5 ways to turn your setbacks into long-term success feat. Barbara Corcoran

A wise man once said that the people who've made it to the top are the ones that failed the most.

"Failure" is one of those words that could make any young entrepreneurs' heart skip a beat. When an entrepreneur attempts to navigate their way through unchartered territory in business, it can stir up a lot of anxiety over the fear of failing on a particular assignment. Entrepreneurs gingerly try to tip toe around or out of a problematic situations due to the fear of failing. In today's society, we're conditioned from a very young age to think that making mistakes is an awful thing, thus resulting in the unconstructive pressure of trying to achieve a realm of perfection that's simply not possible. The way this real-estate mogul views things throws all that type of traditional thinking. Barbara Corcoran, TV personality on ABC's Shark Tank stopped by #BizChats, Mashable's business show to share with us five top tips any person needs to know to turn their setbacks into long-term successes.

1. Don't feel sorry for yourself

Corcoran says: "What a waste of time! I've worked with entrepreneurs my whole life. I've worked with phenomenal sales people who make $3 million a year when the average is making $48,000 a year. I found that the only difference between the really, really, phenomenal people and the average joe is they all take a hit hard, (they take rejection hard, that's normal human nature) but the really successful people spend a lot less time feeling sorry for themselves."

2. Have a lower IQ

Corcoran says: "The really intelligent people often fail from the paralyses of analysis —analyzing things and really thinking too deep about 'what went wrong?', 'what should I do?'. While they're doing all that stuff, life is going by [while] you can be on to your next big thing."

3. Avoid negative people

Corcoran says: "That's a given. You reflect the crowd you're with."

4. Trust your instincts

Corcoran says: "If you feel in your instinct that something is not worth doing, and it isn't underlined with fear as your motivation, chances are very good that you should never mistrust your instinct. Your instinct is the mechanism that was given to you to hear the truth of life and in people.

"You start listening to your left brain, which we're all educated to do in schools from the time you learn math to the time you graduate from Harvard business school (if you want to go that far and that high). People have been trained to use logic. I'm just not a believer it and I think the great majority of entrepreneurs out there are enormously intuitive and trust their instincts on people."

5. Figure out what you do well

Corcoran: "A lot of people think you have to do a little bit of everything -- i'm just not a believer in it. If you look at every successful person [in] every walk of life, (and i'm not just talking about business) you'll see that they have certain gifts that they really have learned how to blow up, emphasize and use in their every day life.

I happen to know really clearly what my gifts are. I happen to know also what i'm just terrible at, and if you leave the terrible things to grow whatever you're trying to grow (whether family or business), go out and find somebody whose those gifts naturally. I always surround myself with perfect opposite partners who have opposite skill sets to me, and you know how freeing that is, to just be able to do exactly what you want to do well, and let them do what they want to do well? How much better is that than trying to think 'Oh, I'm failing at this, but i'm good at this, I made a flop on this, but I did this well.' Why do it? Why not just focus on what you do well? Yet most people don't sit down and analyze what they do well."

Bonus: How do you find what you do well?

Corcoran says: "Think about what you enjoyed as a kid. People don't change so much. Whatever you enjoyed as a kid, whoever you were as a kid, is the closest to who you really are."