Want to Start a Business? Barbara Corcoran Has This Advice

It's all about resilience.

Barbara Corcoran is perhaps best known for her work on the television show Shark Tank. Before that, though, Corcoran led the Corcoran Group, growing it into the largest real estate company in New York City. Fortunately, the businesswoman is generous with advice for others who would like to follow in her entrepreneurial footsteps.

Here's advice she offers to those who want to start a business of their own.

Learn to get back up

In an interview with Inc. magazine, Corcoran emphasized the importance of getting back up any time you fall on your head. As 1 of 10 children, she said that her mother didn't have time to help when one of the kids faced failure, so she and her siblings had to learn to deal with it themselves. Corcoran said that getting back up after falling down is where you find your courage. Whether you own a brick and mortar business or an online enterprise, getting back up is essential to keeping your business going.

Corcoran is confident that your biggest enemy in business is not your competition. It's the negative thoughts from the past that run through your mind, discouraging you. She encourages people to replace those negative, repetitive thoughts with positive ones.

Know your weaknesses

No one is a master of everything they do. Corcoran suggests making a list of the things you're good at, as well as skills you simply don't have. This way, you can focus on accomplishing the things you're good at and allow someone else to take care of the tasks you're not so good at. Having a partner with a different set of skills can make for a powerful business foundation.

Let's say that advertising is not your strong suit. It's okay to pick up ideas that have worked for others. Corcoran insists that she's been given undue credit for being an innovator, when she's actually copied other people's great ideas. For example, after seeing a color-coded announcement board in an Italian airport, Corcoran decided to copy the idea by color-coding her listings.

Hold on to great employees

If you own a business that employs others, your job takes on a new layer. Suddenly, you're tasked with everything from covering payroll to building morale. While she admits holding onto strong employees can be tough, Corcoran says it all begins with respecting the people who work with you and doing everything you can to act as if you work for them instead of them working for you.

If you want to be an excellent leader, it begins with loving people and helping them be the best they can be. Corcoran keeps one thought straight: She works for them. She says that the minute a person starts thinking people work for them, they're not a good boss. Corcoran says that employees who are treated well will reward you with loyalty.

Go for it

While working in real estate, Corcoran remembers burning through her entire year's profit making videotaped tours of her listing. No one wanted them. Shortly after, her husband introduced her to the internet and Corcoran immediately registered a domain, posted her listing, and had two sales that week. Not one to rest on her laurels, Corcoran then began registering the domain names of her competitors, too.

For Corcoran, it's all about taking a chance. Speaking in South Carolina late last year, Corcoran offered this piece of advice for anyone thinking about quitting their 9 to 5 and starting their own business: "Go for it. Don't live with regrets, but remember passion is the easy part of owning a company."

Now in her early 70s, Corcoran is still a power to be reckoned with. It's nice to know that she made it work while fighting through the same logistical and emotional issues most business owners face.