Shark Tank's Barbara Corcoran on Mindset, Turning Failures into Successes, and Starting a Business

The self-made millionaire shares exactly why you don't need the perfect plan to become an incredibly capable entrepreneur.

It’s completely normal to feel like you’re stuck, or perhaps even tell yourself that you’re too old and it’s too late to chase a new dream. But the reality is, feeling stuck is just a human condition we all face.

If you’re looking for the ultimate reality check and a masterclass in resilience, Barbara Corcoran recently sat down on the Mel Robbins podcast and dropped some serious business wisdom. From turning failures into fortunes to outworking the competition, this episode is exactly what you need to read if you want to stop hiding behind excuses and start building your future. 

Here are the biggest takeaways from their conversation to help you level up your business and your mindset. The link to the full podcast episode is at the end.

Stop Planning and Start Moving

Why waiting for the perfect plan is the biggest mistake you can make as an entrepreneur.

Many aspiring business owners think they need a flawless plan before they take their first step. Barbara completely disagrees, arguing that business plans are incredibly overrated. The truth is, the best time to start is the very second you have an idea.

• You don’t need to figure everything out from afar; you need to get out there and try a lot of different things.

  
  

• When you jump into the field, you will immediately discover what is wrong with your initial plan and what actually works.

  
  

• Even with a half-baked idea, just getting yourself moving allows the idea to eventually become itself.

  
  

• Today, you don't even need a physical product to start; you can use a prototype or an online waitlist to prove that people are interested in your offering.

  
  

Turn Your Failures Into Your Biggest Successes

How losing everything can actually set you up for a massive win.

It is easy to get discouraged when things go wrong, but Barbara’s story proves that the bigger the failure, the bigger the potential upside. She even credits her struggles with dyslexia—and a third-grade teacher she calls "the nun from hell" who told her she was stupid—for giving her the incredible imagination that ultimately made her successful.

• Barbara's most disastrous financial failure was spending her first $77,000 profit on putting apartment tours on videotape, which failed miserably.

  
  

• Instead of giving up, she took those same videos and put them on a new government project called the internet, selling two apartments in one week.

  
  

• That massive pivot eventually took her company from the 12th position to the top tier of New York real estate.

  
  

• People often give up after two or three failures, but you simply have to hang around long enough to see the flip side of that failure.

True Confidence Comes From Resilience, Not Winning

The real secret to building rock-solid confidence in yourself.

We often think that confidence comes from a long track record of wins. However, true confidence is built when things do not go your way. Barbara noted that most things she tried in her real estate business were actually flops.

• Having a success never built her confidence; knowing she could outwork anyone and stand back up after failing is what made her rock solid.

  
  

• When you know you can count on yourself to pick yourself back up and try again, nobody can take that away from you.

  
  

• Over-preparing is another secret weapon for confidence; it helps you come across more naturally and believably.

  
  

• When you are scared to try something new, remember that people don't hold failures against you; they actually admire you for trying.

  
  

Stop Asking for Permission and Get What You Deserve

Why you need to open your mouth, ask for the raise, and stop obsessing over "connections."

One of the biggest hurdles in business is simply asking for what you want. Barbara pointed out that women, in particular, struggle with taking credit and asking for raises, which is a massive waste. Opening her mouth is what got her everything she has today.

• If you work for an employer and want a raise, document a specific list of what you were originally hired to do and compare it directly to the additional duties you are doing now.

  
  

• You must state a specific dollar amount or percentage when you ask for more money.

  
  

• Do not obsess over finding the "right connections," because every single person you meet is a connection if you take the time to interview them and figure out what their talent is.

  
  

• Never view yourself as at a disadvantage; see yourself purely as a fierce competitor who is ready to outcompete everyone else in the room.

  
  

The Bottom Line: You are far more capable than you give yourself credit for. The worst thing that can happen is that you go right back to where you started, but wasting your life on what could have been is the ultimate tragedy. Count the years you have left, get yourself moving, and start building exactly what you want.