Jan 7, 2025
Barbara Corcoran, the real estate mogul and “Shark Tank” investor, has an estimated net worth of $100 million, according to Celebrity Net Worth.
But her journey to success had an unlikely beginning: heartbreak. In a recent interview with self-improvement YouTuber William Rossy, the 75 year old revealed that her career took off when a seven-year relationship ended abruptly.
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“I met my boyfriend at a diner and he gave me the $1,000 to start my business, so he became my business partner and then he married my secretary seven years later and I was out, she was in,” Corcoran recounted. “She was younger and prettier than me, and it was a really hard hit. I recovered but it wasn’t so easy.”
Losing a business partner and relationship simultaneously could be devastating for most, but Corcoran says the incident was a catalyst for something much bigger. Here’s how she turned this personal blow into fuel for her career.
Turning over belly flops
Although the breakup was painful, Corcoran says she later realized that it was the push she needed to strike out on her own and create an independent business.
“If he hadn't met her I wouldn't have started the Corcoran Group,” she told Rossy. “I wouldn't have had the success I have. So, thank God that all happened. I wish somebody was there to tell me at the time.”
In 1973, at just 23 years old, she founded the Corcoran Group. It became one of the most successful luxury real estate brokerages in New York City and she sold it to Realogy for $66 million in 2001. This was the first of many successful ventures, built on the lesson she learned from her breakup: there’s a bright side to every setback.
“I learned that bad stuff happens that breaks your heart, but you could get up and get going again and that's exactly what I did,” she said. “I think everything that's happened to me in my business career certainly was a result of belly flops that I turned over and saw the bright side.”
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The value of grit
According to University of Pennsylvania psychologist Angela Duckworth, grit is what sets successful people apart from the rest.
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"Grit isn’t talent. Grit isn’t luck. Grit isn’t how intensely, for the moment, you want something," she wrote. "Instead, grit is about having what some researchers call an 'ultimate concern' – a goal you care about so much that it organizes and gives meaning to almost everything you do. And grit is holding steadfast to that goal. Even when you fall down."
According to Duckworth’s research, the defining feature of a successful person is the way he or she deals with setbacks. In her best-selling book “Grit,” she lays out how successful academics, entrepreneurs and researchers treat every failure and setback as a learning opportunity and persevere despite the headwinds to get to their ultimate goal.
Adopting this mindset in your career could be the key to your success.
Sometimes disappointments can be stepping stones. For instance, unemployment could open the door to an independent venture. Nearly half (48%) of entrepreneurs who were laid off from their previous employer within the last four years claim their layoff encouraged them to start their own business, according to a survey by Clarify Capital. Over 1 in 4 started a business within 3 months of being let go.
Simply put, if you’re looking to build wealth you need to avoid the temptation to give up. Keep your eyes firmly fixed on your long-term goals and persevere through the headwinds to succeed.
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
Managing Money • Mar 30
