INSTANT MBA: Use The Negative Predictions Of Others To Fuel Your Business

Barbara Corcoran Interview

Photo: Daniel Goodman/Business insider

Today’s advice comes from Barbara Corcoran, co-founder of Corcoran Group and investor on ABC’s Shark Tank, via Inc.:“My husband and I split up the company. When I was leaving with my seven sales people he said, ‘You know Barbara, you’ll never succeed without me.’ With that, he gave me an insurance policy for success for the rest of my life.” 

Corcoran started the real estate company with her husband, and after he left her for her secretary following seven years of marriage, they split the business in half. Upon leaving, he told Barbara that she would never succeed without his aid.

When you start your own business or are trying to expand it, you’re opening the door to a barrage of opinions. Some of those opinions aren’t going to be in your favour; some will be downright nasty. Jeff Hoffman, founder of Priceline, was told by his former boss that he had several flaws that would make him fail as an entrepreneur. Instead of letting the harsh words bring you down, use them to drive you further. Corcoran went on to sell the company for $66 million.

“Every time I went up and down into the trough, I would try everything in my power to try to stay in business. I think I exhausted every idea and was ready to go out of business at three different junctures. Then I would think of Ray’s word’s.”

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