The IQ has become one of the prime methods of measuring human intelligence. The average IQ test was initially designed to recognize students who needed extra help in academia. Over time, this test transformed into a way to identify individuals who possessed higher intelligence than the average individual.
Now, let’s take a look into the correlation of a high IQ with the possibility of success. It’s no mystery that the common assumption is that people with immensely high IQs are prone to success. May it be Steve Jobs of Apple or Jay Gatsby of The Great Gatsby, the common belief correlates excessive incomes with excessive intelligence.
However, numerous research studies have proved the notion of high IQ as the key to success as a hoax. On the contrary, these state that emotional intelligence or EQ tends to eat up IQ for breakfast when achieving heights in a business or in general (source).
Let’s take a look into why that may be the case.
The Role of Emotional Intelligence
Before discussing the role emotional intelligence plays in increasing the probability of success in a business, let’s review its definition. Emotional intelligence is an individual’s ability to positively understand, implement, and manage their own emotions for conflict management, effective communication, stress management, and overcoming various social challenges.
All in all, this concept applies to an individual’s ability to alter their behavior according to various situations by implementing their awareness of their own emotions and those around them. The concept of emotional intelligence largely pertains to the practice of empathy because it surrounds the concepts of self and social awareness.
Therefore, the progressive belief system states that a high EQ is integral to success in a business. The common understanding is that consumers buy emotions, not products. Moreover, teams work around goals, missions, and strategies rather than directives. Moreover, an entrepreneur’s drive is based on passion more than logic.
Therefore, the ability to bounce back after a failure, understand consumer behavior, and alter a product or service according to the consumer’s needs requires a high emotional quotient (EQ) rather than a high intelligence quotient (IQ).
Moreover, while IQ is passed on through genetics and is more of an inborn ability, EQ can be learned, refined, and developed. Therefore, this concept applies to various business concepts and ensures success in a business instead of IQ, which plays a limited role.
Don’t get us wrong, IQ may be a bonus if you’re on the route to establishing a business. However, the trends suggest that people with average IQs are often better at performing in the workplace than those with ragingly high IQs.
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Emotional intelligence has added another layer to human intelligence and is a widely sought quality within the business world. Entrepreneurs possessing high IQs can benefit from numerous positive traits such as empathy, solving problems effectively, and social skills. These traits help an entrepreneur develop quick solutions to problems, operate optimally in teams, and develop strong relationships.
The foundation of a successful business is coordination and consistently effective communication. If there is a lack of emotional intelligence, an individual will lack the ability to identify different emotions in others and, therefore, struggle to communicate effectively. Moreover, this is also an integral part of network building, which is one of the core functions of a business.
Ways To Improve Emotional Intelligence
Now that EQ plays a significant role in success in a business, let’s look into the different methods we can approach to improve it. As mentioned above, this ability can be acquired, refined, and developed. Therefore, the following factors may aid in enhancing your EQ:
Read As Frequently As Possible
Reading up on the success of other individuals when it comes to businesses will help you gauge the different characteristics and skills required to succeed in a business. Moreover, reading fiction and non-fiction books help you immerse yourself in a different dimension and put yourself in another character’s shoes. This automatically helps you develop empathy and social awareness, aiding in adapting your behavior to different situations, which is integral in a business.
Observe And Implement Empathy
Empathy might seem like a basic trait, but it is integral in building your EQ. Therefore, work on making empathy a part of your daily life while practicing it with your friends, family, colleagues, and new people that you may interact with. Observe their body language, tone, and eye movements to weigh out how they may be feeling about a particular situation.
Although IQ is a major bonus for achieving heights in life, it may not be the main factor that brings you closer to succeeding in a business. Emotional intelligence may be a much better measure of ensuring long-term success because it helps you solve problems based on self and social awareness. Since businesses are all about the end consumer, understanding their needs and adapting your product or service to meet them increases your chances of succeeding at a business.