Barbara Corcoran Asks These 3 Questions Before Hiring Someone New — and It's a Great Lesson in Leadership The "Shark Tank" star says she always asks the same questions.
By Emily Rella Edited by Melissa Malamut
Key Takeaways
- Barbara Corcoran says good bosses are "control freaks," but it is important to learn to let go so your business can grow.
- She says when hiring new employees, find someone who can do the job about 80% as well as you do it — then invest in them.
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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.
Related: Barbara Corcoran: All 'Really Successful Entrepreneurs' Do This
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.
Related: Barbara Corcoran Issues Statement, Warning on NAR Settlement
"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.
