This post was published on Medium during this experiment.
“When the bad times are coming, I get excited.” — Corcoran
1/ It’s not the market. It’s not the competition. It’s you.
About successes Corcoran said, “the real difference between the superstar salespeople and everyone else, was…how long it took to feel sorry for themselves.” “They keep popping up. It doesn’t mean they don’t take the injury, but it’s a quicker turnaround time.”
About failures: “They took insult personally.” “They were living in the past.”
Corcoran has seen that success is about being “stupid enough,” to focus on the now. In her interview with James Altucher, she said that her successful Shark Tank entrepreneurs are dumb in the sense that they don’t know how to quit.
2/ Silver linings.
“My asset was terrible years for New York.” “I had the luckiest timing of any kid in the world because I happened to land in New York at its darkest hour.” “When the shit hit the fan, I realized it was game time and I was going to have a huge advantage.” “When interest rates went to 18% I had one of my best successes of my life.”
Episode 012 of this podcast was all about how constraints help.
Daymond John called it “the power of broke.” Tim O’Reilly said his business was saved when they were forced to pivot. Kevin Kelly noted that you only invent things when you’re stretched. Eric Weiner proved this thesis in his book. Amanda Palmer said that restrictions help the creative flow. Megan McArdle wrote an entire book about it, The Up Side of Down.
Bad times can be the perfect time for future success.
3/ Have a good mixtape in your head.
“The tape kicks in and I go, ‘oh yeah, you’re not any smarter than me.’’ “Then boom, I’m in my feet and I’m over it.”
“The worst troll is the one that lives in your head” — @austinkleon
Corcoran goes on, “when you’re building a business it’s an extension of yourself as an entrepreneur.”
I saw this time and again when I looked at failed companies. The identity of a startup entangled the founder — an emotional yoke. Entrepreneurship has a heavy emotional component. Corcoran’s advice is to create your own mixtape, one you can cue up the moment your troll starts whispering. Get out of your head and back in your feet.
Thanks for reading, I’m @mikedariano on Twitter.