Entrepreneur IQ - Barbara Corcoran

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Question #1*
Think about one of your best ideas. How did you get the idea?
- I saw a need / opportunity and had a gut feeling that it was right.
- Through research – I analyzed a lot of trends to understand where the market / consumers / etc. were likely to be headed.
- By improving on some of the things I was already working on. Sometimes that extra level of perfection is my favorite.

Question #2*
Think about a time when you had to think on your feet and react quickly to a change in plans or surprise. How did you react?
- I quickly assessed the situation & reacted quickly with a plan I thought would work.
- I called a “time out” to re-group and I determined the appropriate course of action.
- I was able to get an answer out but was not happy with the quality. With more time I would have had a great answer.

Question #3*
Think about a time when you needed something to fall into place but didn't - and you had to make it happen. What did you do?
- I got frustrated / irritated at the situation for a bit, but eventually found a way to overcome the issue.
- I looked at the options I had available and ended up solving the issue with an option that wasn’t exactly typical.
- I know myself well and changing plans is not a strength of mine – so I recruited some help to determine what to do.

Question #4*
Think about a recent time you had to choose a teammate, subordinate, or ally. How did you make the decision?
- I often make my decisions based on fit – will the person fit with the culture and the requirements of the role.
- I am focused on the resume or qualifications. The accomplishments of a person are a clear indicator of future performance.
- I used a structured set of criteria I’ve learned to trust (e.g., personality questions, resume questions).

Question #5*
Think about the last time you had to convince someone of something. How did you do it?
- I started with my recommendation then walked them through all the detailed facts.
- I walked them through all the facts and then tied it all together at the end to reach the right answer.
- I got right to the point and then backed it up with a few key / clear messages or facts that I knew would resonate with the person.

Question #6*
How do you set goals for yourself?
- I look around at my peers and aim for the top 10%.
- I usually am going at 100 miles an hour, and as a result my goals fluctuate.
- I compete with myself – or the best performer I can find, and sometimes that means changing the game.

Question #7*
Think about the failure that has haunted you the most, what was the impact on you?
- It shook my confidence for a while as I replayed the situation again and again thinking about what I did wrong.
- It was painful but I made sure it was quick (while learning what I could), I suppose you could say a fast fail.
- It brought me down for a while, but actually it wasn’t as much my failure as it was my colleague / client / partner / other.

Question #8*
Think about one of your busiest times (when people said “you could never do all that”). How did you get it all done?
- I put in the hours required (and even pulled in friends, family and / or a few favors).
- I assessed the situation to prioritize activities and adjusted my timeline. Compromises were made, but we ended up ok.
- Unfortunately, I didn’t get it all done. A few balls were dropped, but it was a good learning experience.

Question #9*
Think about a time when you have taken advantage of an opportunity. How did you find and pursue the opportunity?
- I underwent a detailed investigation to identify opportunities. Once I had a prioritized list, I took calculated actions to achieve it.
- I got lucky – the opportunity fell into my lap and I had time to go after it (it was probably more timing than me!)
- I believe opportunities are everywhere (never just one). I quickly determined what was the biggest/went after it (and a few more on the side).

Question #10*
Think about a move you wanted to make that your friends/family/ colleagues said was “risky”. Did you take the action? Why/why not?
- I did make the move. However, I regretted it and had a sinking feeling.
- I did not make the move. I listened to what they had to say and ultimately, they were right. The risk didn’t out weigh the rewards.
- I did make the move. There was too much opportunity to pass things up and it worked out in the end.

What is your entrepreneur IQ?