The Show ‘Power’ Can Teach You a Lot of Lessons on the Basics of Running a Business
‘Power’ is a crime drama on the Starz network that revolves around a drug dealer’s journey to leave the world of crime and turn to go legal as a nightclub owner.
While your own journey may not be as high stakes or dangerous as the main character Ghost’s, you’ll definitely pick up a lot of useful tips about the world of business while watching the 50 Cent-produced series.
Mixing Work & Pleasure
Partnering with friends may seem like a good idea at first, but it won’t always lead to the best results. With many challenges ahead, you may end up losing a valued friend, your own business, or, worse, both.
In ‘Power’, Ghost has his own best friend Tommy as his partner in crime. While the two of them did have their own triumphs, the duo also faced challenges along the way.
In the end, Ghost’s differing vision for the business got in the way of their brotherhood.
Keeping Competitors Close
During their operations, Ghost and Tommy often found it necessary to work with other crime bosses. They were their competition but they also needed their help to get out of sticky situations.
Similarly, you may find yourself needing to collaborate with other entrepreneurs who own a business that is technically competing with yours when it comes to customers. You can use the partnership to successfully enter new markets or decrease your operational costs by purchasing supplies together.
Always Vet Employees
One of the recurring themes you’ll notice when watching ‘Power’ is the double-crossing of associates who had a hidden agenda all along.
Avoid hiring such people by vetting your applicants before welcoming them aboard. You can also hire them on a conditional basis and have them do a short-term apprenticeship to see them at work.
One of the most meticulous characters in ‘Power’ is Joe Proctor. Being a defense attorney, he always made sure to keep records and evidence just in case they come in handy.
You can benefit from following his example when running your own business. Proper record-keeping can help you manage your finances and make it easier to find solutions to problems when they arise.
The Key to Good Leadership
The one downside of having power is that it can corrupt the empowered. In Ghost’s case, it led his ego to go unchecked a couple of times leading him to ignore otherwise good advice.
Remember that being a good leader means you should also practice humility and not let your ego get the best of you.
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