Chief executive officers (CEOs) who exude intelligence, optimism and leadership don’t necessarily help their companies perform better than less charismatic counterparts – but they do tend to draw higher salaries and better perks (Tosi & Hoover, 2002). Tosi and Hoover suggested that the University of Florida study comparing the salaries of charismatic CEOs versus non-charismatic CEOs showed the strength of a charismatic CEO in affecting his or her salary. However, Tosi and Hoover did not articulate the necessary optimism and skills charismatic leaders bring to a company that breeds a large degree of trust, confidence, and productivity within employees. There are few things that charismatic leaders do to increase profitability within their companies that you can emulate to increase your earning potential.
1--- Charismatic leaders are innovative. Charismatic leaders are relentless in discovering inefficiencies and ways for improving them. These leaders have a preternatural way of finding gaps within companies as well as the marketplace. The late Steve Jobs of Apple is an excellent example of charismatic leaders’ ability to innovate. By looking at the marketplace and the emerging needs of consumers, Apple’s invention of I-Tunes transformed the music industry into marketing and selling music online differently. If you scour inefficiencies within your company, industry or marketplace looking for products or services that meet the needs of customers, but have not be invented yet, you have hit on a potentially money making venture. You don’t even have to invent a product or service. Merely tweak existing products and services to improve on functionality and it can lead to profitability.
2--- Charismatic leaders lead missions and crusades. Since 1982, the Susan G. Komen for the Cure has raised more than $1.5 billion towards breast cancer research. This foundation and mission was started as a result of Susan Komen dying of breast cancer at the age of thirty-three. As of March 2009, Komen CEO Hala G. Moddelmog earned a salary of $459, 406.00 (Yahoo! Voices, 2010). Obviously, The Cure was a humanitarian mission devoid of personal financial gain. However, charismatic leaders use personal hardships, setbacks, and failures as a springboard to immersing themselves into a crusade. In this vein, charismatic leaders can do good and well simultaneously. If there is a cause you believe in that would enhance your life, designate yourself the CEO and create a foundation around your cause. With the right message that taps into a core need within a specific population, you can help eradicate a social or health issue as well as create a comfortable living.
3--- Charismatic leaders develop alliances that are mutually beneficial. During the 1990’s, Multilevel Marketing (MLM) was hugely popular for individuals looking for ways to gain financial freedom. Mary Kay, ACN, Amway, and host of other MLM opportunities paved the way for individuals to create income at the ground level. Unfortunately, many participants became disillusioned because financial returns were not immediate and expectations were not met. Charismatic leaders are effective at picking up the ball where others have dropped it. By creating a product or service where participants are able to make money through partnerships or the selling of your product/services for a fee, you can use the same business model as MLMs and attract individuals looking for such business opportunities.
4--- Charismatic leaders are effective at finding hidden opportunities. As visionaries, charismatic leaders see opportunities where others may see despair. A friend recently reported her daughter buying inexpensive items at consignment shops and selling these items on EBay for 200% above the originally purchased price. By leveraging the auctioning platforms on the Internet, you can begin selling items that formerly would have merely rested on the shelves of second-hand stores.
Charismatic leaders make a decision on what they want in life and doggedly pursue their aspirations until they have achieved their objectives. If you set your mind to making more money following the tactics of charismatic leaders, you can build a profitable organization that provides your desired lifestyle.
Szabo, L. (2010 Sept. 29). A ‘promise’ spurred Susan G. Komen breast fight. USA Today (online). Retrieved from: http://www.usatoday.com/yourlife/health/medical/breastcancer/2010-09-30-Promisebook30_CV_N.htm
Tosi, H. and Hoover, A. (2002 July 2). UF study: Charismatic ceos more effective…at snaring higher pay. University of Florida News. Retrieved from: http://news.ufl.edu/2002/07/02/ceocharisma/
Yahoo! Voices (2010). Nonprofit ceo salaries: Jobs that pay well over 300k a year. Retrieved from: http://voices.yahoo.com/nonprofit-ceo-salaries-jobs-pay-well-over-300k-5826210.html?cat=31
For more info., visit: Charisma
For more info., visit: Charisma