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Corcoran Group founder and “Shark Tank” favorite Barbara Corcoran knows how to run a tight business, but she also knows when to give up control.
The 75-year-old real estate pioneer and entrepreneur took to Instagram on Wednesday to share some advice on hiring and delegating.
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First, embrace your inner control freak, she says: it’s part of the job.
“I’ve learned that all good bosses are control freaks. And that’s no surprise. Control freaks have a hard time delegating,” Corcoran explained. “They don’t want to hand over something that they’re doing perfectly.”
But to grow your business, Corcoran says it’s important to find someone who can do the job at 80% as well as you can. Once you find that candidate, invest in them to “build the business and move it forward.”
To build a talented employee pool, Corcoran said he uses a three-question litmus test before hiring someone.
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“I ask myself: ‘Are they happy? Are they working hard? Are they talented in some way?’ And if they are, I hire them and delegate them something that’s above their pay level and above their talent pool, so that they show me how good they are and they have to achieve it, and that’s how you develop talent,” she said.
“This is not just a matter of delegating, it’s a matter of developing talent and then empowering that talent,” she added.
Corcoran’s net worth is estimated at $400 million.