Becoming a successful entrepreneur means having a great idea and correctly putting that idea into motion. Yes, this is the basics of entrepreneurship, but it goes far beyond that.
Achieving success in the business world often requires numerous characteristics and an entrepreneurial mindset to reach the desired result. The most prominent among these characteristics is emotional intelligence.
Harvard Business School even goes so far as to say that 71% of employers favor emotional intelligence over technical skills when evaluating potential employees.
So what actually is emotional intelligence, and why is it important to become a successful entrepreneur?
What is emotional intelligence?
Emotional intelligence is defined as the ability to control, and be aware of, one’s emotions. It means managing your own emotions and have an understanding of others around you.
People with this skill have the power to identify and interpret their emotions to understand how they impact their behavior and others.
Those who have emotional intelligence often share a few characteristics:
- Empathy
- Self-awareness
- Developed social skills
- Interpersonal communication skills
- Self-management
Why is emotional intelligence important?
Emotional intelligence is an extremely important trait to have. It shows that you have maturity, and are capable of running a business effectively.
It is also vital for dealing with staff and those involved with the business. Not only can you have an influence on staff satisfaction (and in turn staff retention), but you can build meaningful relationships and be more involved with employees.
How to gain emotional intelligence
Now that you know what emotional intelligence is, how do you actually gain it? Here are a few ways to acquire this invaluable skill:
- Be open-minded – Someone who is open-minded is willing to acknowledge and explore foreign concepts and ideas.
- Be self-aware – Self-awareness means having the ability to focus to focus on your own emotions, thoughts, and actions.
- Self-regulation – Self-regulation is when manage your emotions and behaviors in a way that aligns with goals as well as social standards.
- Practice active listening – Active listening is a skill that allows you to go beyond just listening to someone, and being active in the conversation through nonverbal means.
How emotional intelligence makes you a more successful entrepreneur
Having emotional intelligence can help an entrepreneur create a better overall business and product/service. It is an important skill to have and has numerous benefits.
1. It allows you to manage your emotions
Emotional intelligence allows you to better manage your emotions, which can be useful in numerous situations.
One situation where this would be useful is when you, or another person, have made a mistake. It enables you to deliberately act on the situation and not take out your frustration on others.
Clients will have an easier time doing business with you as you come off as friendlier and more professional.
2. It is a useful leadership skill
As we discussed before, emotional intelligence is important for dealing with others, particularly staff.
This skill is almost essential for leadership. It brings out the best in your employees, as it fosters respect, good morale, and better productivity, thus creating a work environment that cultivates cohesion and trust.
3. It helps to better understand others
Emotional intelligence helps to better understand others. Individuals with this skill have an enhanced ability to empathize, as well as a genuine interest in the perspective of others.
By utilizing active listening, entrepreneurs are able to identify subtle cues, such as body language, to better understand the conversation at hand.
This is especially useful for networking and building relationships. When you are imbued with this skill, you are able to adapt to others’ intentions and goals (as well as your own).
4. It allows entrepreneurs to be self-aware
Emotional intelligence allows entrepreneurs to recognize and understand their emotions. This permits them to see their strengths and weaknesses, and where they need to grow.
It prevents them from acting impulsively in social situations, and instead act thoughtfully due to the ability to discern emotional triggers and reactions.
Additionally, emotional intelligence lets entrepreneurs evaluate themselves. It leads to them sticking to their values and interpreting their own decisions and reactions.
5. It allows for more effective communication
As a matter of fact, all of these skills that we have talked about allow for more effective communication. With the ability to manage their emotions, entrepreneurs are able to tackle social situations with clarity and poise.
Leadership skills allow entrepreneurs to lead the conversation and be better in dealing with others. Through empathy, entrepreneurs are more attuned to the emotions and perspectives of employees, customers, and investors.
Self-awareness enables entrepreneurs to navigate the dynamic world of business without letting their own emotions get in the way of success.
All of these lead to a more well-rounded, and ultimately more effective individual in communication.
Thank you for reading. If you enjoyed it, then check out our other posts!
