Barbara Corcoran is an American businesswoman, investor, speaker, consultant, and television personality. She is best known as a “shark” investor on the ABC television series Shark Tank, on which she invests in start-up companies and small businesses. Corcoran is the founder of the real estate company The Corcoran Group and has written several books on entrepreneurship and business. She is also a frequent speaker and commentator on business and entrepreneurship topics. So, what can we learn from her leadership?
One key aspect of Corcoran’s leadership style is her ability to delegate effectively. As the founder of The Corcoran Group, a real estate company, Corcoran knows the importance of letting go and letting others take the lead. In an interview with Forbes, she explained that she delegates tasks to her employees based on their strengths and skills, allowing them to take ownership of their work and feel valued in their roles. This not only helps the business run more efficiently, but it also empowers and motivates her team.
“I’ve learned that the best way to grow a business is to delegate tasks to others and let them shine. It not only helps the business run more efficiently, but it also empowers and motivates the team.”
Many in management know they should delegate more but often struggle to let go or know which tasks to delegate. It’s important to remember not all tasks are suitable for delegation. As a business leader, it’s important to identify the tasks that can be effectively delegated to others, and those that you need to keep under your own control. Consider factors such as the complexity of the task, the skills and expertise of your team, and the potential risks involved. Once you’ve identified a task that can be delegated, it’s important to choose the right person for the job. Consider the skills, experience, and interests of your team members, and try to match the task to someone who is well-suited to handle it. Remember the task should be given to the person with the right skill set and not just the person you like the most. Once this is done, make sure that you clearly communicate the expectations and then set a clear deadline.
Take calculated risks
Another aspect of Corcoran’s leadership style is her willingness to take risks. As an investor, she is constantly weighing the potential risks and rewards of different ventures. But she also understands that sometimes taking a calculated risk can lead to big rewards. In a TEDx talk, she explained that she has always been drawn to the “underdog,” and that often means investing in businesses that may seem risky at first. But by approaching these opportunities with a clear vision and a willingness to take a chance, she has been able to achieve success time and time again.
Taking calculated risks is an important aspect of being a successful business leader and can help to drive innovation and growth within an organization. Having said this, its also important to have enough self-awareness to understand your own risk tolerance. One of the key reasons innovation fails in most organisations is because the leadership team is risk averse. If you want to innovate or achieve something big, you have to be willing to fail. If you are uncomfortable with a high level of risk/failure, then set smaller goals. Once you have aligned your goals with your own risk appetite, it’s important to develop a risk management plan to mitigate any potential negative impacts. This may involve creating contingency plans, setting aside funds to cover potential losses, or partnering with other organizations to share the risk.
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