The James Altucher Show

Ep. 156 – Barbara Corcoran: 5 Signs You’re Meant to be an Entrepreneur

March 1, 201650 min
I never thought about sex with Barbara Corcoran. I still don't. But she brought it up. We were talking about entrepreneurship. And she said how old she was when she lost her virginity. Twenty-three. I wanted to know how she turned a thousand dollars into a five billion dollar company. Then: $1,000. Now: $5,000,000,000. I wanted to know how she founded The Corcoran Group, the largest company in real estate. And how you become the type of entrepreneur Barbara Corcoran chooses on Shark Tank. I’m going to tell you how to get Barbara’s investment. If that’s what you want. But not everyone is meant to be an entrepreneur. According to Barbara. “I found a real difference between the superstars and everyone else,” she says.   And I agree. That’s why I wrote The Rich Employee. Entrepreneurship isn’t everything. But it can be. Barbara reviews thousands of investment opportunities. And most hear “no.”  She says you have to have “a nose for entrepreneurship.” That’s how you get a “yes,” from Barbara Corcoran. But before you start doubting yourself, take the test. You’ll find out how in this interview. Jump to [39:25]. It’s scary. She says, if you weren’t born with “it,” (the nose for entrepreneurship, the “innate intelligence,”) then “you shouldn't be an entrepreneur in the first place.  And you need specific characteristics: A) Handle rejection. You can’t cry. Or feel sorry for yourself. The top people in Barbara’s company made four million dollars a year in commissions. They took hits. Just as many as the others. Or more. “Because they were trying for more,” she says, “But the real difference was how long they took to feel sorry for themselves.” Get over rejection. And try again. B) Conserve energy. Monitor yourself. Just notice. I feel tired. Why? I’m not motivated. I’m drained. Burnt out. Why? Your energy leaks out. Through fear, regret, negative people, bad situations. Conserve it. Refocus. And put it to good use.  C) You shouldn’t quit your job I ran my side business for 18 months before quitting my full time job. I had eleven employees. But I’m not special. Really. Because that’s what all of Barbara’s “successful” entrepreneurs do. They keep their jobs.  D) You need to be “hungry, mean and insecure.” “That's been my track record with the businesses I've invested,” she says. You need to have something to prove. But nice is ok for me. I’ll take nice.  E) Daydream. “Vision is daydreaming and seeing yourself in a role and seeing what your business is going to become,” she says. Picture it. Use your imagination. Escape into the dream. She says, “I don't know any entrepreneurs who don't visualize.” Listen to today’s episode. Are you really an entrepreneur?  Maybe you don’t know. But after listening to today’s podcast, you will. Resources and Links: Follow Barbara on Facebook & Twitter Watch her on Shark Tank Read her book Shark Tales: How I Turned $1,000 into a Billion Dollar Business

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