When Shark Tank investor Barbara Corcoran shared her 3 must-have traits before investing in a business

In a podcast interview on The Marie Forleo Podcast on July 16, 2024, titled This SIMPLE TRICK from Barbara Corcoran Will 10X Your Business, Shark Tank investor and entrepreneur Barbara Corcoran outlined three key traits she prioritizes when evaluating entrepreneurs.

Investors analyze multiple factors before deciding to invest in a business and these traits are ambition, the ability to handle rejection, and enthusiasm. Corcoran highlighted that these characteristics are critical in determining whether a business will succeed after funding.

---

Key traits that Shark Tank investor Barbara Corcoran looks for in entrepreneurs

Ambition as a key factor

Barbara Corcoran emphasized that ambition is the most important trait she looks for in an entrepreneur. She explained that an individual must have the drive to achieve more in life. According to Corcoran, ambition serves as the foundation for success. She stated,

“If someone's not dreaming about being somebody, if somebody doesn't want more for themselves in life, there's nothing that's going to happen that gives them more in life than their own dream.”

Corcoran underscored that ambition is essential for reaching the top of any industry. Without a strong internal drive, an entrepreneur may struggle to push forward when faced with obstacles. The Shark Tank investor added,

“So I really want a dreamer with ambition, like the desire, the teeth to want to get in there and get it, you know?”

This perspective highlights that business success is closely tied to the personal motivation of the entrepreneur. Investors look for individuals who set clear goals and actively work toward achieving them.

---

The ability to handle rejection and failure

Corcoran emphasized that resilience is another essential trait for entrepreneurs. She described how individuals who can recover quickly from setbacks are more likely to succeed in business. She compared successful entrepreneurs to a jack-in-the-box toy, explaining,

“You push the head down, he pops back up. When you twist. You should have lay down because you're going to smack him again. He pops back up.”

This statement illustrates that perseverance is necessary for overcoming challenges. Corcoran highlighted that rejection is inevitable, but the ability to move forward is what differentiates successful entrepreneurs.

She shared her personal experience with rejection when she was initially turned down for a role on Shark Tank. Instead of accepting the decision, she immediately responded by making a case for why she should be reconsidered. The Shark Tank investor explained,

“I wrote an email immediately to Mark Burnett. I took about a second to feel sorry for myself, and I did feel sorry for myself that I wrote an email to him why he should invite me out and why I considered his rejection a lucky charm.”

This approach underscores the importance of taking action rather than dwelling on failure. Entrepreneurs who continue pushing forward despite setbacks demonstrate a level of persistence that investors value.

---

Enthusiasm as a driving force

Corcoran also emphasized the significance of enthusiasm in business success. She noted that individuals who are passionate about their work are more likely to persevere through difficulties.

The Shark Tank investor described it as “very important” when discussing enthusiasm during the interview. This brief but clear response indicated that enthusiasm plays a crucial role in an entrepreneur’s ability to sustain momentum.

Enthusiasm reflects an entrepreneur’s commitment to their business, which can influence both their team and potential investors. A strong belief in a company’s mission and vision can contribute to long-term success.

Corcoran’s focus on enthusiasm aligns with the broader principle that business leaders who are actively engaged in their work tend to be more innovative and adaptable.

---

Catch Shark Tank on ABC every Friday at 8/7c. Full episodes are available on ABC.com and streaming on Hulu.