The key to a “good life” is the means to study out of your errors, in accordance with Barbara Corcoran.
It’s a trait Corcoran shares with all of her largest “superstar” employees, the 74-year-old investor on ABC’s “Shark Tank” instructed creator and entrepreneur Tim Ferriss on the latest episode of his podcast.
“Recovering from failure, in my book, is 95% of life,” Corcoran mentioned. “If you’re going to have a good life, you’d better be really good at getting back up, like a jack-in-the-box, boom, boom, boom. Just get back up.”
Corcoran is the founding father of actual property brokerage The Corcoran Group, which she sold for $66 million in 2001. Her top-performing employees all shared the means to not be deterred by errors, she instructed Ferriss.
“That really was the only difference between the superstars that I had making two, three million dollars a year and people who made an average of $45,000, which was the norm,” she mentioned. She “became a student” of these prime employees, so she might determine their recipe for achievement and search for the identical traits in future hires.
“When it comes down to it, it’s how well you get back up and how long you take to feel sorry for yourself,” she instructed Ferriss. “They drove me crazy too, but I admired my superstars so much because of that ability … You could punch them around. They’d go, ‘Ha ha,’ [and] get back up.”
Indeed, research exhibits that individuals who can reframe failure as a studying alternative, and who’re resilient sufficient to rebound from errors with out shedding their motivation, are extra doubtless to achieve success in the long term.
“We forget failure really is a path to success,” Yale psychology professor and happiness knowledgeable Laurie Santos told CNBC Make It final yr.
Corcoran has beforehand credited a lot of her success to her personal resilience, noting on TikTok final yr that her experiences at school — she struggled with dyslexia, whereas her classmates would “breeze through” assignments, she mentioned — helped her hone that talent.
″[I] discovered methods to rebound,” she said. “Get via any impediment. I attempt more durable than the subsequent man, and I work twice as exhausting as the subsequent man. But that is OK — that is precisely what constructed my enterprise and bought me wealthy.”
Those obstacles can teach you lessons, too. Corcoran admits she’s made, and learned from, many mistakes over the course of her career. In one case, she told Make It last year, she gained an important lesson about negotiating when she lost out on a deal by not responding soon enough with a counter-offer — leaving her prospective buyer feeling disrespected.
“Unfortunately, the solely strategy to actually study is … by tripping up and making many, many errors,” mentioned Corcoran.
Other successful entrepreneurs agree, together with Corcoran’s “Shark Tank” co-star Mark Cuban. The billionaire Dallas Mavericks co-owner teaches young people that “there is not any such factor as failure,” because you can discover more by trying new things and taking lessons from setbacks, he told “The Thrive Global Podcast” in 2017.
Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”
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