Barbara Corcoran Reveals What She Looks For In An Entrepreneur Before Handing Over Her Money: ‘They’re Super Competitive’

Real estate investor and “Shark Tank” personality Barbara Corcoran has done a lot of deals with budding entrepreneurs. Each of those deals has given her a better perspective of what types of businesses succeed, but she also places a strong emphasis on the business owner.

She looks for a few key traits when analyzing a business owner, and she shared the details in a written interview with “Wake-Up Call At Work” newsletter.

“They’re super competitive,” Corcoran said about entrepreneurs she prefers to work with.

That’s not the only trait she looks for in any entrepreneur. These are some of the characteristics that can help you stand out as a business owner. 

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Comfortable With Taking Risks

Entrepreneurship is all about taking calculated risks. It’s risky to start a business, invest capital into marketing channels, and put yourself in the driver’s seat. A prerequisite for landing a deal with Corcoran is that you must be comfortable taking risks.

“They’re not afraid of risk,” Corcoran told “Wake-Up Call At Work.” 

However, there is a difference between calculated risks and reckless risks. Calculated risks require upfront research to determine the action that has the highest probability of success and the highest potential payoff. Reckless risk-taking involves taking risks just for the sake of it. For instance, buying out-of-the-money call options that expire at the end of the day is extremely risky, but it is reckless and entirely out of your control. When you take business risks, you have more control over the outcome. 

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Wild Enthusiasm

Corcoran also told the newsletter that wild enthusiasm is another key trait she looks for in an entrepreneur. Not everyone makes money by following their passion, and some people get into boring businesses instead. 

You need enthusiasm for your business idea and the entire process. Some people only get excited when they think about business ideas, but enthusiasm fades when it’s time to do the work. 

It’s easier to get on board with a charismatic business owner who is excited about where their company is heading. These individuals can rally their teams and make customers eager to do business with them.

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Bouncing Back From Failure

Corcoran wrapped up her list of traits by mentioning that entrepreneurs should be able to bounce back from failure. It’s okay to make blunders in business, and it’s also completely normal. Even Corcoran made some business decisions that didn’t pan out as she expected.

“I’ve made a lot of mistakes in business, but I don’t regret any of them,” Corcoran told the newsletter. “All my best successes happened on the heels of failure. It’s the best way to learn and bounce back stronger. I learned that the harder the ball hits the pavement, the bigger the bounce. You just have to stay in the game long enough to see it come back.”

It’s okay to make mistakes as long as you learn from them and don’t keep repeating the same mistakes. Any entrepreneur can look great during the good times, but seeing how they approach failure and how quickly they get up can show their true mettle. 

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