"Focus on what you do well": When Shark Tank investor Barbara Corcoran revealed 2 major business principles for entrepreneurs 

In a One-on-One with Steve Adubato interview on November 22, 2017, Barbara Corcoran, real estate investor, and longtime Shark Tank panelist, outlined two fundamental business principles. She emphasized that entrepreneurs often seek guidance on how to navigate the challenges of starting and growing a business.

"Number one, focus on what you do well. So many people start a business and try to do everything from the get-go." she said.

Also, Barbara Corcoran underscored the importance of resilience in dealing with business failures. These guidelines, which are based on her long years of experience, shed light on establishing and maintaining a successful venture.

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Shark Tank Barbara Corcoran's insight on building a successful business

Identifying strengths and delegating responsibilities

Corcoran has consistently underscored the importance of focusing on individual strengths rather than attempting to manage all aspects of a business alone. She explained,

"I think you really have to know yourself, what your gifts are, and do a lot of it, and try to find some other sucker to do the stuff that you are not good at."

She explained that effective delegation enables business owners to focus on areas where they are best suited while making sure other tasks are performed by people who are more suited for them. She explained how she implemented this strategy in her career, especially in marketing and talent hunting. She added,

"I was great at marketing, I was great at recruiting people, and that's what I did almost for my third year in business only. I focused on that."

This method helped her scale her real estate business, demonstrating that specialization and delegation can contribute to long-term success.

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The role of resilience in business success

Beyond identifying strengths, Corcoran emphasized the necessity of resilience. She pointed out that the ability to withstand setbacks is a critical factor distinguishing successful entrepreneurs from those who struggle. She explained,

"Before you go into business, ask yourself how good you are at handling a kick in the gut and rejection."

She ventured that resilience more than educational background or intellect was what usually resulted in business success. Referring to her experiences on Shark Tank, Corcoran pointed out that some of the most prosperous entrepreneurs she has invested in weren't necessarily academically better but showed the best perseverance. She explained,

"They might—some people might—have better education, Harvard MBA… they really are intellectually much more capable than the other guy. But I always succeed with the guy that can take a kick in the gut and doesn't have the ability to feel sorry for themselves."

This principle highlights the importance of persistence in overcoming challenges.

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Applying these principles to business growth

Corcoran applied these principles beyond real estate, including in her role on Shark Tank. She likened her responsibilities on the show to those in her real estate business, stating,

"Television is—or at least my role in Shark Tank—it's judging people and recruiting them if you like them. It's no different than what I did at The Corcoran Group."

The Shark Tank investor noted that her experience in talent acquisition translated directly to mentoring entrepreneurs. She also pointed out that marketing remains a crucial aspect of business growth, both for her ventures and for the entrepreneurs she invests in. She explained,

"Marketing—I'm good at that. I can help them with the marketing."

This connection between skills in different industries illustrates how entrepreneurs can apply their core strengths in various areas to sustain and expand their businesses.

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Shark Tank airs on ABC on Fridays at 8 PM ET/7 PM CT and viewers can also stream full episodes on Hulu.