Barbara Corcoran: Here’s the Difference Between a Good and Bad Entrepreneur
Written by
Laura Beck
Edited by
Jenna Klaverweiden
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You may have a great idea, but that’s not enough to make it in business. Barbara Corcoran, real estate expert and longtime investor on “Shark Tank,” has watched thousands of business owners pitch their ideas, and she’s seen countless entrepreneurs either succeed or fail. So more than anyone else, she knows who will likely make it and who won’t.
What is it that separates the ones who succeed from the ones who don’t? Corcoran appeared on “The Diary of a CEO” podcast, where she shared her point of view on the subject.
Also see Corcoran’s surprising portfolio picks and how tangible assets built her wealth.
Take Responsibility
More than anything else, Corcoran explained, a good entrepreneur takes responsibility for their failures as well as their successes. They don’t waste time pointing fingers or finding someone to blame.
“The ones that don’t make it know how to be a victim,” Corcoran said. “They feel sorry for themselves, they blame the next guy and they don’t take the responsibility as their own. And that’s what an entrepreneur does.”
When something goes wrong, a strong business owner asks “How can I fix this?” Weak ones ask “Who can I blame?”
Own Your Failures
Sure, it feels bad when things go wrong. But good business owners get back up quickly when they fall. They don’t let bad feelings run the show. Failure means you have an opportunity to learn something new.
Don’t get stuck on your failures. Bad entrepreneurs keep thinking about what went wrong instead of trying something new. This means they’re just going in circles instead of finding a better way to do things.
“You’re the boss, it’s your problem,” Corcoran said. “Period. It’s your problem. It rests with you. Now what are you going to do about it?”
When you run a business, you’re the boss. That means you’re also the chief problem solver. Indeed, according to Forbes, problem solving is a key trait of successful entrepreneurs.
It’s easy to blame everything else. You can complain about the market, your employees or your bad luck. But if you refuse to accept responsibility, it will just keep you from growing and improving. If you don’t take accountability, you’ll just make the same mistakes again and again. Meanwhile, your competitors will be finding solutions and moving past you.
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