Barbara Corcoran Says This Is the No. 1 Trait Entrepreneurs Need
Written by
J. Arky
Edited by
Jenna Klaverweiden
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Perhaps best known for being one of the sharks on the hit television show “Shark Tank,” Barbara Corcoran is a successful entrepreneur with valuable insights to share for those looking to start their own business venture. As a 75-year-old millionaire herself, Corcoran has built the empire of the Corcoran Group through experimentation, failure and reinvention, never backing down from what she set her sights on in her career.
For those looking to carve out their own paths to independent financial success, Corcoran shared in an interview with Sprouht the one trait entrepreneurs need. Read on for more details about what Corcoran says entrepreneurs need.
90% of What It Means To Be Successful
According to Corcoran, the No. 1 trait entrepreneurs need is resilience. In Corcoran’s estimations, that’s about 90% of what it means to be successful as an entrepreneur.
Corcoran compared a good entrepreneur to the childhood toy Jack in the Box. That is, a successful business pioneer is someone who can take hit after hit yet never back down and always bounce back. That’s because starting your own business can be fraught with unforeseen challenges and setbacks. Lots of people give up, throwing in the towel after throwing away lots of money.
In fact, 1 in 4 businesses fail within the first year, per LendingTree. Being resilient in the face of failures and setbacks is important for any entrepreneur to succeed. Corcoran highlighted that those who eventually make their entrepreneurial dreams come true are the ones who might fall down occasionally but always get back up.
Other Traits for Entrepreneurs
Of course, it’s not just one trait that is the key to being an entrepreneur. There are many traits entrepreneurs have that make them successful, and there are many things they can do along they way to help their success.
For example, Corcoran said that successful entrepreneurs are good at embracing change, per Entrepreneur. Doing so can help their business grow over the long term. Similarly, according to Inc., Corcoran believes successful leaders are good at putting themsleves in uncomfortable situations in order to learn and grow.
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