Barbara Corcoran, founder of The Corcoran Group and star of “Shark Tank,” has shared her insights on hiring and leadership through her Instagram. The 75-year-old real estate mogul offers valuable advice on managing and delegating effectively.
Embrace the ‘Control Freak’ Mindset
Corcoran suggests that being a “control freak” is an essential trait for a good boss. “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,” she explained. She acknowledges that while control freaks excel at their tasks, they often struggle to delegate.
Identifying the Right Talent
Finding the right talent is crucial. Corcoran advises hiring someone who can perform the job at least 80% as well as you can. If a candidate meets this standard, she recommends investing in their development to help advance the business.
The Three-Question Litmus Test
Before hiring, Corcoran uses a three-question test to evaluate potential employees:
- Are they happy?
- Do they work hard?
- Are they talented in one regard or another?
If candidates meet these criteria, Corcoran hires them and assigns tasks beyond their current pay grade and skill level. This strategy pushes employees to expand their capabilities and demonstrate their potential. “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 successful career and estimated net worth of $400 million highlight the effectiveness of her hiring and leadership strategies.
