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It's not just about knowledge or intelligence, according to Barbara Corcoran, pictured.
- Barbara Corcoran is a real-estate mogul and an investor on the ABC series "Shark Tank."
- She's found that all the most successful founders she's invested in are street smart.
- They also take responsibility for their own failures.
After nine years as an investor on the ABC series "Shark Tank," Barbara Corcoran has learned certain qualities contribute to an entrepreneur's success or failure.
The No. 1 trait of the most successful company founders? On an episode of Business Insider's podcast, "Success! How I Did It," Corcoran told US editor-in-chief Alyson Shontell that it's simple: street smarts.
Listen to the full episode here, or listen later with the buttons below:
Another quality that helps company founders succeed, according to Corcoran: "When they're slammed they don't feel sorry for themselves."
She told Shontell:
"I've talked to more entrepreneurs after I've invested within the first of maybe eight, nine months, after the shine of 'Shark Tank' is gone, after the rush of sales is behind them, where something goes wrong and then I'm on the phone or on a Skype call with them and I hear them blaming it on someone else, like, 'The shipment never came in! The guy didn't do this such and such.'
"Right! It's another version of 'Oh, poor me.' The minute I hear that, I go right to my wall where I have all my entrepreneurs and frames, beautifully matted, and I hang that picture upside down. And why do I do that? Just to remind myself that I shouldn't spend any time with that person, because they're never going to succeed. Every one of my successful businesses are run by entrepreneurs who are so good at taking a hit and getting back up. They just don't feel sorry for themselves."
Corcoran's feelings about blaming other people aren't unique. According to Darlene Price, president of Well Said, Inc., and author of "Well Said! Presentations and Conversations That Get Results," leaders should avoid the phrase "That's not my fault" at all costs.
"While no one likes to feel blame, a great leader absorbs the hit, demonstrates accountability, and rallies the team toward a solution," Price previously told Business Insider. "Instead of blaming previous management, the former administration, other departments, or the economy, say, 'Let's talk about what we're going to do next to ensure success.'"