Sri Lanka Institute of Information Technology BM2120 - Entrepreneurial Essentials Submitted by: BM21571916 – Basnayake. B.R.P Submitted to: Name of the Lecturer in charge –Dr. Krishantha Wisenthige . Date of Submission: 17/04/2023 importance of emotional intelligence for entrepreneurs Emotional intelligence can be defined as a person's ability to identify and successfully manage their own emotions, as well as their ability to understand and influence the emotions of others. Emotional intelligence is an important factor for any person to live wisely, and especially for entrepreneurs to successfully manage both their business and their business life. Below are 10 ways emotional intelligence being important for entrepreneurs. 1. Effective Communication: Entrepreneurs with high Emotional Intelligence can communicate their feelings and ideas to others very effectively. Because they understand other people's feelings better, it is more helpful to cooperate well in groups using effective communication. 2. Strong Improved Relationships: Using emotional intelligence helps entrepreneurs build positive and strong relationships with others. It helps entrepreneurs to build and maintain strong relationships with their stakeholders such as their customers, suppliers, and employees. 3. A Loyal Team of Employees: Entrepreneurs with high emotional intelligence can better identify the needs of their employees, so they can increase their employees' job satisfaction. Thus, through the motivation given to employees by employee satisfaction, it is possible to create a loyal and excellent team of employees. 4. Superior Customer Service: Emotional intelligence is an essential factor for entrepreneurs to provide excellent customer service to their customers. Because it helps them to target the right group of customers and to better understand their needs and their sentiments and provide them with the product or service that suits them best. 5. Having Good self-awareness: People with emotional intelligence can understand their strengths and weaknesses better and faster than others. Therefore, it helps entrepreneurs to make successful business decisions and achieve their goals easily through a better SWOT Analysis. 6. Better leadership: High emotional intelligence is essential for leaders to manage their team well. It also helps the entrepreneurs to better understand the feelings of the parties involved in the conflicts in their team and to manage those conflicts with a successful leadership intervention and to organize them successfully by giving good leadership to their team. 7. Better decision-making: Emotional intelligence enables entrepreneurs to make more successful decisions by considering both their own feelings and the feelings of others. Emotional intelligence is essential for entrepreneurs to make the best business decision among options and to make future business decisions. 8. Immediate problem identification - People with high emotional intelligence can easily identify if there is a problem somewhere. Especially for entrepreneurs, their emotional intelligence can help them quickly identify certain problems that arise in their business and give them quick solutions. 9. To maintain good mental and physical health: Entrepreneurs with high emotional intelligence have better physical health as well as mental health. They can manage stress better and take better care of their physical health. 10. Maintaining a successful work-life balance – Unlike other people, entrepreneurs need to balance both their business life and their family life in order to be successful. If they have high emotional intelligence, they can understand the feelings of their family as well as the feelings of the parties related to their business place and achieve a successful work-life balance.
