Matthew Curtis
A take on the importance of Emotional intelligence (EQ vs IQ)
What is Emotional Intelligence?
The ability to solve quadratic equations may be a function of a person's IQ, but the ability to deal with everyday job stresses, shifting priorities, demanding customers, and difficult co-workers is a function of EQ or emotional intelligence.
In fact, employees who score high on the EQ scale work with a different, yet vitally important kind of intelligence. That's not to say that intellect or IQ is not important. Incredible progress has been made in business over the years by applying our intellect to our toughest problems. We've engineered some of the very best equipment and machinery. We've reduced our costs. We've driven our productivity up. We've improved our processes based on sound facts. So, make no mistake, intellect has proven invaluable and will continue to be invaluable to drive our businesses to success.
If we want to soar beyond our present horizons, we must blend the progress that we've made in business using intellect and IQ with the invaluable competencies of emotional intelligence or EQ. It is our emotional intelligence that will solve our retention, morale and employee engagement problems, improve our creativity, create synergy from teamwork, drive our purpose, and ignite the best and most inspired performance from our people.
So what is emotional intelligence? Emotional intelligence is the dimension of intelligence responsible for our ability to manage ourselves and our relationships with others. Included are skills that drive our internal world as well as our response to the external world.
There are five key components of emotional intelligence. They include: a well-honed timing for emotional expression and emotional control; empathy for others; social expertise that allows us to develop strong working relationships; personal influence that helps us advance our purpose with others; and an integrity that aligns us with our life's purpose.
Each day in the workplace, an employee's emotional intelligence is put to the test.
How an employee reacts to situations will build goodwill and co-operation with customers and co-workers or will drive wedges into strained relationships. When an employee can master appropriate internal emotional reactions to situations and also master his external response, that employee is working with a high level of emotional intelligence. Too often, feelings of self-doubt, frustration or anger will take over and control a person's outward expression in a particular situation. How many times have you heard a person say, "I just couldn't help it, I was just so frustrated I just reacted to...?"
As an employer, it's important that you recognise that those reactions can also paralyze the work that gets done. Underlying tensions and emotions make their way to every meeting and every encounter in the workplace. Yes, I know, you have probably been taught that emotion doesn't belong in the workplace. But the reality is that it's inescapable. Emotion is present in the workplace - everyday, everywhere. Therefore, as you have improved your business by way of applying intellectual resources, now is the time to recognise that you can also make dramatic improvements that will help you reach your business goals by improving the emotional intelligence of your workforce. Unlike IQ, which tends to remain fixed throughout a person's lifetime, emotional intelligence can be improved over time.
M4C uses proprietary assessment tools to help individuals understand their own personality traits, their communication preferences and how to spot the behaviours and traits of those around them. Armed with this understanding of self and others we can then work on our own style flexibility and learn to look at the world not only through our own lens and unconscious biases but also the lens of others.
Understanding self, flexibility and communication are the cornerstones of programmes designed to help build better leadership and coaching behaviours into your everyday work conversations to release the potential of your teams.
The Case For Bootstrapping Your Business: The Path to Profitability and Independence In the vibrant, ever-evolving world of startups, the decision to bootstrap or seek early-stage investment can significantly shape the trajectory of your business. Bootstrapping, the art of building a company from the ground up using personal savings and revenues, often gets overshadowed by the allure of venture capital. However, the benefits of this self-reliant approach are profound and, in many cases, essential for long-term success and sustainability. 1. Complete Control and Ownership One of the most compelling advantages of bootstrapping is the retention of complete control and ownership. When you rely on your own resources, you’re not beholden to investors who may have their own vision or agenda. This autonomy allows you to make decisions that align with your mission and values, fostering a culture that reflects your authentic vision. It’s your business, and you call the shots—an empowering position that can lead to innovative and unorthodox solutions that set you apart from the competition. 2. Financial Discipline and Efficiency Bootstrapping necessitates a stringent level of financial discipline. Every dollar counts, and this constraint drives entrepreneurs to optimize every aspect of their operations. This frugality often leads to more efficient business practices, ensuring that resources are allocated to initiatives that directly contribute to growth and profitability. By focusing on generating revenue early and efficiently, bootstrapped businesses build a solid foundation that can withstand market fluctuations and economic downturns. 3. Strong Customer Focus Without the cushion of investor money, bootstrapped companies must prioritize their customers to generate revenue. This customer-centric approach often results in better products and services, as feedback is directly tied to the company's survival and success. Building a loyal customer base not only drives profitability but also creates a community of advocates who can help propel the business forward through word-of-mouth and organic growth. 4. Sustainable Growth Bootstrapping encourages sustainable, organic growth. Unlike venture-backed startups that may experience rapid, unsustainable growth driven by the need to satisfy investors, bootstrapped companies grow at a pace dictated by their actual performance and market demand. This steady, measured growth often leads to more stable and resilient businesses, capable of weathering industry shifts and economic challenges. 5. Creativity and Innovation Constraints breed creativity. When resources are limited, entrepreneurs are often forced to think outside the box to solve problems and achieve goals. This inventive mindset can lead to groundbreaking solutions and unique market positioning. Bootstrapped companies frequently develop innovative business models and creative marketing strategies that give them a competitive edge. 6. Higher Valuation When a bootstrapped business reaches the point where it’s ready to seek external investment, it often commands a higher valuation. Investors recognize the value in a company that has demonstrated profitability and a viable business model without external funding. This higher valuation means less equity dilution for the founders and a stronger negotiating position. 7. Personal Satisfaction and Confidence Finally, the journey of bootstrapping a business instills a deep sense of personal satisfaction and confidence. The knowledge that you’ve built something from scratch, relying on your own ingenuity and perseverance, is incredibly rewarding. This self-confidence can be a powerful driver for future endeavors and challenges, fostering a resilient entrepreneurial spirit. In conclusion, while seeking early-stage investment can provide a significant cash infusion and resources, bootstrapping offers a unique set of advantages that can lead to a more robust, customer-focused, and innovative business. By embracing the challenges and rewards of bootstrapping, entrepreneurs can build companies that are not only profitable but also aligned with their core values and vision. The path of bootstrapping is not easy, but for those who choose it, the rewards can be immense and deeply fulfilling.
Book your road-trip to success - via Take-off@m4cltd.com
These are some of the key benefits that family (or small) businesses get when they work with a non-exec director.