Gone are the days when we left emotions at home, and headed to work with a poker face. A recent study published in the Journal of Organizational Behaviour notes how emotional intelligence is one of the biggest markers for earning much more money. It won’t be wrong to say that being successful goes hand in hand with emotional intelligence.
Take Indra Nooyi for example. The Pepsi CEO is known among her contemporaries as a visionary leader, and an empathetic one at that. She sets examples for the rest of her employees to look up to, including writing to around 29 of the senior executives, commending on their great parenting skills. The same goes for Jamie Dimon at JPMorgan Chase. He has built his career around being perceptive, as his biographer so delightfully notes in The Last Man Standing. Elon Musk makes it a point to personally meet with every employee who suffers an injury in the process of manufacturing Tesla cars at their production plants. No wonder he’s the world’s favourite entrepreneur!
Throughout our lives, we find ourselves in situations that invoke strong feelings in us. It might be something that our boss said that morning or the way a friend decided to distance themselves. No matter how we feel, acting wisely on the feeling can only happen when we take emotionally intelligent decisions.
Why emotional intelligence matters for business
Studies over the last 30 years suggest that emotional intelligence is a primary indicator of success in workplace. It works the same way for businesses too. In fact, it is more correlated to attaining success at work than your IQ or any other character trait.
Our ability to learn or IQ develops to the fullest by the time we are done with our adolescent years. Emotional quotient or EQ, on the other hand, takes shape through all our lives. However, not many of us are aware of the bountiful possibilities that having a high EQ can offer to us, so we remain oblivious to its uses in our lives. Our EQ is shaped mainly through the influence of our teachers, mentors, friends, guides, partners and parents at various stages of our lives.
Since EQ is a permanent part of our personalities, a friendly and thoughtful pat on the back of an employee who’s shown potential can go a long way. As an entrepreneur of the modern times, you can take your business forward with a higher level of EQ, whether you provide online academic writing services or own a handcrafted jewellery store.
Emotional intelligence and you: how a higher EQ helps in business
Studies show that 60% of the large global business conglomerates that were doing badly in the business front usually score pretty low on overall emotional intelligence. This goes a long way to show that it is indeed an important aspect of business. If you are an entrepreneur, implement this right from day one. This way, you can start on a positive note, and keep the visions of your business in sight.
71% of hiring managers from all around the world note that they prefer high emotional intelligence in employees. They stated the following reasons for their choices. If you look closely, you will find that all of them have a lot to do with how you feel (and act) about what others are feeling.
Employees with high emotional quotient are (almost always) better listeners
They are not afraid to lead by example
They are more likely to make better business decisions
They can discuss uncomfortable or difficult topics without much ado, keeping emotions aside
They are fantastic assets in conflict resolution scenarios
They are usually empathetic towards their co-workers
They remain calm (and productive) under pressure
Sounds like just the skill set you would need to become a successful entrepreneur, right? Many a start-up don’t get to see the light of a break-even day merely because the founders were not empathetic or emotionally intelligent enough to reach a compromise.
In modern times, emotional intelligence is not only an essential part of a skill set in any professional, but it also ranks high among the game-changers of the industry. Here are a few ways of having a high emotional intelligence can help you become much more successful in business.
EQ and leadership skills
From John F. Kennedy to Justin Trudeau, global leaders with empathy are far more likely to be seen as visionaries. Excellent leadership skills stem from high emotional intelligence. As a leader, you need to be constantly aware of your own requirements, and those of the people you lead. In the business sphere, having a firm grip on the emotional faction of your subordinates helps you take better decisions. If you are in tune with what the rest of the team needs or wants, you can always stay a step ahead and lead from the front.
EQ and efficiency in management
Those who possess a higher level of EQ are more likely to take up supervisory positions in their professional fields. As an entrepreneur trying to make it big in business, you should keep this in mind. Emotionally intelligent people are of course better managers, and have a way of getting work done without stepping on the toes too much. So, if you want a smooth day-to-day operational functioning at your business, try honing your emotional quotient to the fullest.
EQ and communication skills
Studies have shown how emotional intelligence is the strongest marker for success in business. So it is no surprise that people with high EQ can assert eloquently, and make themselves heard. Apart from being awesome listeners (a sign of high EQ itself), they are great speakers too. They know how to call a spade, a spade. They never mince their words. Emotionally intelligent people always know how to convey what. As an entrepreneur, having great communication skills can always get those investors interested in what you have got to say. Improved communication skills are thus a gift of having higher emotional intelligence.
EQ and managing professional relationships
Finally, people with higher EQ can manage their professional relationships with élan. From owners and staff to potential investors, they can keep up with them all. The ability to create, maintain and manage healthy and interpersonal relationships in a professional sphere comes as second nature to them. Since emotional intelligence is a learned behaviour, you can gradually hone your skills to reach the zenith. Professional interactions will need you to be on your best as an entrepreneur. So make sure you have high emotional intelligence to survive the trials and tribulations of setting up a new business.
In conclusion
In 2019, we are in the age of personalized interactions with customers even on a virtual plane. So, it is only just that we tweak the ways we used to conduct business offline as well. By becoming more emotionally intelligent, you will not only keep awkward situations from turning sourer, but can also rake in those greens. There will be no end to the things that you can achieve once you know how to gauge emotions and use them to your best interests. Good luck in your future endeavors!
