Connect with us

Entrepreneurs

How Does Emotional Intelligence Impact Entrepreneurship?

Published

on

Image Credit: Unsplash

You don’t really need to be the smartest person on the planet to be successful. Skills and personality play an important role in the success of an entrepreneur. Emotional intelligence is one such trait that successful entrepreneurs vouch on. Emotional intelligence has arisen on the scene over the most recent couple of years as the secret to success in the business world. Nowadays many organizations look for this quality while employing their leadership team.

What is emotional intelligence?

It is the ability to recognize and understand your own emotions, as well as others. On a practical level, individuals with emotional intelligence are able to manage their own emotions, help others manage theirs, and channelize those emotions to the best into work. People who are emotionally intelligent are said to be more empathetic

They are good at understanding another person’s perspective and seeing problems from alternate points of view, which can help them with tackling problems. These characteristics commonly make them magnificent, regarded communicators. Emotional intelligence is a highly prized and incredibly useful quality that every entrepreneur should have. 

“If your emotional abilities aren’t in hand, if you don’t have self-awareness, if you are not able to manage your distressing emotions, if you can’t have empathy and have effective relationships, then no matter how smart you are, you are not going to get very far.” – Daniel Goleman

The impact of Emotional Intelligence on Entrepreneurship

Improved self-awareness

As an entrepreneur you should know where you stand emotionally. Because it will allow you to distinguish and invigoratingly express your own emotions and you will be more cautious about your emotions going crazy and distorting your perception. You can only keep control of your feelings when you are aware of your emotions and understand how they affect  you in your everyday work. Improved self-awareness will enhance your decision making and helps you avoid impulsive decision-making.

Become a more effective communicator

It’s hard to have a profound conversation with people if you don’t empathize with them. On the off chance that you can’t understand the feelings of others, communication is more onerous and less effective overall. Entrepreneurs with high emotional intelligence can use empathy, critical thinking, and social abilities to concoct solutions, make good connections, and eventually, win people over.

Learn to understand people better

Relationship management and social awareness are essential outward-facing parts of emotional intelligence, particularly in terms of the consumer relationship. 

After all, business conversations are vital to networking and bringing deals to a close. Obviously, such discussions are genuinely compelling only when you comprehend the problem areas of the individual you are talking with. Being real and honest in your discussions – conceding, for instance, when you don’t have the foggiest idea about the appropriate response – may seem like fundamental tips. However, they are crucial for building compatibility and empathy with sales possibilities. 

Consumers will open up to you after you show some empathy to them. They will be ready to share their experiences. Because of this, you can acquire key insights, permitting you to tweak your sales pitch or better modify your products and services to meet consumers’ needs. Once you set these key components in the palace, higher sales results are sure to follow.

Relationship management and social awareness become the most important factor when you are building your company’s team. Emotional intelligence will help you to set up a positive culture that urges employees to give their best effort.

Better control over emotions 

Entrepreneurship is not a cakewalk. The path to successful entrepreneurship will have many obstructions and entrepreneurs will manage with everything from troublesome consumers to failed launches and difficult conversations. You can’t control all that occurs, however on the off chance that you have high emotional intelligence, you can improve at recognizing your feelings in troublesome situations without stuffing them down or breaking-out at an inappropriate time. Having the ability to control your feelings is key when talking with investors and other important partners to your business. 

For example, once a co-founder of a startup got into a heated argument with an investor, then started to persuade for his firing. Later he/she had no choice left but to agree to the investor’s condition to save the relationship. And the investor’s condition was that the co-founder should consult a counselor to work on his/her emotional intelligence, then only the investor will think about continuing the relationship.

“Emotional self-awareness is the building block of the next fundamental emotional intelligence: being able to shake off a bad mood.” – Daniel Goleman

Unite the team through enhanced leadership

Regardless of whether you are in the very early phases of building a business, you are most likely thinking ahead to when you will have a team working for you. Leaders having high EI bring out the best in their employees. It’s the base for developing respect, a united vision, and good team spirit. Which thus leads to improved efficiency. It is especially crucial for entrepreneurs managing and retaining remote employees. Since the global pandemic, many people work remotely. Emotional intelligence is important for leaders who want their employees to be productive away from a centralized workplace.

How to improve your emotional intelligence

Now that you know how important emotional intelligence is to your business success. Here are a few ways you can do daily to improve your emotional intelligence and get the ball rolling.  

  1. Read books – Reading about others’ success stories can help you know what steps you need to take to reach your goals.
  2. Practice empathy – During your regular discussions with colleagues, friends, and family, practice empathy. Really listen to what is being said and audit your self-perception accordingly. We often tend to steer the discussions in a particular direction, rather than listening carefully and responding with empathy. 
  3. Consult to counselor – Keeping a track of your emotional intelligence progress on your own is difficult as there are a lot of other things as an entrepreneur you have to keep up to. Consulting with a counselor can help as they will set benchmarks, assist you to identify your emotions, and assess how you are doing on an ongoing basis. Don’t shy to ask for help — having someone on your side makes the process much simpler and you will be most likely to succeed.

Ella Brooks, a Business Analyst at SunHR. She has expertise in Business Growth Strategy, Business Intelligence and writes on topics related to it to help startups and small businesses grow. Also she is a member of the investment advisor team at Alcor Fund, a global investment bank. She has interest in artificial intelligence. You can reach her out on LinkedIn.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

Why Entrepreneurial Innovation Matters More Than Ever

Innovation and disruption are a key part of thought leadership online. But most online business owners today are blinded by tactics

Published

on

Image Credit: Unsplash

Innovation is a topic often discussed in software applications, app development, and the world of tech. However; you don’t hear it as much in the online business space, particularly among service providers. But innovation is the lifeblood of market leadership.  (more…)

Continue Reading

Entrepreneurs

How to Lose a Team in 10 Days: Are You a True Leader?

The dichotomy between good leadership and poor leadership is that you are either showing up for your people or expecting your people to show up for you.

Published

on

Image Credit: Unsplash

“If you don’t like working here, I’m not going to force any of you to stay. Put in your transfer or resignation papers and I will sign them today and you can go work someplace else.” (more…)

Continue Reading

Entrepreneurs

How You Can Start Networking in Style in 2023

By investing your time and effort in networking, you will gain more business through the relationships you make

Published

on

Image Credit: Unsplash

Are you completely new to networking?

Then this article is a great place to start. Networking isn’t hard on paper…you go along to online and in-person meetings, make new connections and build relationships, and those relationships lead to more work so you can grow your business! The challenge is that in reality, it isn’t quite so straightforward, as our emotions get involved and make things much tougher.

It’s incredibly common for nerves to creep in and to feel overwhelmed and apprehensive when it comes to networking – even when it isn’t new to you. But how can you become more successful at it, feel less self-conscious, and make networking work for you and your business?

Here’s a few tips to help you embrace every business networking opportunity you get, so you can grow your business and achieve your goals.

Rock up with confidence

If you want to keep those nerves at bay and ooze confidence at networking get-togethers, you’ll need to downplay it rather than seeing it as a big occasion. Try not to put pressure on yourself and see it as a casual meet-up with a bunch of people with similar goals to you. To help you relax in the run-up to the event, be sure to set achievable goals and expectations before you go.

Keep your chin up and your goals in mind – positivity is key. One easy goal for your first networking meeting is very simply to speak to one other person and see where the conversation goes. Introduce yourself and your business, but take the time to listen to their story, too. It’ll only take a few minutes and will be over before you know it, so it’s nothing to fear. You may even enjoy it and want to speak to a few more people, too!

“You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you.” – Dale Carnegie

Where to go networking

If you’ve never been networking before, it might not be very easy to find a group – but only because there’s so much choice and you don’t know where to start your search! Groups come in different sizes and styles, so it’s important to find one that suits you and your business. Informal, formal, big, small… the choice is yours.

For your first meeting, start small to ease yourself in – a big group could prove too daunting, and stop you from feeling comfortable enough to get involved. After all, you want to make a strong first impression!

If you’re wondering which group to opt for in the long-term, give a few a go! Get a feel for them, speak to as many people as you can, and see which one suits! You’ll know when a group feels right for you, and you can see where those all-important relationships are most likely to be built. If a group doesn’t feel like the right for you, give a different one a go.

Get more leads and referrals

This will happen for you, as long as you put the effort into building those relationships. If you take the time to get to know people, and then check in with them and support them, they’ll see you as a trustworthy and reliable contact who they can call on. And when they feel that way, those leads and referrals you’re looking for will come a-knocking.

Once you’ve made relationships with people who you trust, and they’ve had a positive experience working with you, you can even ask for referrals! But don’t rush this, as you don’t want to inadvertently push people away or try and force the relationship along too quickly.

When you do get an opportunity to work with someone you’ve met at a networking group, go above and beyond to offer more value than they’re expecting, as then, they’ll be much more likely recommend you and introduce you to more of their contacts!

Grow your business

By investing your time and effort in networking, you will gain more business through the relationships you make, and you will be able to grow your business.

We know that it’s not easy, going networking for the very first time. And that’s why we want to give you all the advice and tools that you need so you can walk in with confidence and make the most of the opportunity.

2023 is just around the corner, and you have the chance to make it the year you make networking work for your business. And the benefits could be incredibly amazing for your business, just like they have been for ours, and many business owners we have worked with over the years.

Continue Reading

Entrepreneurs

5 Keys to Building a Valuable Business

There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing.

Published

on

Image Credit: Unsplash

There are so many reasons to start a business. The freedom, the flexibility, and the control may be appealing. Or the chance to make money doing something you truly love and the ability to be your own boss and set your own hours.  (more…)

Continue Reading

Trending