Along with owning a business comes power. That is a major reason for wanting to purchase a business and be able to make the decisions. You are a risk taker, which allows you to work hard and become successful. What makes a powerful person successful?
The people we deal with expect a certain level of service or performance from us. Everyone wants consistent and prompt service, courtesy, and fair treatment. When we take the time and make the effort to question people and listen to them, a trust is formed. Power is the desire to have an impact or influence to create change and is a skill which can be developed. As an entrepreneur, you may find that power is actually more important to you than money. Different things motivate different people. While you may be motivated by the need to control your own destiny and be your own boss, there may be other things that motivate you as an entrepreneur. You are interested in the business and the work involved, which brings with it other things that motivate you like recognition, creativity, skill development, results, challenges, and ability to have your opinions heard.
Effective entrepreneurs understand power and develop it rather than wait for it. They desire to impact and influence change to make things happen. Power is the ability to achieve objectives and get results. The business plan you have developed is your guide and should give you specific goals and objectives to accomplish and a date they will be completed. Whether you have few employees or many, the written goals give you a feeling of power when they are completed.
Powerful people have certain qualities. They have visibility and are noticed by others. They consistently live up to their word and are honest and trustworthy with their employees, customers, suppliers and others. Without these qualities, it would be difficult to earn the respect that is needed to succeed in business. Enthusiasm is another quality of powerful people. Having a high level of energy not only helps you get things done; it also tends to rub off on those around you. One other quality that is important to mention is perspective. A powerful business owner will see the whole picture rather than focus on details and will also help the employees see the whole picture.
In addition to the position power you have because you are the owner, you also have reward power, which is the ability to give positive reinforcement. For many employees, positive reinforcement can motivate them more than money, and compliments do not cost you money. The opposite of reward power is coercive power, which is negative behavior modification. If an employee is not performing according to the job requirement, a correction must be made. It is best to help people perform better, but sometimes the best choice may be to fire the individual.
A factor that may affect your power is your charisma. We have individual personalities, and some people just naturally draw others to themselves with their personalities. Don’t worry if you don’t feel you have that power, as others can be drawn to you if you are friendly and show concern for them. You can develop your own style. Always be a person of your word. We all relate to people who do what they say and not constantly change their positions on things. Because you own the business and see the big picture, you can see the long-term applications of decisions and statistics. You have the power to influence everyone associated with your business.
You have position power when you purchase a business, but the relationships will continue to develop. Try to resist the temptation to seek power for its own sake and remember to keep it in perspective. As a closing thought, never lose your sense of humor or the ability to laugh at yourself. Humor helps you get perspective on a situation because you can separate yourself from the seriousness of the situation. It also makes others more comfortable as they see you are actually human.
