Emotional IQ has become the new black for business owners and start- ups. Emotional intelligence underpins the self-awareness that is evident in great leaders and involves the ability to accurately perceive emotions with high levels of empathy. This is an essential ingredient in understanding other people's emotions, as well as your own. People with high emotional IQ are aware of their faults and shortcomings and are always trying to develop new skills and greater self-awareness.
While some people have well developed emotional IQ, the good news is that these skills can be learned and nurtured.
The importance of emotional IQ in business
For many years, technical expertise was considered sufficient to own and manage a successful enterprise. However, having emotional IQ is now often considered as, or more important than technical knowledge. Managing a business requires constant interaction with staff and customers and being attuned to the emotional tone of a group or individual is a critical skill that guides managerial intuition and decision-making.
How building Emotional IQ (EQ) can help build your business
The needs of business are changing as businesses realize the impact that empathy and collaboration can have on their ability to compete. The ability to truly empathize with the needs of your customers is a key part of emotional IQ.
Empathy fuels the customer experience
As progressive companies shift from a focus on production to a focus on the needs of your customers, having the skills required to understand the needs of your customers and cater to them gives your business a competitive edge.
Emotional IQ helps you make more thorough decisions
People with high EQ make more balanced and considered decisions. Leaders with well-developed emotional IQ take a more consultative approach to decision-making by taking the suggestions and advice of their teams into account.
People with high emotional EQ can more readily view things from another person's perspective, making it easier for them to resolve conflict and work through obstacles - whether it be in a business negotiation or an interaction with a disgruntled customer. They are easily able to manage their emotions, and behave more proactively as a result.
Emotional IQ helps you build more productive teams
High EQ leaders understand how to build strong teams and motivate individuals. They lead by example and model collaborative behavior and teamwork. Building high emotional IQ makes new leaders good and good leaders exceptional by equipping leaders with the skills required to truly connect with their teams.
You work well with people
Having high emotional intelligence translates into strong people skills - a significant aspect of growing a successful business. "People skills" help you to understand what the other person is feeling at the moment. High emotional intelligence does not only mean "gut feeling". It means being able to recognize those feelings and use them for your benefit.
You become an increasingly better leader
According to success.com, emotional intelligence is defined as being the sum of four parts- self awareness, social awareness, self management and relationship management. Once you receive sufficient soft skills training or learning in all four of these aspects, you achieve heightened awareness in your dealings with people, making you more competent when handling other people.
You Become Motivated About Your Work
Emotionally intelligent people understand what truly makes them happy, and work towards projects with give them creative satisfaction. Even though they may face obstacles, they have the ability to maintain focus on what is really important.
You Accept Criticism As A Positive Factor
Honest and well- timed criticism is an important factor in any business. However, your acceptance of criticism as a learning opportunity plays a large part in your personal and business growth. Emotionally intelligent people understand that feedback is an important aspect of business maturity. They look objectively at areas of potential development and adopt a positive approach towards bettering their company.
While some leaders have naturally higher levels of emotional IQ, these skills can be learnt, and all good leaders have to cultivate their skills regularly through life experiences and soft skills training.
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