Barbara Corcoran, a well-known investor on ABC’s “Shark Tank,” believes that the key to a successful life is the ability to learn from failures. According to Corcoran, being able to bounce back from mistakes is essential for achieving success. She emphasizes that recovering from failure is a significant component of life, with 95% of it revolving around this skill. Corcoran attributes much of her success to her own resilience and willingness to learn from her past errors. She believes that resilience is a crucial trait that separates superstars from regular employees.

Corcoran founded the real estate brokerage, The Corcoran Group, and sold it for $66 million in 2001. She noticed that her top-performing employees all shared a common trait – the ability to not be discouraged by mistakes. These employees were able to bounce back quickly from setbacks and continue to strive for success. Corcoran became a student of these top employees, studying their behaviors and looking for similar traits in future hires. She admired their ability to get back up after being knocked down and found it to be a driving factor in their success.

Research supports Corcoran’s belief that resilience and the ability to learn from failures are key factors in achieving success. People who can view failure as a learning opportunity and maintain their motivation after setbacks are more likely to succeed in the long run. Yale psychology professor Laurie Santos emphasizes that failure can be a pathway to success and that resilience in the face of challenges is crucial. Corcoran attributes much of her success to her own resilience, forged through her experiences with dyslexia and overcoming obstacles in her education.

Corcoran acknowledges that she has made numerous mistakes throughout her career but views them as valuable lessons. One important lesson she learned was about the importance of prompt communication in negotiations. By not responding quickly with a counter-offer in a deal, she inadvertently disrespected a potential buyer and lost out on the opportunity. Corcoran recognizes that making mistakes and learning from them is an inevitable part of the journey to success. Other successful entrepreneurs, such as Mark Cuban, echo Corcoran’s sentiments about the value of failure in gaining new insights and improving.

The ability to learn from failure and bounce back from mistakes is a critical aspect of achieving success. Those who can view failures as learning opportunities and maintain their motivation in the face of setbacks are more likely to reach their goals. Barbara Corcoran’s philosophy emphasizes the importance of resilience and the willingness to learn from past errors as key components in creating a successful life. Embracing failure as a part of the learning process can lead to growth and ultimately, success in both personal and professional endeavors.

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