Embracing fear and failure is a key component of becoming an entrepreneur, you need to take a leap of faith.
Despite her $80 million net worth and tremendous success as a businesswoman and TV personality, “Shark Tank” star Barbara Corcoran is no stranger to failure She received straight D’s throughout her academic career and held 20 different jobs by the time she turned 23, but that all began to change in 1973 when she co-founded a real estate business that flourished into an exceptionally successful company.
Here are the core philosophies highlighted in the course that all successful entrepreneurs should have:
1- Embrace fear Corcoran firmly believes that success and failure are irrevocably linked: All successful entrepreneurs know how to fail well and deal with rejection. Every failure has an equally great upside if you’re willing to stay in the game.
The first time Corcoran gave a presentation to a large audience, she lost her voice. While many people would have avoided public speaking at all costs after this, Corcoran volunteered to teach a real estate night course at New York University. She decided that she had two choices in this situation: stay in hiding and be embarrassed and ashamed, or learn how to do it right.
2- Develop immense optimism In business, optimism is more important than intelligence. Sometimes, being too rational can lead to countless missed opportunities. In my experience, meditation helps start every day with a clear and concise mind. You have to become hopeful beyond all logic if you are going to be a successful entrepreneur. Based on Corcoran’s philosophy, you will need to see everything as half full even when everyone else sees nothing in your glass.
3- Create pressure and don’t overanalyze You can’t always study to be an entrepreneur, you just have to take a leap of faith. When I transitioned from corporate America to entrepreneurship, I jumped in completely. I sold my home in Washington D.C. and bought equity in an existing business. For me, it was just the right time. And the pressure was on because I knew I had to survive on my own. Corcoran believes that creating pressure is important. She thinks that people under fire react more intelligently than those standing on the outside making careful assessments.
4- Fake it until you are it To be a successful entrepreneur, you need to look and act the part. When I started to go after corporate contracts, I attended events and joined organizations with very successful entrepreneurs because I knew it was best to surround myself with people who I wanted to emulate. Eventually, I began to feel like I belonged in the room.