Emotional intelligence as an entrepreneur

Lesson Details:

Video Transcription – First congratulations you've leveled up and your let's say on beginner level to off start off learning how to be an entrepreneur from just being engineer and so beginning level two now you know the business planning the three centons business plan the little business page you're equipped with basic tools now because you are level 2 I want to give you a little taste of some advanced stuff emotional intelligence for your business and I'm going to give you an example I'm gonna introduce you to the founder of emotional intelligence and we're gonna immediately apply it to your idea so what the heck is this thing emotional intelligence I'm sure you know about IQ intelligence quotient it's a measurement average person is 100 people above 100 they're a little better people below 100 little worse IQ is really hard to improve it's very studies show it's very genetically driven you can only prove it a little bit now EQ emotional quotient is something you can improve a lot this is learnable and this is the ability to recognize and manage your emotions every emotion ha is almost like a double-edged sword for example if you're angry and you're playing sports you can either commit a penalty or use that anger to motivate yourself to just play harder within the rules and it's all about how you manage that an emotional and emotion inside of you and there's almost every motion hazardous so the founder of this is Daniel Goleman I'm gonna introduce you to him a little bit and then I'm gonna give you the example of how to use emotional intelligence right away in your work so this is Daniel Goleman's Wikipedia page he's essentially considered like the father of this field you can read a lot of books by him here is his Amazon page you basically can just search for Daniel Goleman you'll come up with a lot of books again when I promote products like it's his books I'm not getting any money from this so I'm not promoting it because I don't get revenue if you buy his books obviously so it's just interesting if you're curious about this field I am going to give you a little bit of a kind of like an introduction to this and you'll see that everything can be different if you apply emotional intelligence to it now that's his that's his Amazon this is his Wikipedia also while I'm showing you things now Psychology Today does have a emotional intelligence test it's free to take and the URL is essentially psychology related today.com / u.s. / tests / personality / emotional - intelligence - test and it's 45-minute test you can take it for free and it's only 995 if you want a snapshot or if you want to download it and purchase it whatever but you can take it for free no problem just make sure you're in a quiet area and unbothered and undistracted for 45 minutes and you'll learn what your current emotional intelligence is now let's get back to actually applying this to your business ideas there are two very very very important ways that it's immediately applied the first one is a little bit even ironic and it's the excitement and motivation from your idea so what happens when you get your business idea initially or any idea you're excited about it that excitement is motivating you it's and that motivation not only its changing some brain chemistry inside you I'm not gonna go that deep just yet but that excitement is a double-edged sword that excitement gives you motivation which is fantastic but that motivation is short-term motivation it's not long-term motivation long-term motivation is something that comes from more intrinsic things like your inner drives things that really give you you know fulfillment those sorts of things we'll get into it later but the irony is that initially you're excited and excitement while motivating the important thing to understand about excitement that double-edged sword avec is that the negative part of excitement that by-product is that it causes you to miss estimate everything okay your idea seems better it seems like it's easier to implement it seems like it's gonna make more money it seems like you're gonna be able to pull it off it seems like everything seems doable your mind skips the negative stuff focuses only on the exciting stuff and so it makes you super error-prone now if it's it's only a theoretical thing that's totally fine but if you have to live with the consequences which you will then it's totally not fine so you're gonna if you just let excitement carry you away you're gonna get blinded okay you're gonna get blindsided and so we wanna under the excitement for sure it's super fun but understand that when you actually work on your business idea it's not exciting the work is actually boring right imagine you know you're sitting in front of a computer or you're doing your mundane tasks those are the farthest from exciting you're not gonna have actual fun the work is tedious and boring and it's repetitive and all those other things so the motives so the excitement just gets you to sort of kind of start the business but it quickly disappears dissipates so there has to be more motivation than just the excitement and you see how that one emotion you have to understand both sides of it and if you don't understand it you're gonna get carried away by them the the the extra you know excitedness but once you understand what excitement they what the emotion of excitement gives you then you understand how to manage it okay manage it use it for motivation don't let it take over that's how you use excitement perfect and so emotional intelligence really takes most of your most common emotions excitement anger things like that and looks at both sides of it and then you understand both sides of it you understand how to use the most you more useful side number first of all for your benefit but second how to avoid the bad side of it and often very often if you feel things like anger frustration more confidence and you're gonna have this in business it Gary it's a guarantee at some point most of the time the solution is to just take a breath take a step back give yourself a little space a little time to think about things and if you're if you're frustrated with another person the same goes for them they'll use that time to sort of regain their composure and you're gonna be able to avoid a lot of fighting arguing a lot of emotional intelligence has to that that's the solution for a lot of issues if I can sum it up obviously there's books on it so I can sum it up entirely but this is it now another super common I think M every entrepreneur has to deal with stress and and stress is another really important emotion to control if you let it get out of control which for entrepreneurs it's it's it's one of the things that's there the most of the time it's stressed ages you makes you sick it's one of the worst things for you literally and it comes from financial problems business problems all the things that accompany entrepreneurships entrepreneurship so it's really it's always there and your job and also the problem with stress stress if I if I get a little bit nerdy into the brain stress is very much involved with the part of the brain that's called amygdala that part of the brain is also sometimes called the animal brain which is the part of the brain that evolved very very early before some of your other parts of the brain evolved and that part of the brain has to do with short-term stress handling so your fight-or-flight everything that you use to remove immediate pain immediate removal of stress you see ress invokes the part of the brain that gives you the short-term focus to remove immediate pain to remove the stress okay and it's going to influence your business decisions and make you cut corners to solve the problems quickly to remove the stress quickly I hope you're understanding this because it's very important to when you feel stress identify the stress acknowledge your that you're feeling the stress and I also acknowledge the very next train of thought then very next thought that your brain is tending towards and make sure that it's that is actually a correct business decision for the mid and long term for you and it's not just a short-term shortcut because what's gonna happen if you take too many short-term shortcuts you're not gonna be building a business with solid foundation you're gonna be just you know that game whack-a-mole where like things just pop out of a circle and you have to hit them and then that thing doesn't appear but just appears from a different circle so you're gonna be playing whack-a-mole with your problems if you let stress out of get out of control and more and dictate everything you do so excitement and stress those are very very common things that it cut you know as intrapreneurs we deal with this all the time stresses daily nothing is perfect on almost any day so you just have to learn to deal with the stress once you learn to manage your stress it will result in better business decisions and better business decisions will result in a better business for you more reasonable decisions and you'll you know you don't have to be a big business guru to realize that if you're thinking more clearly you'll obviously make immediately better decisions.