Barbara Corcoran knows her way around smart business guidance, as heard on the latest episode of Business Unusual, which dropped on Tuesday (July 3). In the newest episode of the podcast, the business mogul broke down the importance of choosing the best mentor.
"You need to choose someone you want to be like, not just someone you like," she told listeners. "There's a big difference. The coolest and richest guy in the room rarely makes a good mentor. The best mentor is someone who's honest someone honest enough to tell you what they really think. Compliments never propel someone to greatness, but valid criticism will."
Corcoran explained that good mentors have experienced failure and the humbling event usually teaches great empathy. "You need someone who knows how it feels to struggle. Someone who can identify with you as you build your business and who knows how to get back up," she continued. "Every one of my best successes came on the heels of failure. And I try to teach that a mentor to my young entrepreneurs and I can tell you that's the single best thing I can teach them."
Luckily for Corcoran, her mother was earliest and best mentor. With 10 kids, she stressed each of their gifts the day they came home from the hospital and then reinforced them in each child for the rest of their lives. "She said my talent was my wonderful imagination, and I also proved her right," she admitted.
If you have a question to ask Barbara on a future Indeed-presented episode of Business Unusual on iHeartRadio, tweet your inquiry to @BarbaraCorcoran and stay tuned to see if the entrepreneur offers you some sound advice. Are you hiring? With Indeed, you can post a job in minutes, set up screener questions, then zero in on your shortlist of qualified candidates. Get started today at Indeed.com/Barbara.
Business Unusual with Barbara Corcoran on iHeartRadio gives listeners an inside look at the entrepreneur's decades-long career, including her first-person stories of triumphs and pitfalls. As you listen to her new podcast, you'll learn a wave of advice that has helped a new generation of young entrepreneurs achieve their goals. As one of the judges on ABC's Shark Tank, Corcoran knows a thing or two about the inner workings. After all, she had 22 jobs by the age of 23, built a $5 billion business with a $1,000 loan and conquered the New York real estate world.
Photo: Katherine Tyler for IHeartRadio