Poor kids grow up to make better entrepreneurs than rich kids. This, says Barbara Corcoran, real estate mogul and regular on ABC's Shark Tank, is because "they have need. Poor kids have nothing to lose and nowhere to go but up. They need to succeed, and I'm telling you, I sit on that Shark Tank set and I try to separate the men from the boys, the girls from the women, based on, 'How much do they have to succeed?'"
That one trait, Corcoran says, is the key to success. "That's the magic bottom line juice I'm looking for," she says. "It's very hard to have that innately if you've grown up with privilege, and a high degree of education. It truthfully is. You're better off being poor."
Corcoran knows what she's talking about. She was one of 10 kids growing up in New Jersey. In her early 20s,placeholder she started her own business with a $1,000 loan from a boyfriend and turned it into one of the most successful real estate companies in America, the Corcoran Group.
But coming from a simple background was just one of the experiences that Corcoran credits for her success. As a dyslexic, she struggled in school, but, the upside was, "I'm great at rejection," she says. "I had the great advantage of being a terrible student in school and feeling like the dunce. I was accustomed to being an outsider. I was accustomed to feeling shame in the classroom, and as a result of that, I was accustomed not to being popular or approved, and that was freeing."
Dyslexia helped Corcoran develop other skills. "You get really good at sizing people up when you have a learning disability, because you're always jockeying for position, for acceptance, or to hide so you won't be found out," says Corcoran. "So you're always on guard, and who are you on guard about? The smart kids, the teachers, the parents, everybody who's gonna damn you, or give you bad judgment on what you're about. And so you get really people smart, really fast."
Watch the video to learn more from Barbara Corcoran about the traits of the most successful people, and how she tries to instill them in her own kids.