Skill in perceiving, understanding, and managing emotions and feelings.
Without this skill or access to this skill an entrepreneur cannot be successful. Emotional Intelligence is one of the most basic, fundamental, requirements around being able to take advantage of a business opportunity, and yet very few people spend the time to talk about it or work on developing their “intelligence.” If you are assembling a team, the process often includes finding a group of people with the appropriate skills – think Excel or Coding – AND finding the individual person who happens to be the right fit for the organization – sometimes referred to “being on the same page.” That is Emotional Intelligence. Likewise, if you are in the process of identifying a market and bringing definition to your “customer” you need to understand that person’s emotional responses – think empathy. What does your customer fear? What keeps him or her up at night? What messages do they already receive at home or in the workplace? What would make them happy? Only then can you successfully deliver a product or service that meets their needs and delivers value.
That is Emotional Intelligence.
If you are in the midst of a negotiation, there are certainly advantages to having a well developed emotional intelligence. The ability to understand another’s position and the respective outcomes associated with that position better enable you to collectively create a mutually beneficial outcome. You can get the deal done. Yes, there is math and probably a contract but there is also a great deal of perceiving, understanding and managing – all at the same time. Again, Emotional Intelligence.
Here in Middlebury, Vermont, we strive to educate our business community and entrepreneurs around the importance and advantages to having well-developed Emotional Intelligence. At the center of our community, we have a nationally ranked liberal arts school that prides itself in preparing young people for the world they will soon encounter. That process is largely focused on skill development (think communications, analytical abilities, hard skills, etc.) and an underlying tenant to much of that work falls back to or includes developing emotional intelligence.
If you need assistance around being better able to define a business opportunity from the perspective of emotional differentiation, contact us. We understand the emotional connections and we have the skills and tools to bring value to your situation.