This article has been translated with DeepL.
Emotional intelligence – one of the most important assets as an entrepreneur
- Published: 18 Sep 2024,
- 3:16 PM
- Updated: 18 Sep 2024,
- 7:34 AM
During an ESBRI-organized webinar last week, Professor Dean Shepherd presented some key practical advice you should follow to become a successful entrepreneur. Cultivating your emotional intelligence, for example, seems to be crucial for entrepreneurial success.
“Develop some simple, straightforward advice on how to succeed as an entrepreneur. Skip the nuances and deviations and instead talk about what works in 80-90 percent of the time.”
– This request came from my best friend, a successful entrepreneur who thought there was a need for a handbook with research-based advice on how to succeed as an entrepreneur, Dean Shepherd, University of Notre Dame, USA, told the webinar.
Collected advice in book form
The best friend’s call became a reality through the book 66 Simple Rules for Entrepreneurs – A Roadmap for Improved Performance. It is free to download and written by Dean Shepherd, Holger Patzelt and Nicola Breugst, all professors of business administration. The 66 ‘rules’ in the book are based on their own and others’ entrepreneurship research.
During an ESBRI-organized webinar on 11 September, Dean Shepherd presented some of the advice, or “rules” as the authors call them.
– The rules in the book are structured according to the entrepreneur’s journey. For example, there are tips to help you spot business opportunities, and how to think when choosing a market to enter, making decisions or how you should develop plans and strategies.
– But also how you collaborate with others or develop the social aspects of entrepreneurship. And not least how you deal with the emotional rollercoaster of the entrepreneurial journey, he said.
Emotional intelligence a key factor
“Build your emotional intelligence.” That’s one of the pieces of advice in the book that, according to the authors, is absolutely central to anyone running a business.
– The ability to know what makes you and others feel good and to manage your own and others’ emotions is fundamental to entrepreneurship. It is required to build strong relationships, manage stress and conflict, and lead teams with empathy and understanding. Without emotional intelligence, we cannot build creative and productive teams, said Dean Shepherd, offering some simple tips along the way.
– Create an environment where honest feedback on each other’s emotional reactions is welcomed. For example: “When you are angry, you say this and it is not fruitful right now.” You should also spend time at the end of the day thinking about what you did today that made others happy and creative. Also, make sure to do things that make you feel good when you feel bad. And instead of sweeping your own or other people’s difficult feelings under the carpet, study them carefully and learn from the situation.
During the first part of the webinar, Dean Shepherd presented rules from the book, and during the second half, participants could ask Shepherd questions.
