Why Entrepreneurship is an Emotional Thing
Some people believe that business has no place for emotions, but this couldn’t be more wrong. Emotions are a critical component in everything humans do, for better or for worse. Emotions play a huge role in business and in the success of your business. People utilize their emotions in business dealings all over the world.
Emotions influence teamwork, customer satisfaction, manager-employee relationships, and employee and customer retention. Plus, the brain’s emotional state affects decision-making, planning and negotiating, and creative thinking. More so than this, emotions have a huge impact on the number of sales you make, the amount of money you make, and overall whether your business makes it or breaks it. It simply is not wise to run your business in an emotional vacuum.
Are you surprised to learn that customers report a higher satisfaction rate when a staff member really seems to understand their problem? Engaging on an emotional level can be relatable. Employees, colleagues, and managers working together also appreciate an emotional connection. When you feel understood, you work better, and faster, and end up with a stronger and longer-lasting team.
Emotional Intelligence Sets You Apart from the Crowd
In today's hyper-competitive landscape, it seems increasingly difficult for companies to differentiate themselves from the crowd. Every company seems to blend in with the others. Many appear as grey, monotone operations that can’t truly connect with their audience. And yet it is that emotional acuity that can truly connect a business with its customer base.
The fact of the matter is that people are making buying decisions based on emotion. Almost everything we do as humans are based on emotions. As entrepreneurs and investors, we see this happen all the time. In fact, we argue that emotion drives most buying decisions these days.
It is important to remember that people don't buy a product. Instead, they buy a story. And stories that have an emotional component. Why? Because people want to feel good about the products that they purchase. Gone are the days when having a superior product or impeccable customer service gives companies a competitive advantage. Customers already expect an extremely high level of service, and that is why you need to differentiate yourself by tapping into their emotions.
We Understand the Emotional Connection
Here at Pluribus Technologies, we understand that business owners have an emotional attachment to their companies. When we conduct acquisitions, we understand the business owner is approaching the acquisition from an emotional standpoint. There are several emotions that business owners go through when they turn their company over to Pluribus Technologies.
Exhilaration: Exhilaration is a predictable emotion once you consider the fact that you’re about to take a huge leap and sell your company. You’ll likely feel energized and confident because, despite the myriad of uncertainties, you’ve been assured the sale will result in massive growth. Your legacy is secure.
Loneliness: Once the initial excitement wears off, reality starts to take hold. For many entrepreneurs, the next emotion they experience is loneliness. They feel as though they have abandoned their company and the patterns that accompanied it, and this can often feel like starting over.
When we are acquiring a new company, we understand that emotions are going to be part of the package. We work hard to assure the entrepreneurs that leave their legacy in our hands and not to worry. Growing successful companies and finding synergies between the companies in our family is what we’re all about. Are you an investor or business owner looking to invest in another company or sell your company? Learn more about our investment philosophy today!