Managing Power as a Business Owner

Have you been in a leadership position before? Have you hired and fired employees? Have you decided on the products for your inventory and which business relationships to make?

Owning a company puts you in a power position. You are a leader. You need to make decisions, create a vision, and convince everyone else around you that you have it going on. Take some time to learn what makes a good leader. Read some books. Listen to those whom you view as good leaders. There are qualities that most successful people share.

Many entrepreneurs have risen to leadership positions at other businesses where they have been employed. This gives you practice and feedback from those around you. Starting out without this experience can lead to difficulties.

If you don't have direct experience with power and leadership, be sure to surround yourself with people who have these qualities. Consider putting together an advisory board: a group of business people who meet regularly to look at what your business is doing (financially and other) to give you input. Even though you might have to pay your board, going without their advice may cost you thousands later.

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I recommend a book called The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber (ISBN-10: 0887307280). The book discusses why many businesses fail and how our personalities contribute to the success or failure.

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