Business A to Z: Knowledge
By: Zach Goreczny
Tags: Power, Knowledge, Business, Leadership, Personal Development

Recently I had a knowledgeable discussion centered around the types of power with my brother. We discussed many topics such as, while money was a form of power, it tends to be the weakest. There are many other types of power that, if used correctly, can and will help you succeed in business more than money ever can.

Legitimate power — a higher position

Coercive power — fearful persuasion

Informational power — relevant to the task

Power of Reward — motivation by rewards

Connection Power — social capital

Referent Power — the quality of connections

Expert Power — knowledge

While these seven powers can help overcome different challenges, the most important is typically referent or expert. When one has referent power, one can create and grow very personal bonds with people. Those who wield this power tend to make well-informed decisions based on support from their network.

This power may be the most significant, but to earn this, possessing expert power is critical. Expert power typically refers to knowledge. Knowledge can be acquired from various sources such as your networks, social media, school, to name a few.

To begin any career, you must have a certain level of knowledge. To become a doctor, you must pay thousands of dollars for a paper that shows employers you are proficient in a specific field. To run a business, you must know its location, industry, potential customers, and other areas.

A beautiful library photo preceded this story, one of the many places you can find knowledge. Books are filled with libraries, and while physical books are losing popularity, Kindles and other e-readers are portals to a world of words and wisdom. Do a quick Amazon search on a particular topic and see how many books pop up. There are millions of books; find one or two for guidance.

As mentioned before, your network is also a great place to find knowledge. This group consists of friends, family, professionals, and anyone with whom you have a positive relationship. You can utilize this social capital to grow and build your mental library and share your info with others in your network.

Social media is another source of knowledge. Because social media is such a broad term, focus on one or two platforms to search for experience. Then look for a few influencers in your industry and connect with them and their followers.

What better place to obtain knowledge than a school? A typical school system is structured to allow a student to study a subject of interest. This is completed by using a series of specific courses relevant to the industry that becomes more difficult as they progress in the program.

Obtaining a wealth of information allows you to have power over others positively because you have the knowledge to back up your decisions. When expert knowledge is used in a team or a business over other types of power, it allows one to build a following. This following tends to be more trusting of a leader and will likely offer their support to the leader for a long time.

So, yes. Knowledge is power, and perhaps the most influential type of power that one can wield. Knowledge is a great foundational power and blends well with other classes that allow you to create a team of loyal and intelligent followers.