Emotional intelligence the fastest way to be a successful entrepreneur

The earlier you start investing, the less you can contribute to your investments to reach $1 million.

If you want to be a successful entrepreneur, founder or business owner, emotional intelligence may be one of the most important factors to focus on.

Nate Ned, director of finance and technology, wrote an article on the American “Entrepreneur” website about the importance of having emotional intelligence for entrepreneurs, saying that this ability makes them better managers and leaders. First we must understand what emotional intelligence means.

What is emotional intelligence?

The writer answers that psychologists say it is the ability to recognize, control, and evaluate different feelings in yourself and others. Some say it's an innate trait you're born with, while others believe it's something you can learn and hone over time.

He adds that there are a variety of tests you can take to find out where you stand in relation to emotional intelligence, but mainly because of how skilled you are at:

Recognizing feelings: In order to process and benefit from feelings, you first need to be able to recognize them in yourself and others. This involves thinking clearly and recognizing both verbal and nonverbal cues.

Thinking about emotions: Not everything is black and white, you should be able to think about your emotions (while still being in control of your feelings).

Understanding emotions: It is not enough to know feelings, you must be able to understand emotions and how they affect decisions and how they affect positively or negatively the work.

Managing your emotions Finally, you have to manage your emotions, regulation and response are two of the most important factors in this entire equation.

He goes on to say: As an entrepreneur, having high emotional intelligence allows you to be a better manager and leader. It not only affects how you treat yourself, but also helps you connect with employees, business partners, and even customers more.

He adds that when he thinks of business leaders with high emotional intelligence, he thinks of people like Dan Price, the CEO of Gravity Payments who earned recognition after raising the minimum salary to $70,000 in 2015 (while slashing his wages from $1.1 million to $70,000) and has a generous business policy that states "If you get your work done, that's all that matters." Each of these decisions is deeply rooted in high emotional intelligence, Price knows what his people want and needs, implements his management style through his emotional intelligence, and you can do the same.

Here are 4 ways emotional intelligence can help you be a better entrepreneur:

Self-awareness

Self-awareness is vital to everything you do as an entrepreneur. It determines how you spend your time and dispose of your resources. It also helps you become clear about your major weaknesses, so that you can hire people who complement you and your own skill set.

Building relationships

People with high levels of emotional intelligence find it easy to build relationships and forge strong bonds within their businesses. And since we often say "your network is your net worth", this gives you a clear advantage. The key is to spend your time and energy wisely. And when it comes to networks, the quality of connections is much more important than the quantity. Remember this (and don't overburden yourself).

Telecommunications

Communication isn't always what you say it is. In many cases, the way you say it is just as important. And when you have high emotional intelligence, you learn how to say things in ways that make people move and take action.

Success

In his book AskGaryVee, entrepreneur Gary Vaynershak spends a lot of time discussing the importance of emotional intelligence.

You can have a great idea, but if you lack emotional intelligence, you will never succeed as you should. Likewise, you can get a mean idea and turn it into a 7, 8, or 9-figure company when you put it together with copious amounts of emotional intelligence.

He concludes that as a businessman, having emotional intelligence is a secret power. Not every entrepreneur has high emotional intelligence, but those with this ability tend to be more successful. As you work to become a more experienced entrepreneur, founder, or business leader, proactively work to enhance your industry intelligence. It will greatly benefit you and those around you.

Source : American press