Honesty, determination, persistence, optimism – there are an endless variety of characteristics that determine the success of entrepreneurs. However, one quality stands out among others; a quality that is common among most entrepreneurs. In short, emotional intelligence is the special quality that can push entrepreneurs towards success.
What is Emotional Intelligence?
In order to understand the importance of this characteristic, it is vital to first delve into the definition of emotional intelligence. Emotional Intelligence (EQ) is a concept familiarized by Daniel Goleman, an internationally known psychologist, which is defined as one’s ability to understand and manage his or her emotions as they happen in themselves and others, while using this awareness to manage relationships effectively.
Emotional intelligence is a collection of four major skills: self-awareness, self-management, social awareness, and relationship management. Each of the skills fall under two primary competencies; personal and social competence. Personal competence is made up of self-awareness and self-management skills, which focus on the internal aspects of a person, especially their own emotions and behavioral tendencies. On the other hand, social competence is made up of social awareness and relationship management skills, which focuses on the individual’s behavior in relation to those around them.
Why is it Vital for Entrepreneurs?
Emotional intelligence empowers entrepreneurs the ability to relate to others, detect emotions and react accordingly. In addition, it also gives entrepreneurs the following abilities:
A major component of emotional intelligence is comprised of awareness and prioritizing; the ability to ability to stay aware of emotions in order to make unbiased decisions. During the course of starting and managing a business, individuals will constantly be bombarded with choices and decisions, many of which require a speedy response. A high degree of emotional intelligence will allow entrepreneurs to keep emotions at bay during critical moments.
When emotions and tensions run high, it may be difficult to handle arguments among team members or others. However, entrepreneurs with relatively high emotional intelligence, through the ability to perceive emotions, can mediate disputes and settle conflicts quickly. They not only are able to clearly express themselves, they also take into account the emotions of different parties and adjust accordingly.
Relationship management is another component of emotional intelligence, and determines the entrepreneur’s ability to use awareness of your own and other’s emotions to manage interactions successfully. With this skill, individuals are better able to network and connect with others, building relationships that can provide various advantages in the future. Whether for obtaining a mentor or finding partners for a future business, networking is a vital skill for any entrepreneur.
Entrepreneurs with emotional intelligence are able to manage relationships and pick up the emotions of others. Therefore, these qualities make them well equipped to handle issues of customer satisfaction. These individuals are able to emphasize customers and engage them with the solutions they need. For any business that relies on customers for its success, it is vital that individuals understand the importance of customer satisfaction.
For individuals without a high degree of emotional intelligence, never fear – unlike IQ, emotional intelligence can be trained. With enough emotional intelligence training, entrepreneurs can hone their skills, further improving the chances of success for their business.