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BUSINESS TIPS

Emotional

intelligence

is the key

to more

successful

entrepreneurs

By The Conversation |
Etayankara Muralidharan, MacEwan University;
Saurav Pathak, Raymond A. Mason School of About the study Commercial entrepreneurship leads to
Business, William & Mary innovation that contributes to a country’s
Using entrepreneurial activity data from economic growth by generating wealth.
the Global Entrepreneurship Monitor
in 24 countries, our study found that 1. Hedonic well-being
Entrepreneurs have a key
entrepreneurship flourishes when Hedonic well-being is one of two types
role to play in achieving the individuals in society possess higher of perceived well-being. It refers to an
United Nations 2030 Agenda for levels of well-being, adaptability, self- individual’s perception of their own life
control and sociability.
Sustainable Development. satisfaction, happiness, optimism and
This action plan, which has been adopted These are characteristics of societal self-esteem.
by all UN member countries, including emotional intelligence — a measure of Hedonic well-being can help individuals
Canada, was created to tackle today’s the collective emotional intelligence of a navigate challenging situations that
“most pressing social, economic and particular society. Emotional intelligence arise when working as an entrepreneur
environmental challenges.” refers to the ability of an individual to by providing them with a sense of control
recognize and understand their own
While governments play a central role emotions, as well as the emotions of over their situation.
in achieving these goals, non- and for- others, and use this knowledge to make Individuals with high levels of hedonic
profit organizations can accelerate this decisions. well-being are more likely to have
progress through innovation. That is characteristics associated with successful
where entrepreneurs — anyone who At the societal level, emotional commercial entrepreneurs.
starts or owns a business — come into intelligence plays a vital role in addressing
the picture. challenges present at different stages of 2. Adaptability
the entrepreneurial process, such as idea
Canada has one of the highest levels of generation, planning the launch, and Individuals with high levels of
adaptability are open to new information,
entrepreneurial activity among developed growth of an enterprise. willing to let go of preconceived notions
nations and was recently ranked the best and capable of adjusting to new or
in the world for social entrepreneurship. However, the degree to which each challenging situations.
Social entrepreneurship focuses on characteristic of emotional intelligence
addressing social issues such as poverty, impacts entrepreneurship depends on An individual’s ability to adapt in the
illiteracy and discrimination. the type of entrepreneurship. face of adversity sets them apart as

To maintain its position as an Fostering commercial exceptional. Individuals that are very
successful often possess higher levels of
entrepreneurial nation, Canada must entrepreneurship adaptability.
continue to foster innovation. Our
recent research on how emotional Our research found three characteristics In the context of commercial
intelligence at the societal level impacts of societal emotional intelligence entrepreneurship, having a high degree
entrepreneurship can help Canada, and are more likely to foster commercial of adaptability allows entrepreneurs
other nations, accomplish this. entrepreneurship: hedonic well-being, to navigate uncertainty and adapt to
adaptability and self-control. changes in the business environment.

24 Fall 2023 www.cambridgechamber.com