Barbara Corcoran Reveals The Most Important Traits That Entrepreneurs Share

In the second episode of Barbara Corcoran's recently launched podcast Business Unusual, the mogul explored the most important traits that all entrepreneurs should have when it comes to spearheading their dreams. At the end of the day, persistence, gut and the ability to push past obstacles are absolutely necessary to success.

After recounting her experience with Shark Tank approved Daisy Cakes CEO Kim Nelson and how she went above and beyond to meet unexpected demand, Corcoran cited another example of how valuable it is for a business owner to keep on pushing forward even if they experience hardships. "One of the best businesses I have ever invested in is Grace and Lace that makes high-fashion women's clothing and sells it online. This is a business that's phenomenal but born out of a very sad backstory," Corcoran explained in the new episode, which was released on Tuesday (May 15). "Melissa had learned to make baby socks while waiting for her first child to be born. Bedridden during a difficult pregnancy, Melissa taught herself how to knit pretty lace socks."

Unfortunately, the couple lost their child but decided to "make something good" of a really sad situation by jumpstarting Grace and Lace. "It started as a simple sock company," the real estate mogul said of the idea, adding, "Today it has over $12 million in sales."

"I learned early that you have to always trust your gut if you're going to be successful in business," she told listeners, before revealing that she has seen folks go against her word and that's entirely acceptable. "I used to think it was a great sign when I would meet with one of my entrepreneurs and they would take careful notes, and ask questions, and listen to every little thing I would say, but then I learned a valuable lesson. Once I met with Cousins Maine Lobster, one of my most profitable ventures, and the two guys, Jim and Sabin, who own the company, asked me so many questions and wrote down every answer I gave them, I was so flattered, of course, but then they walked out the door and did exactly what they pleased."

If you have a question to ask Barbara on a future episode of Business Unusual on iHeartRadio, tweet your inquiry to @BarbaraCorcoran and stay tuned to see if the entrepreneur offers you some sound advice. In honor of Small Business Month, Dell is offering up to 40% off select PCs with Eighth Gen Intel Core Processors. Plus, you can get a free external hard drive with select PC purchases. Call 877-BUY-DELL to speak with a small business technology advisor today.

Business Unusual with Barbara Corcoran on iHeartRadio gives listeners an inside look at the entrepreneur's decades-long career, including her first-person stories of triumphs and pitfalls. As you listen to her new podcast, you'll learn a wave of advice that has helped a new generation of young entrepreneurs achieve their goals. As one of the judges on ABC's Shark Tank, Corcoran knows a thing or two about the inner workings. After all, she has had 22 jobs by the age of 23, built a $5 billion business with a $1,000 loan and conquered the New York real estate world.

Photo: Katherine Tyler for iHeartRadio