Successful business owners share five key characteristics that contribute to their advancement. How do you measure against them?
Barbara Corcoran has encountered countless entrepreneurs throughout her career, and the most accomplished among them consistently exhibit similar qualities: They possess a strong belief in their life’s purpose. Challenges don’t bring them down. When confronted with difficult choices, they make a decision rather than remaining indecisive.
Corcoran has recognized these advantageous traits while serving as a judge on Shark Tank, a television program that provides entrepreneurs with real chances to develop their businesses. Over 12 seasons, she has evaluated numerous proposals, ultimately determining whether to support emerging enterprises.
In this episode of Brilliant Thoughts, Corcoran discusses with SUCCESS People Editor Tristan Ahumada the factors that contribute to the success of leading entrepreneurs. Is it their mindset as a group? Or is it the practices they embrace? Corcoran believes it all originates from five essential characteristics.
1. They exhibit a hint of arrogance, but positively.
Effective entrepreneurs possess a distinct inner guidance system. No one can convince them they’re on the wrong track or advise them to take it easy. It’s simply not part of their nature. For them, the only thing of importance is their selected course of action.
“I’ve observed that my top entrepreneurs listen to my counsel but ultimately do what they desire,” Corcoran shares. “That’s their nature, and it’s an encouraging sign. If during our meeting they’re jotting down notes and asking me to clarify, I know I’m likely to lose my investment. If they’re so eager to absorb what I say as though I possess secret knowledge, their success will be limited.”
Do you come across as stubborn or arrogant in pursuit of your aspirations? That’s excellent. As long as your actions propel the business forward rather than backward, then those bold characteristics are beneficial.
2. They understand that success demands action.
Many people express interest in launching a business but never follow through. The distinction between those who create something remarkable and everyone else hinges on four vital habits:
- Putting forth effort
- Taking initiative
- Demonstrating commitment
- Maintaining consistency
It’s all about execution, according to Corcoran. The more actions you take for your enterprise, the more it flourishes.
Moreover, these invaluable habits extend beyond mere business success; they can also lead to a more fulfilling life as a whole. When you apply this strategy to every desire you have—be it a dream home, good health, or strong relationships—you truly can achieve everything.
“The key distinction between individuals who find happiness elusive and those who manage to attain it lies in their willingness to take necessary actions—putting in the hours, making daunting choices that terrify them, being courageous enough to express their thoughts, and having the resolve to escape negative situations,” Corcoran states.
3. They possess the ability to bounce back from setbacks.
When Corcoran invests in a nascent Shark Tank business, she doesn’t focus on how the show’s presence might affect its success. Instead, she’s interested in how the following six months will unfold. Will the entrepreneur adapt to challenges as they arise? Or will they succumb to pressure?
“I eagerly anticipate the ‘go wrong’ phase. … I simply ask, ‘What occurred?’” Corcoran explains. “I stay silent and listen. What I’m listening for is how the entrepreneur managed the situation, as this is my indicator of the potential I’ve invested in.”
Setbacks are an inevitable part of any business journey. You might face severe struggles in the early days that make it painful to recall your losses. However, regardless of obstacles, the top entrepreneurs own their mistakes and formulate an improved strategy moving forward.
4. They excel in making prompt decisions.
Navigating tough choices is a significant aspect of any entrepreneur’s path. With a myriad of options regarding investment methods, hiring allies, and developing new products, some decisions can wait. But for all others, the capacity to make quick and impactful choices is essential.
“I’ve noticed that individuals who struggle to decide often fall behind and miss out on opportunities,” Corcoran comments. “I’d prefer to make three poor decisions. At least that way, I can get up and say, ‘I gave it a shot, and I feel proud about it.’ A bad decision won’t be the end of you.”
5. They cultivate strong networks.
Take a moment to evaluate your personal connections. Do the individuals in your life bring you joy and positive energy, or do they sap your vitality? If your relationships are no longer beneficial, it’s perfectly fine to release those ties and seek out more supportive connections.
Corcoran values humor above all in her ideal companions. They should be easygoing, capable of tackling challenges, and making work an enjoyable experience for everyone involved.
“I desire a joyful existence; I don’t want energy drainers around me or negative individuals who see the gloom in every situation because I believe in making the most out of my life,” she expresses. “I genuinely want to live my life to its fullest.”
