"You have to have a not-to-do list" — When Shark Tank’s Barbara Corcoran claimed that success comes from knowing what to avoid

Barbara Corcoran, an investor on Shark Tank, shared valuable advice on achieving success in both business and personal life during an appearance on The Rachel Ray Show on November 2, 2016. She said while many focus on creating a to-do list, they often overlook the importance of a 'not-to-do list.' Corcoran said:

"It's important to have a to-do list, but what I think people don't realize is you have to have a not-to-do list."

Barbara Corcoran's tip on making a not-to-do list is a simple solution for one's business and personal lives. Knowing what not to do, and passing it on is important for success.

Shark Tank's Barbara Corcoran has a strategy for success: The power of a not-to-do list

The importance of recognizing what not to do

Barbara Corcoran's business style encompasses an analysis of personal weaknesses and strengths. The Shark Tank investor advised people to be practical regarding tasks that do not align with their interest or skills. She said:

"People don't do well with things they're not good at."

Recognizing this, she suggested making a physical list that separates work into what you love and what you don't like or are not good at. To illustrate the point, she said:

"On this side, you're going to write the things in your business you love to do and on that side the things you don't like to do."

Barbara pointed out that this easy but powerful strategy assists individuals in discovering areas where they need to allocate time and energy, and things that they need to avoid or outsource.

Delegating tasks for greater success

A key takeaway from Corcoran's advice is the value of delegation. Instead of wasting time on tasks that are outside your area of expertise, it is often more effective to delegate such tasks to those who are better at the job. Corcoran explained how she manages this strategy in her life and business:

"If you talk to people well, if you work out well — which is half your business — and what is that again? A storytelling," she clarified.

The Shark Tank investor demonstrated this idea with an anecdote on how to delegate. For instance, she would trade with a friend 'who's got the Gift of Gab on the phone' to take care of some responsibilities she doesn't like, or feels don't justify the best use of her time.

Barbara's approach enables one to focus on one's strengths as others work on the aspects that are less critical to their performance.

Overcoming common business challenges

Most business owners have uncomfortable tasks to accomplish, like calling up clients or keeping themselves organized. Corcoran spoke of such discomforts during the interview, stressing the significance of recognizing such discomforts. She suggested, underscoring a struggles that entrepreneurs everywhere face:

"Give me one more horrible thing you just don't like doing — how about filing?"

Barbara then demonstrated how to overcome these difficulties by encouraging people to delegate or find practical solutions. For instance, she suggested finding an organized person, such as a son or a friend, to handle administrative tasks such as filing.

The Shark Tank investor underscored that the approach helps reduce the burden, and allows entrepreneurs to focus on aspects of their business they enjoy and excel at.

Watch aspiring entrepreneurs pitch their ideas on Shark Tank, airing Fridays at 8 PM ET on ABC, and streaming later on Hulu.

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Edited by Vinayak Chakravorty