If you're taking advice from Barbara Corcoran, make sure to ask a lot of questions, write everything down, and then make up your own mind. At least that's what her most successful Shark Tank entrepreneurs have done.
"The entrepreneurs I've worked with over time who are looking for that magic answer from me, they never make money," Corcoran said on the second episode of her new weekly podcast, iHeartRadio's Business Unusual With Barbara Corcoran, which airs on Tuesdays. "If they are asking too many questions and listening to what you have to say, run for the hills--you're going to lose your money."
It may sound counterintuitive, but Corcoran believes that founders who follow their gut are more prosperous than those looking for a blueprint to success. She believes an entrepreneur's intuition is one of the common traits successful business owners possess, in addition to perseverance and optimism.
"In the end, it's their business, and they are responding day in and day out," Corcoran told Inc. "The good ones really listen to their own intuition and truly trust themselves."
Those observations are informed by her own background: Corcoran got D's through high school and college, and held 20 different jobs before the age of 23. Then, beginning in 1973, she turned a $1,000 loan into a $5 billion real estate business, she says in the introduction of her podcast. What's more, Corcoran is dyslexic, making it difficult for her to read and write.
Believing in the business and enduring the everyday challenges are two additional traits Corcoran says will lead entrepreneurs to success. "Every great entrepreneur is unreasonably optimistic and comfortable with risk," Corcoran says on the podcast. "Everything they approach, they think they are going to win at--and of course they don't."