Assuming that A2:A10 contains the data, try the following formula, which needs to be confirmed with CONTROL+SHIFT+ENTER...
=INDEX(A2:A10,MODE(IF(A2:A10<>"",MATCH("~"&A2:A10,A2:A10&"",0))))
However, since there can be more than one value tied for the most common occurring text, the following may be more appropriate...
B2, copied down:
=IF(ISNA(MATCH(A2,$A$1:A1,0)),COUNTIF(A2:$A$10,A2),"")
C2, copied down:
=IF(N(B2),RANK(B2,$B$2:$B$10)+COUNTIF($B$2:B2,B2)-1,"")
D1: 1
(This indicates that you want the top most common occurring text. This can be changed as desired. For example, for the Top 3, enter 3 instead.)
E1:
=MAX(IF(B2:B10=INDEX(B2:B10,MATCH(D1,C2:C10,0)),C2:C10))-D1
...confirmed with CONTROL+SHIFT+ENTER.
F2, copied down:
=IF(ROWS(F$2:F2)<=$D$1+$E$1,INDEX($A$2:$A$10,MATCH(ROWS(F$2:F2),$C$2:$C$10,0)),"")
Hope this helps!