The new year brings many resolutions — many of them often finance related. Looking to turn a side hustle into serious cash? According to experts, your emotional intelligence might matter more than your business plan.
Here’s the one skill that’s a key sign you’ll earn money on a side gig.
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The EQ Edge
“A gigantic portion of [side hustle] work involves emotional intelligence pretty heavily,” Kyle M.K., talent strategy advisor at Indeed and author of “The Economics of Emotion,” shared with CNBC. “Every business is made up of people and every business serves a person.”
The whole point is that people with high emotional intelligence or emotional quotient (EQ) are able to navigate business with their people skills — and that’s invaluable.
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Beyond Data Points
Success isn’t just about market research. M.K. explained that seeing customers as real people — not just data points — helps you understand their shopping habits, price points and future needs. This insight helps shape products and services that resonate with the public.
The Customer Connection
Whether you’re streaming on Twitch or selling on Etsy, emotional intelligence drives repeat business. “A positive emotional experience for your customers,” M.K. said, ensures that they’ll return to your business — a lesson that’s important no matter how big or small your enterprise is.
Building Your EQ
Want to strengthen this important skill? Stanford psychologist Emma Seppälä suggests starting with emotion-led questions like: “How are you feeling about…” in conversations. The key? Actually listening to the answers — and then acting on them. By listening to your potential customers, you’ll learn everything you need to know about where you need to go.
The Self-Awareness Factor
Claire Hughes Johnson, former vice president of Google, recommended the following three-step approach:
- Write down what energizes you.
- Connect those values to your strengths and weaknesses.
- Ask trusted friends for honest feedback.
“Emotional intelligence is going to be a big pillar of the future of work, especially with AI taking care of a lot of operational things,” M.K. added. Developing your EQ now could set you up for long-term success.
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This article originally appeared on GOBankingRates.com: This One Skill Is a Key Sign You’ll Earn Money on a Side Gig
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