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What Makes Barbara Corcoran One of the Best Bosses?
Barbara Corcoran's journey from a modest background to becoming a renowned real estate mogul and television star is not just inspiring — it's also a masterclass in leadership. Known for her role as a "Shark" investor on ABC's "Shark Tank," Corcoran attributes much of her success to a singular principle: serving her employees. On her birthday, she boldly declared on Instagram, "I don't mean to brag, but I am the best boss I've ever met, by far," reaffirming her belief that a good boss is one who works for their team.
The Key Principle: Serve Your Employees
Corcoran explains that from day one, the boss's role should revolve around ensuring the success of the employees. This paradigm shift — where the employer serves those working for them — forms the crux of her leadership style. With decades of experience running The Corcoran Group, which she sold for $70 million, Corcoran emphasizes the importance of asking employees what they want and how their work can be made easier. Her commitment to support is encapsulated in her phrase, "What can I do for you?" This approach doesn’t just empower her team; it also creates strong long-term bonds that benefit her as a leader as her employees excel.
Empowerment and Connection
Corcoran believes that by showering her employees with support and resources, she not only helps them advance in their careers but also secures a continuous connection as they grow. "They carry me for a free ride along with them," she quips, humorously highlighting that as her employees succeed, so does she. This mutualistic relationship is essential for fostering an environment where employees feel valued and motivated, which is key in today’s competitive landscape.
Resilience and Adaptability in Leadership
Much like how small businesses in places like Detroit and Cleveland adapt to shifting markets, Corcoran embodies resilience. Facing challenges, including economic downturns, she navigated the turbulence of the real estate market, emerging stronger every time. By focusing on employee welfare, she fosters a resilient workplace where innovation thrives—crucial for companies that also aim to survive job cuts and shifts in employment trends.
Lessons for Self-Employed Entrepreneurs
For those who are self-employed or considering launching their own startups, Corcoran's insights provide valuable lessons. Utilizing serving leadership can create not only loyal employees but also a robust business model. By prioritizing the needs of their teams, entrepreneurs can cultivate an environment that drives growth and resilience, particularly important in regions facing economic challenges such as those across the Great Lakes like Ontario or New York.
Corcoran’s approach emphasizes that empathy, support, and open communication are not just nice-to-haves; they are essential levers for success in business. As you craft your path or scale your small business, remember her wisdom: a good boss works for their employees. By applying this principle, self-employed individuals can enhance their effectiveness and organizational health.
Conclusion: The Call to Action
As we reflect on Barbara Corcoran's leadership style, consider implementing her principles in your own work. Whether you are self-employed, managing a small team, or poised to start your own venture, remember that investing in your people pays dividends both personally and professionally. Start your journey today by asking, "What can I do for you?" to foster a supportive and thriving workplace.
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