Recent data reveals that more than a third of U.S. adults engage in side hustles. Kyle M.K., author of "The Economics of Emotion" and a talent strategy advisor at Indeed, has discovered a common trait among those making the most money - an abundance of emotional intelligence. M.K., who ran a customer experience consulting firm for eight years before joining Indeed, emphasizes that a significant portion of side hustle work heavily relies on emotional intelligence. As he states, "Every business is composed of people and serves a person. Without a good understanding of people and ourselves, it becomes challenging to perform the work we aim to do."

Emotional Intelligence: A Key Skill in Business

Emotional intelligence, also known as emotional quotient or EQ, is a valuable skill for developing business strategies and customer-facing tasks. By understanding what others need in their lives, one can build products or services that offer useful solutions. Considering the audience as real people rather than data points allows for a deeper understanding of their shopping preferences, willingness to pay, and additional purchase desires. Personally connecting with customers also boosts sales. For example, Twitch streamers need to connect with their viewers, Etsy and Amazon sellers need to provide excellent customer service, and Uber drivers need to gauge the comfort levels of their passengers. In essence, investing in creating a positive emotional experience for customers leads to their return, regardless of the business size. M.K. believes that emotional intelligence will be a crucial pillar of the future of work, especially with AI handling many operational tasks.

How to Practice EQ Skills

Developing emotional intelligence can benefit not only side hustles but also overall personal growth. Stanford University lecturer and psychologist Emma Seppälä stated in April that it can enhance creativity, form deeper relationships, and lead to greater fulfillment. To better understand how others process the world, EQ researcher Jenny Woo recommends asking emotion-led questions like "How are you feeling about..." or "What are your thoughts on..." during conversations. However, it's important to only ask about topics one genuinely wants answers to, as listening to responses is crucial for gaining empathy. Improving self-awareness is also beneficial. Former Google vice president Claire Hughes Johnson wrote that understanding one's strengths and weaknesses is essential for success at work and maintaining relationships. She suggested a three-step strategy: writing down values and ideas that give energy, thinking about how those values contribute to skills and deficiencies, and seeking feedback from trustworthy peers or friends if stuck.

Benefits of Emotional Intelligence Beyond Side Hustles

Emotional intelligence goes beyond side hustles and has a wide range of benefits. It helps in better communication and conflict resolution in personal and professional life. With higher emotional intelligence, one can handle stress more effectively and maintain a positive attitude even in challenging situations. It also enables individuals to adapt to changes more easily and build stronger teams. For instance, in a team environment, those with high EQ can understand the emotions and perspectives of their teammates, leading to better collaboration and productivity. Moreover, it enhances leadership skills as leaders with emotional intelligence can inspire and motivate their teams effectively. In conclusion, emotional intelligence is a vital skill that can have a profound impact on various aspects of life and work.