Barbara Corcoran’s No. 1 Rule for Bosses — and How It Can Boost Your Career and Income
Written by
Laura Bogart
Edited by
Kristen Mae
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Finally, you’ve reached a new peak in your career. You’re a manager. You’ve got several direct reports. Heck, you’ve even got the “World’s Best Boss” mug that Michael Scott made so famous on your desk. Only, instead of that mug being ironic — as it was in the hand of one of primetime TV’s most famous doofuses — you want it to feel true.
You’re responsible for your team’s success, and you’re eager to see everyone achieve their goals. And if the higher-ups take notice of your exemplary leadership, rewarding you with a raise and an even spiffier new title, that’s even better.
If you’re looking to become a better boss, you’d have no better role model than Barbara Corcoran. The real estate mogul and Shark Tank judge is known not just for her business acumen but also for terrific leadership. Her core philosophy? Setting others up for success. Unsurprisingly, she has great advice for anyone who wants to become a great boss.
Know Who You’re Working For
Before she became a “Shark Tank” star and social media icon, Corcoran founded and ran The Corcoran Group for nearly 30 years. By 2001, when she sold the company for roughly $66 million, she’d grown it from seven agents to around 700. How did she do it? By remembering that she was really there to help nurture her team’s future.
In a recent video, she explained her philosophy on good management: “From the very first day I was in business, I understood the cardinal rule, which is ‘I work for you, you don’t work for me.’ And that’s my attitude my entire life: ‘What can I do for you? How can I make your job easier?'”
While Corcoran acknowledges that this approach may seem counterintuitive — after all, isn’t the boss the leader of the team, the person who shepherds everyone toward their goals? — she says that leading with a service-first mentality has its perks. When you go out of your way to make sure your team has everything they need to do their jobs well, including your compassion and support, those team members are likely to return the favor in the form of hard work, lifting the organization as a whole.
Community Is Part of Personal Success
For Corcoran, being a good boss with a service-oriented mindset isn’t just the right thing to do — it’s also a great way to advance your career.
“You’d say, well that doesn’t put the boss ahead. It does, because as they get stronger and go up the ranks, they carry me for a free ride along with them,” she said.
Giving your employees what they need to succeed means that, as they climb the corporate ladder, they’re more likely to talk you up to other teams, or even leadership. If your team members consistently qualify for raises and promotions — or exceed their milestones — it reflects positively on your skills as a leader, boosting your own chances for a promotion or raise.
There’s also the reality that you and your team members might not all stay at the same company forever. The support you provide your employees could help them land jobs at other organizations you admire, including ones you might want to join yourself one day. You never know when you’ll need them to serve as a reference or connect you with a hiring manager.
Who knows? They might even become the hiring manager themselves. And in that case, you’ll definitely want them to remember you fondly.
You Don’t Need To Be a Boss To Be a Leader
You don’t need that “World’s Best Boss” mug on your desk to take Corcoran’s advice to heart. Being a good leader doesn’t require a fancy title — just a willingness to step up and support your colleagues in ways that exceed your job description. You can go out of your way to talk up your peers to their managers, or speak up in meetings about what your team needs to meet its goals.
Being a positive presence on your team can help leadership see you as a manager-in-the-making, positioning you for promotions and raises down the line. If nothing else, your efforts won’t go unnoticed by your peers. The same people who sit across from you at the conference table today could become hiring managers tomorrow, whether at your current company or elsewhere.
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