3 traits every successful 'Shark Tank' entrepreneur has
Every Shark Tank entrepreneur who has received an investment from Barbara Corcoran has demonstrated these characteristics.
Corcoran has invested in more than thirty Shark Tank businesses while putting in ten hour days on the set of the American reality television show. While listening to the entrepreneur's pitch, she tries to figure out what she doesn't like about the entrepreneur. She hyper focuses on the person and not the business plan.
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Of all the truly successful Shark Tank entrepreneurs over the last seven years, Corcoran says that they all possess these three traits. While she may give a more business-related reason for choosing not to invest, rest assured she got out because the entrepreneur lacked one of the below.
1. Street smarts
Corcoran looks for entrepreneurs who are smart on their feet and fast thinking. They must possess common sense and have a firm understanding of what's going on in their industry or space. Understanding people and having the ability to adapt to various people and situations is also critical.
2. Enormous energy
Corcoran believes that some people are naturally wired with more energy than others, but she's also looking for the passion and conviction that translates into energy. Without enormous energy, Corcoran believes the entrepreneur will lack the ability to take the business to a successful level. Everything else about the business may be right, but if the entrepreneur lacks energy, Corcoran will not be investing.
3. Rebound ability
Corcoran pays close attention to how the entrepreneur "bobs and weaves" the questions from the Sharks. If the entrepreneur gets knocked down by the Sharks' questions or comments, she wants to see how fast they rebound. She also listens carefully to the entrepreneur's story for examples of how they have overcome failure.
When Corcoran decides to back a business, these are the three essential entrepreneur traits. Harness and demonstrate these traits to receive Shark Tank worthy attention for your ideas.
Consider taking Barbara Corcoran's Entrepreneur IQ Test to see if being an entrepreneur is right for you and/or to identify your strengths and weaknesses as an entrepreneur.
Take a look at these quotes from 'Shark Tank's Robert Herjavec about what it takes to be successful: