If you're going to build something from nothing, you've got to know what really works.

I took a thousand dollar loan and built a five billion dollar business, and now I make smart investments in new businesses on Shark Tank. This is Barbara

Corcoran and you're listening to Business Unusual. Today I'm Business Unusual

I'll answer your questions about business, motivation, life, or anything

else on your mind.

But first, you might think that hiring the right people is the key to success, I can tell you firing the wrong ones is

just as important. You know nobody really likes letting people go it's never fun

but it's a key ingredient to keeping your business healthy.

I used to think of it as pruning a tree. You need to get the biggest, most beautiful tree growing,

and the only way to do it is to eliminate the reckless

branch that shoots out here or there. Here are my rules for the best way to fire

people that aren't working out.

First, in the interview, you need to set clear expectations and deadlines as to when you need what result.

If you're very clear with that, you give the candidate the opportunity to reach for what the expectation is and you also enable him to know when he's not meeting it.

Next, you need to follow through to make sure that they're meeting that

expectation and give them a warning shot. For example, hey we have one month

left, you're supposed to have your first deal within three months you haven't

been able to pull one out yet what's going on how could I help you as you know that

three-month anniversary is coming up that's simply called fair play.

Of course the final step is to let the individual know they have not met the clear expectations

and it's time to go.

You can't afford to let a deadline go by when you're building your business because the messaging to everyone else out there

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