SHRM PMQ People Manager Training

7 ways emotional intelligence can help budding entrepreneurs

By HARVEY DEUTSCHENDORF

It is hardly newsworthy that we are living in a time referred to as “The Great Resignation.” People have been leaving their jobs in record numbers. In November 2021, a record 4.5 million Americans left their jobs. The reasons are varied, but usually there is an awakening, a re-examination of priorities in life and a desire to find work that is more meaningful and in tune with the values of those who are leaving. We know from the increase in application for business licenses, that a lot of those leaving are looking to entrepreneurship as a way forward. This movement towards starting our own business has been increasing even before Covid with the gig economy gathering steam. There is a glamor appeal as we are inundated with stories of people who have left their secure paychecks to strike out and make a fortune. However, the reality of striking out on our own is filled with hard work, persistence and overcoming setbacks and failures. There are not many stories of overnight success. Those who do become successful need to have the mental and physical stamina and the emotional resources that will take them the distance. Here is what is needed emotionally.

Self-Awareness The basis of all emotional intelligence, self-awareness, is crucial for entrepreneurs. While we think we are rational beings, our decisions are often based upon our emotions. A high awareness of our feelings helps us to use our emotions effectively to make thoughtout, well-informed decisions rather than acting strictly from our emotional space. Selfawareness is also crucial to knowing how we show up and come across to others. This is important in developing healthy working relationships with our staff, customers, suppliers, and others in our environment that will have a huge impact on our success.

“Understanding oneself is the lynchpin of being able to discern reality, engender trust, and inspire people,” said Neal Goldman, entrepreneur and CEO-coach who recently founded Find Center, a free online platform for personal, spiritual exploration. “And sometimes, to gain that understanding, you have to step away from the 24/7 grind and spend time working on yourself – finding the thing that grounds you and brings you clarity and purpose.

Impulse control and delayed gratification When things go wrong, as they often will, we need to have the ability to control reacting solely from our emotions. There is no longer a secure paycheck coming in. Instead, we need to be able to step back and look at the situation from a solutions-based perspective. This often means making immediate sacrifices in terms of time, effort and financial in order to work towards a goal some ways into the future.

Building supportive relationships with those we depend upon So much of our success in creating our own business depends upon how well others trust us, work with us, and help us succeed. Emotionally intelligent people are interested in the lives of others, empathetic and know how to treat others so that staff, investors, customers, suppliers, and others in their environment want to help them succeed. They totally understand the need to build trust and good will with those that they rely upon to make their business successful. This builds up good will that is crucial in any organization’s ability to ride out difficult times. Self- confidence, adaptability, and willingness to go outside our comfort zone

“Believe in your ability to figure things out.”

Brendan Burchard

There is rarely a straight line to success in any organization. Continued change and adaptation is the norm. This requires constant awareness of what is happening in our environment and the ability to withstand constantly pushing our comfort zone. The ability to continue and try new things outside of our comfort zone is a major attribute that separates those who start their own business from those who need the comfort of having a secure job.

Building a strong support base While the myth of the self-made man/woman persists in American ideology, most successful people know that it takes a strong team to build up a successful business. They are active in their community, lending a helping hand, volunteering, and giving of their time and energy generously. Known as community builders, they are constantly aware that becoming successful doesn’t happen in a vacuum, it requires the goodwill and support of others in their environment.

An attitude of gratitude through supporting and mentoring others Those who become successful on their own have developed an attitude of gratitude that makes them want to see others succeed. To this end they are ready and willing to provide guidance and support to others and generously share their struggles, setbacks, and triumphs to help others on similar journeys.

Develop a supportive home base Entrepreneurship is demanding of resources; mental and emotional. Those who can persevere despite setbacks need to have a strong and supportive home base that provides them with the support and belief in them that they need. This base includes family and friends who believe in us and that we can count on to support us. Running our own business can be a lonely, frustrating, and demanding road. We need as much support and help as we can get.

Harvey Deutschendorf is an emotional intelligence expert, internationally published author and speaker. To take the EI Quiz go to theotherkindofsmart.com. His book THE OTHER KIND OF SMART, Simple Ways to Boost Your Emotional Intelligence for Greater Personal Effectiveness and Success has been published in 4 languages. Harvey writes for FAST COMPANY and has a monthly column with HRPROFESSIONALS MAGAZINE. You can follow him on Twitter @theeiguy.