Founder of the Corcoran Group and star of “Shark Tank.” 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.

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First, she says, embrace your inner “control freak”—it's part of the job.

“Anyone who's a good boss, I've learned, is a control freak. It just comes with the territory, and control freaks have a hard time delegating,” Corcoran explained. “They are the last people who want to give away what they do perfectly.”

Corcoran says that in order for your business to grow, however, 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 this, invest in them to “build your business and take it forward”.

Corcoran said she runs a three-question litmus test before hiring someone to create a strong pool of employees.

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“I wonder, 'Are they happy?' Do they work hard? Are people talented in one aspect or another?” And if they are, I hire them and delegate to them something that's above their pay grade, above their talent pool, so they have to reach and to show me how good they are, and that's how you develop talent,” she said.

“It's not just a matter of delegation, it's a matter of developing talent and then delegating to talent,” she added.

Corcoran's net worth is about $400 million.