The entrepreneur Mindset

Maintaining a positive mindset in a bad economy

Nowadays, business is no longer restricted tothree ―3‖

global competitive companies in each field. Now, it is like
a MUST journey that youth should walk through. In other
words, most people prefer owning business than working
for others. So, for this reason, I think that it might be
important to show new businessmen obstacles they
might face. Some of these businessmen can shift
careers just to have their own business. Honestly
speaking, I am not sure if it is because of human EGO,it
is just because of high technology, or it might be for
unknown reasons. The idea of each person having his
own business is so weird for me. I think it might be
crazy, because who will be the employee when
everyone is an employer! At the same time, I think about
new ideas, and creativity. More startups mean more
ideas, and more competitive environment. Will it be a
healthy environment? I think it might be healthy at the
beginning, but throughouttime, everything might change
and back to those three global competitive companies,
referred to the first sentence,again.I think that I should
think more effectively, deal with the present situation,
and discuss obstacles that face any startup. As we
know, nothing in this world is ever done the easy way, it
should face obstacles. My family has a great experience
with startups, so I think it would be a good idea to use
their experience as my concrete base to build my paper
on.
Countries change, characters, and ages change too, but
there are common obstacles that most of beginner
businessmen usually face. These common obstacles
Funding, Planning, Marketing, and HRadd burden to any
business.These are some of the areas that startups
might face obstacles in. They might not face in all areas,
or even same problems.
1. PROBLEM ANALYSIS:
• Funding:
Funding is considered to be the greatest obstacle that
faces any startup. There are some reasons behind this
consideration. It's tougher because the industry is more
mature
A) Securing Initial Funding:

The idea of the business might be amazing, but as we

said the main obstacle can be MONEY. ―Not everyone
can afford to pay 100 or 200K at the beginning from their
own pocket
The owner might think of starting the startup with very
small amount of money, but then he discovers that he
needs more and more. He might think about applying for
a loan, and he might start his business with the loan.
Later, he will be involved in the DEBT cycle.
B) Poor Planning:
Poor planning is one of the most important elements that
I will talk about. Actually, it will be included in all
problems, and mostly, it will be represented as the
reason of these problems. Now, it is related to
FINANCE. As we said before that the businessman
might not start his startup with the suitable amount of
money. Here, Iwill put another situation. This
businessman has started his startup with the suitable
amount of money, but what shall he do now?
PLANNING is the key now. He should plan well how to
use this money effectively. But because not every
businessman is a certified one, so hemight not plan well.
Back to our scenario, this businessman might ―buy
expensive tools when he can buy cheaper ones

Poor financial money management could lead to

serious budget and lifestyle consequences.
Whether you‘re on a low income or earn big, not being
able to manage your finances will probably bury you in
debt.
Financial money management might seem complicated,
especially for young adults who‘re just starting to learn
what‘s it like to earn a salary and have expenses.
Making mistakes in the first few months you become
financially independent is definitely ‗allowed‘. Otherwise,
how will you learn?
But making the same bad choices over and over again
can really lead to a budgeting disaster later.
And there‘s nothing worse than finding yourself covered
in debt and unable to save for your future plans or
retirement.
Make SMART Goals
Making SMART goals is one of the best ways you can
guarantee an improvement. A SMART goal is specific,
measurable, achievable, relevant, and time bound.
If you would like to learn more about SMART goals,
check out the link. Otherwise, here‘s a brief explanation.
Let‘s say you want to reduce your spending on food. To
make a SMART goal, you need to go into detail. For
example, my goal is to spend a maximum of two
hundred dollars on fast food monthly for six months.
By giving the goal a timeline, you can give yourself
breathing room. You won‘t be doing it forever, but just
six months. Last, you are being specific about the
change your making. You‘re not reducing spending, you
are spending two hundred dollars.
It will allow you to achieve whatever you set out to do.
Selecting a goal that you can measure with an
achievable deadline will put you leagues above average
Americans living in fear of their finances.
Start Tracking Your Spending
Tracking finances is hard. There are so many purchases
made on a monthly basis. From monthly bills, to credit
cards, emergency purchases, to entertainment. The
numbers are endless.

Startups usually find difficulty in finding employees.

Logically, what are the temptations that will force people
to work in a startup? The case is: we have an unknown
company, well known company, and a well experienced
man. Probably, this man will choose working in the
known company. The reasons might me infinite. First,
the human EGO. Second, it will strengthen his CV.
Third, he might get higher salary. In another case,
freshly graduated people will probably apply for training
only. Then, there is a HIGH TURNOVER problem. This
quote found in the screenshot shows one of the reasons
that cause high turnover.

condition your mind for getting into business and then

making the most of it.
Creating the Mindset for Your Business
Building your mind to understand that this is what you
want to do.
Creating the Mindset for Your Business
We all have heard how many people have become
successful in their business. Perhaps, you have also
tried getting into the market yourself but unfortunately,
you were not able to succeed unlike the others.
However, one thing is the same for all different types of
businesses so that they can become successful – the
right mindset. When you do your startup with the right
approach then you will be able to get ahead in the race.
What are the qualities that you should possess in order
to succeed in a business?
Before you go about things, it is also important that you
have the right knowledge when it comes to doing a
business. You cannot just take on the offensive side
without making the right plans. The lack of planning
when it comes to taking actions into your business,
without that you are likely to fail in the industry.
Starting up any business. Although people may say that
fate determines how your business would go, you can
actually alter the destiny of your company, especially if
you are determined in making it successful. It is very
important that you take away all the negative vibes that
you have and feel confident about what you are about to
undergo.
Discipline is also needed to become successful in your
business. In a business, you will have to get up every
morning to visit your establishment and see how things
are going around.
However, this would sometimes make one lazy and
complacent on the comings and goings of the business.
Since you can have the luxury of time, you are likely to
put off the things you would have to do for the day and
instead get them done tomorrow. various tools can be
used to make managing of the business a little easier.
This enables you to manage the entire business on your
own and without the need of help from any other person.
Unfortunately, you could not have anybody else with
which to entrust the transactions of your business and
you cannot get help in case you are not able to fulfill
your role.
While the right mindset in having an business would
make you more likely to succeed in the undertaking, you
must still remember that it is not a walk in the park.
Now that you have already decided on setting up an
business, you may be asking where it can take you. It is
normal to feel a little hesitant during this phase,
especially if it is your first time to try out on this venture.
You may feel a little stressed out about the whole thing
but do not worry, you will be able to manage everything.
Where the Business Can Take You
Any type of business can bring you successif it is
managed the right way. Remember that it does not only
take time to reap good benefits, it would also need some
effort from you.
These people did not have lots of experience in
marketing or handling a business. However, the
courageously took the risk and the uncompromising
determination that they possessed proved the decision
right as they became successful in their business
venture and continue to enjoy the advantages of it.
For this reason, there is no place for you to have
apprehensions because it is possible that you also
achieve the same thing as they did. If you are equipped
with courage and determination to undergo this
seemingly daunting (but not really) task of taking on an
online business.
If you read on, you will be able to get some more
pointers that you can add to your determination and
mindset to help you become triumphant in having a
business . Now that everything is within your reach, you
must grab the opportunity that may come only once in
your life.
 Positive Mindset and Productivity
You spend about a one-third of your life at work. If you're
spending it with negative individuals, it may really affect
you and bring you down.
By arresting negative thoughts as they enter your ears
and not letting them go forward in your thoughts, you'll
be doing a lot of the work to remain positive in a
negative situation and build your business skills. Here
are ways to keep horrible situations at work from
bogging you down.
Possess a life outside your job.
Keep acquaintances who have a good grasp of reality
and with whom you are able to share life that's totally
unrelated to the job you do. Refuse to even discuss your
work outside work hours, particularly if the environment
is toxic except when it comes to the ideas for your own
business.
Recognize that most of what goes on at work and most
of the negativism, even that directed at you, isn't about
you.
Think about the stress your colleagues are facing at
work, at home and in their personal lives and
comprehend that they're projecting and displacing their
angriness onto you and other people around them as
well. Remember that dealing with people is crucial to
being an entrepreneur.
Refuse to let your colleagues' workaholic, ambitions and
selfish conduct seep into your system.
It's simple to start letting negative conduct creep in by
agreeing with perspectives or taking sides. Rather,
choose to rise above it all by staying neutral.
Defend your thoughts; they sooner or later become your
reality.
Make certain the negativism around you doesn't
continue playing in your head. Play music at your desk
at a reasonable volume if you think it helps center you.
Take breaks to collect your thoughts. Keep favorable
reminders in quotes and pictures around your workspace
about what you are trying to learn and accomplish.
Truly think about your options for beginning your
entrepreneur journey.
A few bosses may be emotionally abusive; if the
company surroundings don‘t look likely to change,
evaluate whether this is truly the best place for you and
ways you can start your own thing soon.
You spend eight plus hours a day at your desk juggling
calls, e-mails and correspondences. All the same the
stack of paper on your cluttered up desk continues
growing taller, you eat more meals at the office than you
do at home and you're still hardly meeting your
deadlines.
Discover ways to keep away from time traps and to
improve existing procedures to be not only more
productive at work, but much less stressed and to
develop skills that you can use in your own business. -
Notice time wasters.
Standard culprits are instant messaging, net surfing,
personal calls and gossip with colleagues. The minutes
spent on these mis-directions may become hours of lost
time and lost productivity. Determine limits on these
actions and discover ways to politely end conversations.
Confine distractions and interruptions.
Schedule times to follow-up and respond to mail, e-mail
and voice mail. If conceivable, switch off instant
messenger programs and don't answer personal calls
while you work at other tasks.
Coordinate and prioritize.
If you're consistently searching for items on your
cluttered up desk, allow time to organize files, tools and
equipment. Keep paper and electronic files in marked
folders. On your PC, produce shortcuts and favorites to
help find items rapidly and easily.

Utilize a single portable calendar to track all meetings,

dates and deadlines.
Produce a schedule to begin and finish a given task and
stick to it. Start and finish tasks on time. A daily or
weekly "To Do" list may likewise be a helpful tool to stay
on track and remain productive.
Be truthful with yourself about your fortes and failings
and then budget time and jobs accordingly. It may be
helpful to do the things -

Learn to utilize new and better tools to accomplish your

work and invest a little time in learning to utilize existing
tools more efficiently.

There's a lot of discussion about listening these days.

Listening is among the most crucial skills that you are
able to learn. If you are able to really stop and listen to
your customers, you are able to pave the path to
ongoing business success.
Listening calls for paying attention and reacting to the
needs and wants of customers. If you want to have your
own business, you have to practice the art of active
listening.
It is not good enough to react to clients. You have to be
able to anticipate their needs. Listening to clients is
about placing your company to be the answer to buyer
needs, ideally previously them even asking.
Listening is likewise about getting involved with your
clients. This includes really spending time with them,
exploring things that are significant to them, studying
magazines and books that are written for them, and
being an authority in the things that matter to them.
You‘re business ought to have an ideal customer. This is
the prototype of the perfect client for you. You need to
draw in this sort of client, and the more of your clients
that fit the ideal, the better. So, it adds up that this is the
sort of client you ought to be paying attention to. - 17 -
A client is somebody who's purchased from you or the
company you work for, but it's likewise somebody who
may purchase from you. You ought to treat clients,
prospects, and general public with equal respect. All the
same, you ought to spend your time listening to the
individuals who you most want as clients.
Listening may (and ought to) occur everyplace. That
being stated, you are able to hone your listening by
utilizing particular tools and strategies.
Offline, you ought to be conducting client surveys and
just be getting out and talking to clients and people. Go
to trade shows and conferences that are likewise
attended by your ideal clients. If there are none in your
area, begin one.
As your expertness grows, you might want to think about
doing a few speaking engagements. This is an awesome
way to meet people and to get individuals to tell you
about the problems that they face.
Make sure to listen where clients are talking. If you will
be able to find out where ideal clients congregate, online
and offline, then you have to be there too.
Active listening will help you to better comprehend and
connect with your clients. It will make sales and
marketing easier, as you'll be able to position yourself
right between the client and the need.
Becoming a great listener will likewise endear you to the
individuals you wish to reach. Everybody loves being
listened to. So close that trap, put away that profit and
loss sheet for a minute, and begin exploring the world of
your clients

Unleashing the Power of the Law of Attraction on Your

Business
As you start to go about your business, you may start to
realize that there seems to be too much to do. It can be
a big problem to figure out what to do and how to get
them right. competition can be tough and it is very critical
that the right things be done in starting up your business.
If it fails from the start, you might never have the chance
to get back on your feet again.
According to the Law of Attraction, every single thought
of a person has an energy accompanying it and this
energy can be used by that person in order to attract
other people into what he or she is thinking. Because of
this, it is very important that one knows how to make use
of this possibility so that it can be used to one‘s prime
advantage.
For one, it is very important that one knows what one
wants to get. When you have realized this, you can ask
the whole world for it and feel as if that goal you want to
achieve or the object you want to have is already with
you. Now, you will have to open yourself to receiving that
goal or that object but let go of any attachment that
comes with it. Thinking about negative thoughts would
result to a negative outcome but if you follow these
principles and think about what you want to have, your
desires will come to you.
In the same manner that the Law of Attraction works,
your thoughts can also create success in your business.
Now, being apprehensive about starting the business
may only cause you to not perform well or even fail in
your business. However, if you have the clear goals that
you want to achieve, it is likely to you can reach them.
However, you should be careful in setting goals and
avoid moving targets. It is hard to set your eyes on
something that is not fixed as it could ruin the game plan
that you have already planned to reach the goal. Once
you have set a goal, reach it, and when you do, you can
set a higher goal so that you can achieve much more.
This way, you know what you want and start believing
that you already have it. When you do, you will naturally
do things that can make you reach it and your success
follows!
Among the hardest transitions for individuals is to move
from the employee to the entrepreneur mentality. The
idea of getting on your own, getting your own business is
fantastic.
It's the desire of a lot of individuals to leave their jobs
and get to be successful business owners.
However, is there a transition that has to be made from
the employee mentality to the entrepreneur mentality?
It‘s really exceedingly crucial that you bear this
entrepreneur mentality to succeed in business on your
own…because most of the principles you'll need to
succeed are based off of being a true entrepreneur.
Develop The Right Mindset To Transition From
Employee To Entrepreneur
Which Mindset Do You Have
Many small business owners and enterprisers got their
beginning as an employee. They worked for somebody
else. The issue is, if you‘ve been an employee for years,
it may be difficult to shake of the bonds of the employee
mentality.
What does this mean?
If you've an employee mentality, you're more likely to
look to other people to tell you what to do. You‘ll find it
difficult to take responsibility for the success and failure
of your endeavor.
You see, as an employee, you've no say about how the
business is executed. You just work hard to prove your
value so that you can stay employed.

Which One Are You

If you're an entrepreneur or business owner, you think
much differently. Essentially the buck stops (and begins)
with you. You're responsible for the success and failure
of your endeavor. And you are the one who makes all
the huge decisions (including who to designate littler
decisions to!).
To discover if you're thinking like an employee or an
entrepreneur, take this fast quiz:
• Do you confine your tasks/responsibilities to a subset
of what is required for your business to flourish?
• Do you base your life-style on your revenue?
• If a money setback happens, do you shrink your budget
to adapt to the reduction in revenue?
• Do you constantly seek outside advice to make even
daily decisions?
If you responded ―yes‖ to most of these queries, chances
are you've an employee mentality. Here‘s why those with
an entrepreneur mentality would answer ―no.‖
Do you confine your tasks/responsibilities to a subset of
what is required for your business to flourish?
Entrepreneurs understand that occasionally they have to
do things in their business that are ―higher up‖ or
―beneath‖ their skill level. Their mental attitude is if it has
to get accomplished, get it accomplished
Entrepreneurs will seek to develop their business,
enlarge their line of products and broaden their services
when money setbacks happen. They don‘t let
themselves get to be or remain a victim of fiscal
conditions.
Do you constantly seek outside advice to make even
daily decisions?
Entrepreneurs handle their time and take responsibility
for their actions. While they might seek out mentors to
guide them to expanded growth, they're in control of
their day-to-day actions and don‘t need somebody else
to tell them what to accomplish or prompt them to
accomplish it.
Entrepreneurs are not bolted into a work week. They
approach each day as a different chance to go after their
dreams.
It‘s not my problem mentality
• Employees have this mentality they view everything on
the job by whether or not it's their problem.
• Entrepreneurs view everything as their duty as they
have ownership of what is happening in their business.
• Entrepreneurs are forever seeking ways to extend their
business even when they're not ―working‖ they're
considering ways to extend their entrepreneurial talents.
They look forward to each day!

Starting your business

Now that you are already equipped with the right

mindset in starting an online business, the next thing for
you to decide is what type of industry you should be
entering. While it is important that you have some
background knowledge on the type of trade you will be
undergoing, there is not much need for it as there are
already many tools and online help you can get.
Besides aptitude, inclination into the work is also
needed. Surely, it is boring to do something you do not
really like to do, is it not? It would help a lot that fun is
mixed with your job so that it will not feel like such a
burden. When you do not like the nature of your
business, you are likely to tire and soon enough, you will
have to stop pursuing this endeavor.
Unfortunately, even if you have found the right business
for you in terms of aptitude and inclination, it is still not a
guarantee that you will succeed one hundred percent in
it. Many people have abused the popularity of online
business that they too have made a moneymaking
scheme out of it. What hurts is that you, the person who
is looking for a good business opportunity to start with,
are the one who gets affected.
If you fall, don’t forget to get up again.
Taking Second Chances – When Primary Efforts Fail
Now, if you are one who is still starting or planning to
start an business, you must face it that it is inevitable to
have failure. However, it is how you get back up again,
and this is what actually becomes the measure of your
triumph.
Many great businesses have had major losses when
they were still starting out. Even if they have been
established companies, they still are not safe from
experiencing a loss or failure in the business. This is the
reason why you should be able to prepare for this first so
you can make a great comeback even if you fail.
It can be disheartening to see your business crumble to
pieces after much effort. After a major crisis such as this,
it may help that you take a break first and think things
clearly and thoroughly. You might want to determine the
causes of your failure. Why did the clients withdraw their
orders? Was it because of the quality of your work? Was
it because you did not submit work on time causing a
strain on their business?
When you have figured these things out, decide on how
you can improve the next time around. You might decide
on taking lessons to improve the quality of your work.
You might also want to be able to manage your time
better. If you believe that you cannot do the jobs on your
own, try to recruit other reliable people and form a team.
When you stage a comeback, it can be hard to get the
clients back. You might want to reassure your former
clients that you will try to do better this time. If youget
new clients, you could also promise them quality and
work on that promise, in order to revive the reputation of
your online business.

Money may not be with you all throughout the year.

There are downs and ups when we talk about the
financial resources and income of an individual or family.
In dealing with financial difficulties, there is a need to
have budgeting techniques as early as possible. There is
a need for us on how to master the art of stretching the
capacity of our available money.

It is but normal to commit errors especially when you are

not yet used to doing things your job calls for you to. But,
do not make those mistakes that you would surely regret
in the long run. As soon as you could, you have to
develop a great way of managing to budget your money.
There are some tips you could remind yourself of. These
would be points you could use in making or establishing
good means to improve the way you budget your money.

 Make a list of your unwanted budgeting habits. This

includes all those you think of being not useful or
helpful for you and your financial needs and
financial security.
 You plan on what to do in order to tae the first steps
in changing your old habits or acts in which they
made your budget method a failure.
 Manage your income and the amount of money you
spend by preparing a sort of tally sheet of such
information.
 Prepare your spend plan. This must include your
foreseen expenditures.
 Collect receipts and note bigger amount spent
 Limit spending by looking for some alternatives to it
 As much as possible do not uses much credit card
or checks.
Those above-mentioned points are really a great
reminder for you. If followed, you would clearly see the
improvement in your budget techniques. It would surely
result to better financial management capacities for you.

When this is achieved, you would definitely live a more

satisfactory life. The right way of how you budget what
you need as a winning one in the field of financing one‘s
self.

Preparing a business plan is the most important part of

starting a business. So much rests on the business plan,
from financing to suppliers. A business plan shows that
you are prepared, educated, and dedicated to your
business. A good business plan will define what your
business is about, where you expect it to go in the future
and how you will get there. The following outline the
essentials of a good business plan.

1. Executive Summary - This explains about everything

that is the rest of the business plan. It should be written
to completely cover every aspect of the rest of the
business plan. A good way to think about it is this may
be the only part of the whole plan that gets read, so it
should sell your business.
2. Table of Contents - Do not elaborate. Keep it short
and to the point. You get to explain later.

3. Company Description - This should cover the basics

of your business. What industry and what
products/services your business provides. It should also
cover what makes your business stand out from the
competition and how you will be successful.

4. Market Analysis - This is where you prove that you

have done your marketing research. You should explain
about the industry, including target markets. Explain your
competition and compare your business to them. Explain
your marketing strategies and plans.

5. Technology - Explain the technology you will use and

how new developments may affect your business.

6. Business Operations or Manufacturing - Explain how

you will conduct business. What makes you better than
the competition as far as operations.
7. Management and Ownership - Here you will need to
name all the key personnel. Explain their skills,
education and what they bring to the company.

8. Organization and Personnel - This is where you

explain your personnel needs. State how many
employees are needed, how you will pay them and what
you will pay them. Also explain the personnel
organizational structure.

9. Capital and Usage - This should be very detailed and

explained. Starting with how much is needed to start and
then projection of needs.

10. Financial - Here is where you get to project future

gains and losses. You should list them quarterly until the
business breaks even then annual reports are fine.

12. Appendices - Any resumes, references, copies of

studies done or anything else to back up information in
the business plan should be included here.

These 12 steps should help you put together a solid

business plan. Just keep in mind that you should stick to
the facts and back everything up with evidence.
Having a business plan is a very important tool in
business, however there is no point having a fantastic
plan and then hiding it in your bottom draw.

A business plan is simply a written plan that incorporates

the many aspects of your business, for example;
financial, marketing, short and long term goals, time
appreciation.

A business plan will give a business owner a good idea

of how much investment is required in specific areas of
the business. If you are thinking about requesting
financial assistance from a bank, a business plan is a
must. A good business plan will demonstrates the
amount of money needed to spend on specific
requirements at the right time.

Good business plans will also include the quality and

rate of raw materials used, the cost of advertising, the
prospects of importing or exporting and transportation
requirements. The plan can also deal with partners, staff
requirements, legal, insurance and training. In fact the
list can be endless.
Many people enjoy the challenges of setting up a
business, however within a short space of time they look
to sell on the business for a profit. These people are able
to do this because they have structured business plans
that they work to.

Branding Yourself As An Authority

Branding is VERY, VERY important. Today, the average
consumer is spoilt for choices and only the ‗best‘ wins.
Now, you may not have the ‗best‘ product in the world,
yet you can position yourself as the ‗best‘ with a few
good marketing strategies.
What makes you different from the guy down the street?
In order to succeed in whatever field that you are in, do
you know that you need to establish yourself as some
kind of authority on the product or service that you are
providing?
People in the 21st century are inherently skeptical
because there are a thousand and one other brands out
there. It is much harder to acquire a new customer than
it is compared to keeping an existing one.
When you have the expert branding, people are more
likely to treat you as an authority and listen to every word
you say rather than treating you like a sleazy salesman
trying to get into their pockets.
Branding yourself also gives you tremendous
CONFIDENCE! After all, when people listen to you and
they take notes, you know you‘ve hit the jackpot!

Building Your Credibility

Credibility is very closely associated with branding.
Branding will help you to get the first sale, but your
credibility is what keeps people coming back for MORE!
When you have built your credibility in your business as
a trusted brand, it takes far less time to get repeat sales
from existing customers and the people they refer
compared to convincing them from scratch.
Don‘t look down on the customer with a buying power of
$3 or less. A customer that spends $3 over a period of 2
years can amount to a lot of money. Furthermore, they
are likely to recommend other customers to your
doorstep!
Remember the story about the foolish milkman? The
foolish milkman refuses to service a young chap who
lives far down the street. He thinks that it is not worth the
trouble. He doesn‘t realize that that young chap will
someday get married and have 3-4 kids who will
consume much more milk somewhere down the line!
Never ever discount a single customer!
And that‘s not all, when you are credible, you become
the ‗go to‘ guy when people think of the product or
service that you are offering (therefore saving you time
and money in acquiring new clients and customers)
Emotional intelligence — or EQ, short for emotional
intelligence quotient — is defined as the ability to use
one‘s emotions to full advantage. Emotionally intelligent
people have full command of all their social skills
(including self-awareness, empathy and the like) and
when placed in leadership positions respect others‘
views while inspiring outside-the-box thinking.
Additionally, businesses are starting to take notice of the
impact that EQ can have on employee productivity and
engagement. While gauging ―soft skills‖ during
interviews has always been a part of recruitment efforts,
many teams are now finding methods of quantifying
emotional intelligence and determining if a candidate is a
fit for a job based on these factors in addition to practical
competencies.
The value of recruiting emotionally intelligent employees
makes a lot of sense — turnover can be costly for a
company, and retaining an unproductive employee can
be just as bad. High-EQ employees are more flexible
and easier to slot into teams and adapt to new
situations. Agility is a buzzword often bandied about in
reference to a business leaving room to innovate and
respond to change, and employee agility is the
foundation for making this happen.
Defining emotional intelligence can be subjective —
particularly in the context of an interview. Even so, there
are a few factors to be on the lookout for when
evaluating a new candidate. In most cases, it‘s easy to
apply questions about EQ to the job in question, and the
answers to interview questions that are already the
industry norm can reveal much about the way an
individual would handle an emotional situation.
Self-Management
Contrary to what one may think, stoicism is not the
hallmark of a high EQ. On the contrary, individuals with a
high EQ are able to express their emotions in a mature
manner without letting them get in the way of their
decision-making or spurring them to act rashly.
Being able to self-manage empowers individuals to
avoid stress and burnout as well as motivate themselves
for reasons beyond a simple paycheck. Often, the best
self-managers are high performers that are able to
operate autonomously.
Self-Awareness
Every individual is a product of their social conditioning
through their upbringing, education, personal
connections, and interests. Nobody is completely free of
bias, but everybody has the power to critically assess
themselves and realize where their blind spots are in
regard to their existing mindsets.
While the interview question, ―what is your greatest
weakness?‖ has become something of a joke, the idea
behind it certainly is not. Instead, a better way to
evaluate self-awareness is to ask a candidate about a
learning experience they went through or how they
believe they improved at something over time.
Empathy
In any position that requires interaction with other
humans, empathy is critical to understand opposing
perspectives and connect with others. This is a skill that
can be learned and is especially critical for leaders in
business. The difference between empathy and being
―nice‖ is that the latter strives to keep up appearances
while the former strives to actively understand the other
person.
Relationship Management
Empathy is also a huge component of relationship
management, though more goes into this as well. Social
awareness, conflict resolution, and mutual respect can
help keep a business moving. In fact, the ability to
resolve issues in the workplace succinctly can prevent
productivity time lost to hearsay and gossip.
New Ideals for Business
Attitudes toward careers have changed greatly from
preceding decades, with modern employees seeking
fulfillment from their jobs, not just stability, advancement
and earnings. And if they don‘t have a position they like,
they‘re more empowered to leave than ever, as
evidenced by the fact that 30% of workers change
careers or jobs every 12 months. As the breadth of
available career opportunities has widened, younger
individuals are more inclined to find a place where they
feel committed. Toxicity from leadership and coworkers
can sour a job and send employees looking elsewhere.
Business leaders with high EQ can make a workplace
more welcoming and meaningful for employees. And
again, it‘s not just about befriending employees. Leaders
should be willing to have difficult conversations with
employees and respond to them with empathy even in
situations where they‘ve made mistakes. In fact, a report
from Development Dimensions International (DDI) noted
that leaders with empathy scored 40 percent higher in
most key management skills.
Be warned that probing into emotional intelligence is not
the end-all-be-all for assessing the long-term viability of
an employee. EQ can be improved over time and with
practice, and often, just taking time to think critically can
go a long way. Furthermore, tests tend to be subjective,
and careful consideration from businesses is necessary
to evaluate the strengths and value of a given candidate
or employee.
In any case, an awareness of EQ is crucial to building a
strong team and helping leaders connect meaningfully
with employees. The modern career is changing, and
more than ever, individuals need leadership that fosters
a positive environment for them.
Smart businessperson or heartless bastard?
As you make these decisions that impact your team, you
walk the line of either being a smart businessperson or a
heartless bastard.

I've met entrepreneurs before who treated their team

members like disposable resources. They had the
power, they had the money, and they churned and
burned their team without a care in the world.

Those people make me sick.

They probably make more money than me, but I could
care less.

What I seek is to find that balance. One where I am

being a smart businessperson, but still have some level
of heart for my team.

Here's how I typically do that.

View your business as an owner first, team member

second
Whenever I do my weekly financial reviews, I ask two
questions:

 "How can I save money this week?"

  "How can I make more money this week?"
That first question triggers the unfun conversations. I
look at my business holistically, and figure out what I can
do to spend less.

Often, this comes down to team changes. It often shows

up as answers that I don't like to look at, but I know they
are right.

I write down the answer, and then, typically, I give myself

a week to think on it. When I ask the question again the
following week, if that is still the best answer, then it's
time to take action.

Self-Awareness is key

While the question above is a helpful tactical element of

making sure you don't delay these important decisions, a
big part is just self-awareness.

You need to recognize when you are looking away from

an important decision because you don't want to deal
with the hard conversations.

There's no magic formula, only an awareness of yourself

and your emotions.

How I handle these tough conversations

While there is no easy way to have these conversations,
here is what I have found is the most effective.
Write out your talking points

Don't wing it on this. The communication of what you are

about to tell this person is essential. Every word and
detail counts as one slip-up can send the whole
conversation in a bad direction.

Since we are remote, typically I write my thoughts out

and then I screen share as I walk through the decision.
Then, I share that write-up with them afterward so they
can digest.

In the moment, someone may get upset or emotional in

these conversations. Having something they can go
back and re-read is helpful.

Be transparent

Others would disagree with this, but my approach to

these conversations is radical transparency. I never lie
or try to conceal the truth of the situation. I simply share
it as is.

Sometimes, it's simply showing them the numbers.

Other times, it's the candid fact that the company is
shifting and the needs are shifting.

Whatever it is, be transparent and honest. People will

respect and appreciate that.

Emotions and entrepreneurship are tied together

While it would be wonderful to make logical decisions all
day in your business, that is unfortunately not always the
case.

Emotions come into play, and they will cloud your

judgment.

This article hasn't been a specific "how to," but hopefully

you can relate to some of the challenges, or at least be
warned of what is coming on the path ahead.

The economy is taking a drastic hit.

It will impact all of our businesses.
That's a fact.

But how you choose to react in this moment, that is up to

you.

In this article, I'm going to share the mental frameworks I

am using to keep positive amidst the chaos of the world
and markets.

Now is the perfect time to study stoicism

If you haven't already hopped on the stoicism train, now
is a great time to do so. One of the core tentants of
stoicism is:

You can't change what happens to you. You can

only change how you react.

In a world where the economy is crumbling, it is going to

impact your business.
Things will happen to you.

But you choose how you react.

You choose if those events can beat you down... or

motivate you to push harder.

achieving success with the competition mindset.

A goal can sometimes be an invisible kind of boundary
or limit. It can be a target that becomes the ―normal‖
place you‘re reaching for. It‘s often these concepts of
normal that keep you from exploring new ground.
Redefining what can be normal for you can free you from
any self-imposed limits. One way to do this is to
completely interrupt your normal behavior with a
favorable, but extreme, change
Train your mind to see possibilities, not limits.
We call this weight lifting for the soul. Competitive
athletes and other high performers are often held back
more by their negative emotions than by their mental
and physical abilities. Practice letting do of thoughts that
weigh you down.Instead of ―This is too hard,‖ let the
thought be ―I have all it takes to make it through.‖
Instead of ―This is a waste of time,‖ ask yourself ―What
can I learn right now?‖ Instead of ―I don‘t have the time,‖
ask ―How can I make my next steps a success?‖ Lift the
weight from your soul and let the positive aspects of life
become your identity.Remedy self-doubt and
discouragement with an action.
We can transform ―what ifs‖ simply by taking action.
Action creates joy, hope, and positive thoughts, and
sustains our health and fitness goals. A number of
studies have corroborated the fact that exercise has a
positive and significant effect on people with depression.
The act of moving your body, and doing it consistently,
helps to counteract negative emotions, such as self-
doubt, that get in the way of your
competitiveness.Bottom line: when self-doubt about
reaching your destination starts to creep in and you feel
you ―can‘t do it‖ or ―will never get there,‖ there‘s a simple
remedy. Take action. Start moving. And do it
consistently—every day.