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Most People Should Not Be In Business Says Barbara Corcoran

Many people think that starting and growing a business is easy-peasy, that it only takes a brilliant idea to become successful. Others think entrepreneurship is glamourous, neither are true. Unfortunately, the harsh truth is that not everyone is cut to be an entrepreneur. According to the real estate mogul and “Shark Tank” star, Barbara Corcoran, most people simply should not be in business. She believes that there are specific traits that separate successful entrepreneurs from those who aren’t. In this blog post, we will take a closer look at Barbara’s insights and what we can learn from them.

I gleaned these insights from Barbara at the Aspire Tour hosted by Eddie Wilson and Andrew Cordle.

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Be Able to Sell

To Barbara, the first and foremost trait of an entrepreneur is the ability to sell. According to her, selling is the backbone of any business. No matter how good or innovative your idea is, if you can’t sell it to others, it’s not going anywhere. This means that you need to have not only the product knowledge to sell your product but also the charisma and persuasiveness to convince others that they need your product. Without selling, there is no business.

Competitiveness

The second essential trait is competitiveness. “Being an entrepreneur is like being a warrior.” The business world is a battlefield, and you need to fight to survive. Competitiveness not only drives entrepreneurs to stay ahead of rivals, but it also motivates them to be better every day. You need to have the determination to be the best and to reach the top of your industry. Without competitiveness, you might survive, but you will never thrive.

Resilience

Barbara believes that entrepreneurs need resilience. Failures are inevitable in business, but the ability to get back up after each failure is what separates the successful from the rest. Many entrepreneurs fail multiple times before they succeed, and it is the determination and resilience to keep going that gets them there. Being able to shake off the dust and try again is not something everyone can do, but entrepreneurs must if they want to succeed.

Everything Can Be Figured Out

Everything else can be figured out and learned as you go. Having the perfect skills or knowledge is not a prerequisite for being an entrepreneur. What is important is having the willingness to learn and adapt as you go. Entrepreneurs must be open to criticism, continuous improvement and never stop learning.

Being an entrepreneur is not for everyone. It takes a specific set of traits and skills to succeed in the business world, and not everyone has what it takes. According to Barbara Corcoran, the key traits to becoming a successful entrepreneur are selling, competitiveness, resilience, and continuous learning. If you’re considering starting a business or are already an entrepreneur, it’s important to ask yourself if you possess these characteristics. If not, don’t be disheartened as you can develop and improve these traits over time. Remember, the most successful entrepreneurs didn’t have it all figured out when they started, but they had the drive and determination to make it happen.

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Here’s a list of other traits that are good for successful entrepreneurs

  1. Vision: Successful entrepreneurs can see beyond the present, visualizing what their company can become in the future. They set clear goals and work tirelessly to achieve them.
  2. Determination: Starting and running a business is filled with challenges. Successful business owners have the grit and perseverance to push through obstacles, failures, and setbacks.
  3. Adaptability: The business world is constantly evolving. Successful entrepreneurs can pivot when necessary, adapt to new information, and change their strategies in response to the market and external challenges.
  4. Resilience: Related to determination, resilience is about bouncing back from failures and setbacks. Instead of getting discouraged, successful business owners learn from their mistakes and use them as growth opportunities.
  5. Continuous Learning: Successful entrepreneurs understand that they don’t know everything. They are always eager to learn more, whether it’s about their industry, new technologies, or business management practices.
  6. Decision-making Ability: Business owners are frequently faced with decisions, big and small. Being able to make informed, timely decisions – often under pressure – is crucial.
  7. Time Management: Entrepreneurs wear many hats, especially in the early stages of a business. Being able to prioritize and manage time effectively ensures that the most critical tasks get done.
  8. Financial Acumen: Even with a dedicated financial team, it’s essential for business owners to understand the basics of financial management to ensure the business remains profitable.
  9. Networking Skills: Building and maintaining relationships with other entrepreneurs, investors, customers, and industry experts can open up opportunities and provide valuable insights.
  10. Effective Communication: Whether it’s communicating a vision to their team, negotiating with suppliers, or marketing to customers, the ability to convey ideas clearly and persuasively is a critical skill for business owners.

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