Barbara Corcoran, celebrated investor and personality on Shark Tank, has become a beacon of practical wisdom and inspiration. Known for her sharp business acumen and candid advice, she captivates audiences with a rare combination of pragmatism and emotional insight. Watching her interviews, one cannot help but admire her ability to break down complex ideas into actionable steps while reflecting on the deeper human elements that shape business success and resilience.

Corcoran first caught my attention when she let loose with her unfiltered, straight-shooting advice during an episode of Shark Tank. It was an unforgettable moment—her raw honesty and openness were nothing short of electrifying. From that point on, I couldn’t help but pay closer attention to her interviews and statements, discovering layers of wisdom and insight that go far beyond simple business strategy.

Though Corcoran herself wouldn’t claim to be a genius, her ability to analyze, reflect, and articulate powerful lessons is remarkable. Her perspectives on failure, confidence, and perseverance offer timeless guidance for anyone looking to grow in the business world.

This article delves into Corcoran’s most impactful business lessons and her unique ability to inspire through honesty, relatability, and experience.

“Succeeding Is an Option” – A Reflection on Barbara Corcoran’s Statement, Privilege, and Psychology in Entrepreneurship

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Barbara Corcoran, a successful entrepreneur and investor from the U.S. television show Shark Tank, once said to a founder during an episode:

“When I was starting my business, if I didn’t make a deal within two weeks I was dead. I needed to live somewhere and eat. What is in your way I believe is that your father is helping you. Because succeeding is an option versus a necessity. And I found that the people that really succeed have a real necessity. They have to do it or the sky is going to fall in. With the absence of that I can’t believe enough to put my money in.”

This statement highlights a crucial point: successful entrepreneurship is often driven by two central factors – the necessity to succeed and the conscious decision to pursue success. Beyond the obvious economic and social implications, there are also fascinating psychological aspects influencing this process.

Necessity as a Driver of Motivation

Corcoran emphasizes how urgency can serve as a powerful motivator. In psychology, this is known as “survival mode”. When faced with existential threats, people mobilize all their resources to address the situation. This state activates the sympathetic nervous system, responsible for the “fight-or-flight” response.

In entrepreneurship, founders facing financial difficulties often exhibit higher levels of focus, creativity, and risk-taking. They simply have no choice, forcing them to solve problems quickly and effectively.

Angela Duckworth’s research on grit (passion and perseverance for long-term goals) supports this idea. Her studies show that individuals under pressure often develop greater resilience—a critical success factor that helps them endure setbacks and stay committed to their goals.

The Safety Net: Blessing or Curse?

A safety net, such as financial support from family, may seem advantageous at first glance. However, Corcoran’s statement suggests that it can also become a hindrance. Psychologically, several explanations exist for this phenomenon:

The “Option to Quit”

Corcoran’s phrase “succeeding is an option” also implies the possibility of not succeeding. Studies indicate that people often choose the path of least resistance when they have the option to retreat from a difficult situation. A safety net makes it more likely for someone to use it rather than face the uncertainties of entrepreneurship head-on.

Privilege and Its Role in Entrepreneurship

Corcoran’s statement cannot be viewed in isolation, as it omits the structural context. In both the U.S. and Germany, many founders succeed due to privileged backgrounds. A well-known example is Bill Gates, whose wealthy parents provided access to excellent education and technological resources that facilitated his entrepreneurial journey.

Studies show that privilege not only offers financial security but also access to networks, mentors, and knowledge. According to the 2023 KfW Entrepreneurship Monitor, only 10% of founders in Germany have an academic background, which is often linked to better financial resources and networks.

Women and the Challenge of Building Networks

Another crucial point is the disparity between men and women in accessing networks. Networks are vital for entrepreneurial success, yet women often face greater challenges in breaking into established structures.

Question: How to make it as a woman in business?

[49:00 min]: Barbara answers: “I think it is essential to almost be ignorant.”

[50:16 min]: Barbara: “[…] I think it’s very important to almost be dumb.”

A World Economic Forum study reveals that women worldwide have less access to professional networks than men. This disparity stems from societal norms, gender-specific expectations, and the underrepresentation of women in leadership roles.

One striking example is the venture capital industry: only about 2% of global venture capital goes to female founders, according to a Harvard Business Review study. This lack of support forces many women to take smaller steps, slowing their growth.

The Role of Mindset

In addition to external factors, mindset plays a decisive role in success. The belief that success is possible significantly influences decisions and actions.

Relentless Optimism: How Barbara Corcoran Applied for Her $13M NYC Apartment While Side Hustle Delivering a Package to the Former Owner

Barbara Corcoran’s statement, “Succeeding is an option”, highlights the importance of this inner attitude. Psychologically, she touches on the concept of self-efficacy—the belief in one’s ability to achieve specific goals. Studies by Albert Bandura, the founder of self-efficacy theory, show that people with high self-efficacy are more likely to take risks and overcome challenges.

A strong mindset can also help overcome systemic barriers. Programs such as mentoring, coaching, or entrepreneurship initiatives for women can help build confidence and strengthen skills.

Conclusion: Success Is an Option – But Not Equally for Everyone

Barbara Corcoran’s statement hits a nerve: success in entrepreneurship is a conscious decision shaped by hard work, discipline, and risk-taking. However, reality shows that external circumstances—be it a safety net, privilege, or structural barriers—play a decisive role.

For founders without financial support, necessity can be a powerful driver. However, the challenge lies in turning the pressure of urgency into sustainable motivation without compromising mental health. At the same time, structural barriers, especially for women, must be dismantled so that success truly becomes an option for everyone, regardless of gender or background.

Psychologically, Corcoran’s statement is a call for self-reflection: Am I willing to give my all to succeed? And what internal or external factors are holding me back? Success is not just a matter of necessity but also a choice to rise above one’s limits.

How do you relate to Corcoran’s statement? Is success for you more about necessity, mindset, or external circumstances?

By the way, at the time of the interview with “The Diary of a CEO”, Barbara was 73 years old. Can you believe it? What an impressively sharp mind at the age of 73. She inspires confidence and shows that you can still be fully active and successful as an entrepreneur at that age, with such a sharp mind.

Barbara Corcoran Talks About Failure

Barbara Corcoran speaks about failure, and it reminds me of something I’ve mentioned in the past—that there’s really no such thing as failure. The word “failure” is simply a negative, judgmental term used to describe a challenging experience.

In this video, Barbara shares how her greatest successes came from what were initially considered failures. Other entrepreneurs have also spoken about this phenomenon, where perceived failure forced them to think outside the box, find new paths, and ultimately led to blessings and success.

Reinvesting Before You Even Have the Money & Doubling Down on What’s Proven: A Strategy for Sustainable Growth

As entrepreneurs, one of the most important decisions we face is what to do with our profits once we start making money. When Barbara Corcoran was asked in an interview what advice she would give to entrepreneurs who are starting to see their first profits, her answer was surprising yet powerful: “They shouldn’t have that money.”

Barbara explains that one of the key elements to her success was that she spent money before she had it. She took risks, invested in her business, and committed to her vision even before the cash came in. This aligns with a mindset that I, too, know well from my own experience in entrepreneurship. Mark Cuban once said, “Expect to win, always.”. This quote resonates deeply with the mindset we need as entrepreneurs — taking risks without knowing exactly how things will unfold. It’s about trusting that, along the way, we’ll figure it out.

In business, this translates to not waiting for profits before you make bold decisions. The real lesson here is that entrepreneurs need to reinvest their profits as soon as they come in — before they even have them. This approach can lead to faster growth and allows you to continue scaling your business even when things feel uncertain.

Barbara Corcoran’s second piece of advice, which I find crucial, is “Spend it on things that worked before.”. Instead of diving into new projects or experimenting with unproven ideas, she emphasizes the importance of doubling down on what’s already working. When you have a product or service that’s successful, continue to invest in it. Keep selling and expanding those offerings until they no longer sell, rather than constantly chasing new ventures.

This approach is supported by research in business growth and sustainability. According to a study by Harvard Business Review, businesses that focus on refining and scaling existing successful products are much more likely to see long-term growth than those that spread themselves too thin with multiple new initiatives (Mackenzie & Company, 2015).

Barbara’s advice is a reminder that entrepreneurship is about making calculated risks and reinvesting in what works. It’s not about waiting for success to show up — it’s about creating success by making the bold move to spend before the profits are in your hands, and focusing your energy on growing what’s already been proven.

Barbara: “A smart guy would lay low.”

The Power of Persistence Over Perfection: Barbara Corcoran’s Key to Success

“A smart guy would lay low.”. This comment highlights an interesting perspective: less intelligent or average intelligent people often end up being more successful in business than their highly intelligent counterparts. As an entrepreneur myself, I can attest to this phenomenon — I have seen it time and again. While smart individuals often fall into the trap of perfectionism, those with less intellectual pressure tend to implement faster, sometimes with lower-quality output, but they keep pushing forward.

Barbara’s statement made me reflect on my own experience in the world of e-commerce. When I first started and walked into Amazon’s fulfillment center, I saw products being sold that I knew were subpar. It made me think: I can do this, and I can do it much better. However, perfectionists, particularly those with high intelligence, tend to overthink things, delaying action with months of planning, analysis, and hesitation. This perfectionism often prevents them from even starting, while average-intelligent entrepreneurs are already out there launching new products, iterating, and learning from feedback.

This leads to one of Barbara’s key points that resonates with me and many entrepreneurs she invests in: Persistence. Barbara doesn’t invest in ideas; she invests in entrepreneurs. She focuses on resilience — the ability to get back up after rejection, and the persistence to keep going despite failures. Rejection in business comes all along the way, and the difference between success and failure often comes down to your ability to keep going.

The message is simple: all you need to do to succeed is to keep going until you succeed. This concept of resilience is something that Barbara regularly emphasizes in her interviews and in her investment choices. She believes that people who are not bogged down by emotional sensitivity or perfectionism tend to recover faster and push forward with greater resolve.

The Link Between Intelligence and Mental Health

What Barbara is really pointing to in her advice is the emotional and psychological aspects that often influence how we handle rejection. Highly intelligent people are often more reflective and sensitive, which can make them prone to deeper emotional reactions to setbacks. There is research that supports the idea that more intelligent individuals are at a higher risk of depression (Nettle, 2006). Depression often arises as a response to feeling stuck, where the individual feels unable to fight or flee from the situation, and as a result, they “shut down”. This can manifest as a physical and emotional defense mechanism.

The good news is that resilience can be learned, even by highly intelligent people. By becoming aware of these emotional dynamics, entrepreneurs can train themselves to deal with setbacks more effectively and see challenges as opportunities rather than obstacles.

Trusting the Process

In my experience as a serial entrepreneur, go with the flow and trust the process, even if it’s not what you expected. Entrepreneurship isn’t about having everything planned out perfectly; it’s about showing up and continuing to evolve, learning from every step of the way. It ties back to one of the most crucial elements of entrepreneurial success: doing what you love. When you do what you love, setbacks become easier to handle because your passion fuels you. When things aren’t going well, your love for the work can keep you going — it’s what makes you get back up again.

This concept is also echoed by many successful entrepreneurs who found success not just through persistence, but through passion. Passion helps you stay resilient, even when business is challenging. Doing what you love gives you the energy to push through, and when setbacks come, you’re more likely to bounce back and keep going because the work itself keeps you motivated.

Key Takeaway

Barbara Corcoran’s advice emphasizes that business isn’t just about intellect or perfect planning; it’s about persistence, resilience, and doing what you love. Entrepreneurs who are willing to keep going, no matter the hurdles, are the ones who succeed. And yes, even those who might not be the “smartest” often find success faster because they don’t get bogged down by perfectionism.

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Sources:

• Mackenzie, D., & Company, H. (2015). The Case for Scaling What Works: How to Focus on Existing Products for Sustainable Business Growth. Harvard Business Review.
• Nettle, D. (2006). Intelligence and Mental Health: The Link Between Cognitive Ability and Depression. Personality and Individual Differences, 41(2), 219-229.