To succeed in the world of start ups, entrepreneurs need to be equipped with many skills.
While financial insights, marketing knowledge and customer focus is vital for a business to thrive on, nothing comes closer to one powerful factor which every would-be entrepreneur must possess.
Experts have named emotional intelligence as the ability to manage one’s own emotions as well as those of others.
Emotional Intelligence or EQ is a factor that all entrepreneurs must ideally be in possession of. EQ helps you to be self-aware – ensure that you are in constant control of your own feelings and emotions, manage them well and understand how they affect your day to day behaviour and work patterns.
So why do we need to pay attention to mastering EQ – and how can we go about it?
Emotional intelligence enables us to manage ourselves and our businesses better –
If you lose control of your emotions, you are likely to make a mistake. Things can always go wrong in a business – how you respond to failure and set backs will determine your course of action for your business. You must be able to bounce back, overcome setbacks – being EQ equipped would enable you to do just that.
Emotional intelligence means you can be proactive instead of frustrated –
If you are an entrepreneur who has faced failure multiple times, think again. Sometimes being proactive, being responsive to dealing with failure in the right way, is all that is needed to experience success. Instead of focusing on what went wrong, look at what can be done right.
Emotional intelligence helps you in decision making –
When you know the facts and you are in better control of your responses to those facts, you can make better decisions ; decisions that are not clouded by emotions or circumstances. Those will be the right kind of decisions that you must make ; that will help you build a business based on facts rather than emotions. Often, without us knowing, our judgments may be biased – if we allow a degree of personal bias or feelings to creep. When you are aware of EQ, you can make right decisions without being impacted by external or internal situations.
Emotional intelligence can help you understand others better –
Businesses are built on relationships; yours is no different. Being in possession of EQ helps you to see the point of view of others better. You will be able to relate to others without bias or prejudice. When it comes to understanding customer paint points or exploring better ways of enhancing efficiency, EQ allows you to get to the other person’s shoes and understand their side better. This way, you can build a positive culture for your team and for your customers to thrive in.
Emotional intelligence can drive your bottom line –
This is the greatest part – your bottom line can actually improve from practicing EQ. How you may ask – because we make better decisions that are not affected by our own state of mind or emotions. Because after all, a business is all about making right decisions that are based on facts and market conditions. With EQ, you have the opportunity to step into the situation without the baggage. Running a business the right way.