During a thought-provoking discussion on his podcast on March 4, 2025, Professor Ashish K. Bhatia engaged with Shark Tank mentor Barbara Corcoran, who shared her insights on navigating the challenges of rejection in the business world. She emphasized that facing setbacks is an inherent aspect of the entrepreneurial journey.
“Rejections are part of the game. If you don’t like rejection, what are you doing as an entrepreneur? You get like 10 no’s for every single yes you ever get,”she said.
Barbara elaborated on the necessity of resilience, asserting that entrepreneurs who can swiftly rebound from rejection stand a greater chance of success. Drawing from her extensive experience in real estate and investment, she highlighted a common misconception: that rejection signifies failure. In reality, it represents an opportunity for personal and professional growth.
Those who embrace rejection can glean valuable lessons, resulting in eventual success. As one navigates through entrepreneurship, learning from rejection becomes a pivotal part of the development process.
The Impact of Rejection in Entrepreneurship: Insights from Barbara Corcoran
Barbara underscored that endurance in the face of numerous “no’s”is crucial for achieving significant breakthroughs in business.
“You have to hit the floor running and take a lot of rejection for a long time before you should decide to stop,”she explained.
To manage rejection effectively, Barbara advocates for a mindset that views setbacks objectively—without taking them personally. Instead of internalizing negative feedback, she urges entrepreneurs to dissect what went wrong and leverage that information for improvement.
When questioned about practical methods for honing rejection-handling skills, Barbara replied:
“The only way to practice rejection is to keep trying new ideas, new pitches, new sales tactics, and letting people laugh at you or tell you it’s no good. You learn from those experiences very quickly.”
This approach fosters resilience, as quick recovery from failures is essential for entrepreneurs wanting to succeed in a challenging environment.
Determining When to Persist or Pivot
Professor Bhatia highlighted a common dilemma for entrepreneurs: whether to persevere in the face of rejection or to pivot. Barbara emphasized that self-awareness is critical in making this decision.
“The difference that you should evaluate as a potential entrepreneur is how good are you at handling rejections. How quickly can you get back up?”she shared.
Barbara noted that if an entrepreneur takes an excessive amount of time to recover from setbacks, pursuing a business venture may not be suitable for them. Successful entrepreneurs recognize when to alter their strategy rather than simply opting to quit.
“If they don’t get up quickly and take rejection too personally, forget it. They shouldn’t be in business,”she added.
Furthermore, Barbara encouraged using experiences of failure as constructive feedback to innovate and refine business plans, sales approaches, and presentation techniques.
In the latter part of the interview, she also discussed the significance of adopting the right mindset before embarking on an entrepreneurial adventure. Barbara pointed out that while some decisions may appear impulsive, others are rooted in thoughtful consideration.
Ultimately, she advocated for making informed decisions, advising entrepreneurs to fully commit once they decide to move forward, as hesitation can often lead to future regrets.
New episodes of Shark Tank season 16 are available every Friday, exclusively on ABC.