you are and you've got lots of sales
17:59 And you're feeling good about yourself. That's usually when many entrepreneurs get sloppy
18:04 They don't really have an accurate picture of what's making the money. They're making so much money. They don't stop pause and think okay
18:11 What am I big producers? What am I producing that isn't selling? Well, what could I eliminate? How could I streamline?
18:15 How could I do more of what's working?
18:17 and so I think you have to take a pause button go to the mountain whether it be your public library or quiet spot that
18:23 You could find and spend a whole day
18:25 analyzing your business from the sky down and
18:27 Then when you proceed and branch out and make more product or whatever you decide it's with accurate judgment
18:35 Because you've sized your business up you need to regroup before you move ahead
18:38 Then what do you think about the product and I am curious if you have to make a decision
18:43 Do you sell more of these you to make those boutique? I think the product smells beautiful and I think we
18:48 glory and I
18:52 Shark
18:53 Duck there's only there's only three ways to deal with a customer right you either acquire a new one you upsell a current one or
18:58 You make one buy more frequently
19:00 Acquiring a new one is 20 times harder than doing either one
19:03 You want to supersize everybody's fries and that's exactly what she's doing
19:07 I think the barber said it very eloquently about digging deeper and seeing what's her 80 20 20% of the customers 80% of the business
19:13 Vice versa and how do you keep selling them more?
19:16 figure it out and then you will get to a point usually around year four and five to
19:22 world and global domination
19:24 Mark is this a product that could be globally dominant?
19:27 Depends on the numbers. I mean to their point, right?
19:30 You have to look to see where your happy places are
19:32 Right, what makes your customers the happiest of all your different products and where are you making the most gross margin?
19:37 Evaluate your business, but look to see where the happy spots are where your customers happiest and where are you making the most gross?
19:44 Margin dollars or profits and follow that because they'll look they'll usually lead you to global domination
19:49 And the other things are the ones that hold you back
19:51 Gloria what what piece of advice stood out the most I want to grade the sharks to see who helped you the most
19:56 As far as picking the ones that are the best and all of them are my children
20:21 All of this is my children. So it's hard to but I do have ten top sellers and you're right
20:27 You're right
20:30 Where your customers will tell you which of your children are ugly you need to kick to the curb. They're really really
20:36 All right with that thought in mind, thanks for joining us good luck in your business, I'm sure you're gonna do great
20:46 You look Gloria
20:48 All right, we're back with last more from the Sharks we were back with the cast of the hit show Shark Tank
20:53 So they let's talk about black entrepreneurs. Yeah, they're not enough the ones that are out there doing pretty well
20:59 You've been encouraging on black entrepreneurs. You got this big big event coming up by the time
21:02 But he's me David encouraging black entrepreneurship for a long time
21:05 What is the most essential factor that we're missing that you're advocating for?
21:09 They need information. They need access to capital, you know
21:13 and and the information comes from not necessarily coming from generational wealth and access to capital often is because
21:20 You know, they don't have information
21:22 We've been bartering and trading since the beginning of time and we look at it as hustling
21:25 But a lot of the companies that we see they can't take in capital because they're not structured the right way
21:32 But once they have that information
21:34 they are extremely dominant because they they don't take no for an answer and I'm throwing black entrepreneur's day because
21:40 You know last year or a year ago. We saw
21:43 You know, we saw people of all colors coming together fighting injustice
21:46 But kids who did not have enough information were burning businesses instead of building businesses
21:51 And when they start to see other people that are building business that look like them
21:55 They're gonna go out and try to do it themselves as well
21:57 So black entrepreneur day show notes about raising awareness and support black business leaders. You're reading even event tomorrow night
22:04 It's streaming live from the Apollo on his Facebook page 7 7 p.m
22:07 Eastern Time check it out and we're giving away quarter million dollars and you're kidding me. Yeah quarter million
22:11 there
22:12 What a million dollars in grants you have you and Kevin Hart Tyra Banks?
22:15 Michael Strahan a bunch of people coming out Reverend run so you're gonna hear about their failures not their successes
22:21 Million quarter million bucks is buried the lead my man
22:23 Of their company but there'll be a million people to it again because they did last year you want to webby award
22:29 Yes going to what - yeah
22:31 There yeah
22:33 All right
22:34 My book my pocket. I know who won the very first Webby Award who?
22:37 for streaming way back when
22:41 I just had one moment to shine
22:43 Yours is much more important
22:47 Work I you've actually set out to up to upend the pharmaceutical industry
22:52 Yeah, and you've been doing this in a lot of different sectors, but the former industries is a big the profitable
22:56 You have a big idea to how to make drugs the most important drugs that all Americans need more affordable. Can you share it?
23:03 Yeah, it's called cost plus drugs comm and what we're adding is transparency
23:07 You know the the unfortunate nature of the pharmaceutical industry is that they try to hide everything
23:13 They don't want you to know what anything costs, you know when you go to pick up a prescription
23:17 You don't know how much it costs the pharmacy. You don't you know all those things
23:21 So what we're doing with cost plus drugs is we're gonna be violently transparent and our first drug is one called albendazole
23:27 Albendazole is for people with hookworm and believe it or not
23:31 There are places in rural America in Alabama, Texas and other places where the sewage is so bad
23:36 Kids are walking through sewage and catching and getting sick rose into your skin under your feet
23:42 Yeah, exactly, right
23:43 And so albendazole used to cost $200 per dose what $200 per course, right that old drug has an old drug
23:50 It's generic but they could get away with it because there's no transparency
23:53 So we went out and started sourcing that as our first drug and that's the first of hundreds
23:57 We'll be adding this month and we're selling it for depending on transportation $12 and 50 cents Wow
24:03 And on top of that the first 10,000 that we bought we gave away to UT Southwest and their group that works with
24:10 research for tropical diseases
24:12 And so we're just trying to upend all of it and we'll start there and just keep on adding them and if we can reinvent
24:18 The whole pharmacy industry, that's what we're gonna try to do. I'll tell you I'm in seriously
24:22 I bet everyone would be but I'm definitely in if you can help you. Yeah, we'll keep you updated
24:25 I want to thank y'all for being here. Your spirit is
24:28 Unending and I've since day one of enjoyed watching you guys grow succeed kudos to all your success. Thank you
24:34 Thank you. God bless you. Thank you catch the next season of Shark Tank on Friday nights on ABC, but you already knew that
24:39 Thank you for watching. Don't forget to subscribe and turn on notifications. You never miss out on new videos to live the good life