Is Emotional Intelligence Required to Dabble in Franchises for Sale?

Back when the concept of emotional intelligence or EQ was introduced to the masses two decades ago, it was some sort of a revelation. It answered one of the most perplexing dilemmas of all: how people with average IQs seemingly outperform their “smarter” counterparts a massive 70 percent of the time. Furthermore, EQ was introduced when it was strongly believed that pure, logical competency (IQ) was the sole source of success, particularly in the business world. Still, there stands the question: do you really need to have EQ before dabbling in startups or franchises for sale in order to succeed? It can be argued that success in business is due to four major factors: IQ, prior experience, the amount of effort you exert, and your EQ. It’s quite easy to quantify the first three; assessing IQ, for one, is as easy as looking at overall academic performance, like standardized test scores. Gauging EQ, however, proves to be extremely difficult. In the world of business, how does the lack of EQ do damage? In general, the harm is subtle at first, though the lack of empathy easily takes its toll later on: lower production, poor morale, bad attitudes, and the tendency of losing valuable people. One may logically understand what he wants, but he may choose to push through with decisions that may seem logical, but is actually a win-lose situation. The company may win, though the employees suffer the brunt. Looking for cold, hard science? Consider this. A study by the Carnegie Institute of Technology showed that 85 percent of all financial success is due to skills in so-called “human engineering,” and qualities like personality and the ability to communicate and lead. In stark contrast, a meager 15 percent is due to technical ability. Nobel Prize-winning psychologist Daniel Kahneman backs this up by saying that people would rather work with those they trust than with someone they don’t, despite the latter offering a much better bargain. To wrap things up, Emotional Intelligence 2.0 author Travis Bradberry argues that it’s important to know that EQ serves as the foundation for several critical skills. It’s quite easy to understand that emotions directly affect almost everything we say and do, with it being the single best performance indicator in the workplace and the foremost influencer of leadership. So in other words, don’t be a robot. Act genuinely human as a business owner, both to your employees and to your customers. Before even considering building a startup or choosing among franchises for sale, be sure to keep your EQ sharp. For more information, visit www.forbes.com/sites/travisbradberry/2014/01/09/emotional-intelligence/.

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