Hey! I know you have decided to go into entrepreneurship and make it really big, and nothing will stop you. But it will interest you to know that you need more than financial and business intelligence to succeed as an entrepreneur.
You might have heard this statement several times, but have you taken your time to think about how emotional intelligence affects you as an entrepreneur?
Let’s take a glean at some lessons from my failed airtime business. Especially the part no one talks about; the emotional cost of being an entrepreneur.
So, I was a young high school graduate full of ambitions and enthusiasm. Oh! I was a financial-independence freak! I started my first business, and it was going smoothly until the emotional side I refused to develop began to show its ugly head in the business.
This lapse in my emotion affected my decision-making process. I couldn’t afford to say no to demands, especially regarding providing what I refer to as financial help. I would assist anyone who came for financial assistance, even if it meant taking from the business’s capital. As you might have guessed right, the business no longer exists.
When the pressure for business stability became too much, and the business was beginning to fail, I leaped into depression and subsequently closed down the business.
There’s one more thing you need to learn before venturing into entrepreneurship, especially when you plan to stay long, and that is EMOTIONAL INTELLIGENCE (EI).
The role of Emotional Intelligence in entrepreneurship cannot be over-emphasis. Here are some reasons:
Entrepreneurs are often alone: An entrepreneur bears the business’s worries and anxieties alone, except he wishes to share them with God. So, the weights of running the business are totally on him.
– Failure: At some point, an entrepreneur encounters failure such as the inability to receive funds, liquation, inability to pay employees’ salaries, and many more. Failure comes with lots of emotions that, when not handled properly, can lead to depression.
The entrepreneurial spirit is tough to turn off. An entrepreneur is naturally a passionate and determined person. So, he might become so busy with business that he would shut all other areas of his life out.
Seeing the psychological cost of being an entrepreneur, it’s crucial to learn and develop Emotional Intelligence for sanity purposes. It starts by focusing on how you feel. Intentionally, take note of your emotions throughout a day, and give a name to what you’re feeling.
You’ll also want to focus on your actions and how they relate to the emotions you express. Take note of whether your emotions drive your choices throughout the day, and what emotions drive certain actions.
Overcoming the emotional trolls entrepreneurship brings is not by ignoring them or pretending they aren’t there. It’s by accepting them, not just that alone – you ensure they don’t interfere with your goals and plans. Likewise, engaging someone will be a great help.
Awareness is another way of defeating the emotional trolls that come with entrepreneurship. Before you become an entrepreneur, learn the emotional price of being an entrepreneur.
Do you know other emotional trolls that come with entrepreneurship? Let’s talk about them and the possible ways to overcome them.