Emotional Intelligence: A Key to Business Success
“Emotional intelligence is a different way of being smart. Everybody knows about IQ, but lots of people have never heard of EQ. And interestingly enough, it’s supposedly twice as important to success as IQ is” — Professor Kate Nelson at Fox School of Business at Temple University.
The general stereotype for business leaders, like CEOs, is that they are ruthless in order to be successful. While that can be true sometimes, it is not always the case. The actions of a business leader set the tone for the rest of the company, like a domino effect.
An example of bad leadership happened in the 1970s when the Pinto car disaster afflicted the Ford Motor Company. Henry Ford II oversaw the manufacturing of the Pinto Ford. The Pinto had a fatal flaw, the fire-prone fuel system. The media revealed Ford was aware of this defect before production but decided it was too expensive to fix. Ford cared more about monetary benefits than human lives. A divide between management and employees arose. Ford's unethical and secretive behavior defined the culture for the employees. The public began to question Ford’s manufacturing capabilities and lost respect for its management leadership.
Businesses overlook the need for emotional intelligence, but it is crucial. Leaders with high emotional intelligence, EQ, promote more efficient and resonant workplaces. Ford was a resonant workplace before the Pinto scandal. This kind of scandal would not happen under a high EQ leader since high EQ leaders are ethical.
The difference between the known IQ and EQ is that you have a fixed IQ at birth. So, throughout life, your EQ can mature along with you. A high EQ is most important in leadership and management positions of businesses.
As Professor Nelson describes it, this is what EQ would look like if you took an MRI of it:
Being a “nice” person is lovely but that is not all that makes up EQ. Human emotions are complex and the way you deal with your own and others is what your EQ represents. High EQ is when you consider both party’s emotions when taming an intense situation so you can limit any repercussions. Emotional intelligence especially evolves from how you handle difficult situations. Here is a list on improving your EQ:
- Become emotionally literate.
- Name your feelings. (Dissatisfied, uncomfortable, appreciative, etc.)
2. Take responsibility for your feelings.
- Do not blame or assign how you feel to someone else. “I am angry” not “You make me angry”
3. Let emotions guide decisions.
- Trust your gut!
4. Show verbal respect for other people’s feelings.
- Additionally, take their feelings into account when making decisions.
5. Validate your feelings as well as other’s feelings.
- Tell yourself “I am allowed to be anxious about this.”
Success is not built up by yourself, other people contribute in both major and minor ways. Acknowledging this support allows you to show appreciation for those important people. In business, you gain admiration when you take actions that people see as respectable. Respect and admiration make people support you and hope to see you succeed. Everyone has the individual power to believe in or support something. To come full circle, this is the beneficial domino effect that comes as a result of high EQ leaders.
