Corcoran Group founder and “Shark Tank” star Barbara Corcoran knows how to run a tight ship — but she also knows when to relinquish control.
The 75-year-old real estate pioneer and entrepreneur took to Instagram on Wednesday to share advice on hiring and delegating.
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First, she says, embrace your inner “control freak” — it’s part of the job.
“Anybody who’s a good boss, I’ve learned, is a control freak. It just comes with the territory, and control freaks have a heck of a hard time delegating,” Corcoran explained. “They’re the last people who want to give away what they do so perfectly.”
Corcoran says in order for your business to grow, though, it’s important to find someone who can do the job 80% as well as you can. If you find a candidate who can do that, invest in them to “build your business and move it ahead.”
Corcoran said she goes through a three-question litmus test before hiring someone to create a strong pool of employees.
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“I ask myself, ‘Are they happy? Do they work hard? Are they talented people in one regard or another?’ And if they are, I hire them, and I delegate something to them that’s above their pay grade, above their talent pool, so they have to reach and show me how good they are, and that’s how you develop talent,” she said.
“It’s not just a matter of delegating, it’s a matter of developing talent, and then delegating to the talent,” she added.
Corcoran’s net worth is an estimated $400 million.