This is How Genuine Empathy Ensures Entrepreneurial Success Merciful is Twice blessed is true for entrepreneurs as well if they possess that virtue
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
During my recent business camp of Youngpreneurs, one of our curious participants asked me about the most important personality trait of successful entrepreneurs. Do you want to guess what my answer was?
Empathy! Yes, to me, empathy is vital to succeed and make it big as an entrepreneur. According to a Lady Geek Global Empathy Index report, which was quoted in Harvard Business Review, "There is a direct link between empathy and commercial success. Businesses are more profitable and productive when they act ethically, treat their staff well, and communicate better with their customers."
Now the question comes - how empathy can make all these things happen.
This is what I am going to discuss the next. After reading this article, you will know how being empathetic can maximize entrepreneurial success. Let's dive in:
Empathy Creates Customer Loyalty
Ask anyone about their worst experience while dealing with companies; high chances are you will find the most incidents resulting from the lack of empathy. It is human nature that we want to be treated well. How will someone feel if a customer representative of a company can't provide them with the solution to their problem after spending a significant amount of time on communication? Of course, that person will not feel good, and I don't think that person will buy again from that company or recommend it to any of their friends or relatives.
Your job, as an entrepreneur, doesn't end once you have sold your products or services. Without providing utmost satisfactory customer support, you cannot truly remove the pain points of your customers. To do so, you need to have genuine empathy for your customers. If you care about your customers, they will not only buy from you but also recommend you to the people in their circles.
Empathy Builds Productive Work Culture
"Take care of your employees, and they will take care of your business," says business magnate Richard Branson, the founder of Virgin group.
Only an empathetic entrepreneur can work toward taking care of employees. If your employees are happy, it will eventually promote positive work culture. And a positive work culture boosts productivity. On the contrary, if you are un-empathetic to your employees, it will increase the activation in areas of their brains, which is linked with negative emotion and avoidance, reports brain-imaging study.
Empathy Strengthens Relationship with Vendors
A successful entrepreneur has strong, healthy relationships not only with their employees and customers but also with vendors. However, it has been seen that sometimes entrepreneurs overlook their vendors. For an entrepreneur to succeed, it is very critical to maintain a strong relationship with vendors.
Do you pay vendors on time? Do you understand what your vendors want from you? If not, you will not able to build a strong relationship with your vendors. An empathetic heart would always work towards knowing vendors' expectations so that a mutually beneficial cooperation can be established.
Empathy Helps You Build Network
Needless to say, having a large network is a plus to grow your business. Whether you are going to launch a new product or you have a new business idea and you want to implement it, a strong network of business people can guide you to succeed. That's the reason why businessmen often found saying network is net-worth. Can you build a strong network without having an empathetic heart?
The answer is no. People in every network, be it business or personal, always help each other. If you don't have an empathetic heart, it will not be easier for you to connect with more people and build a strong network. Most entrepreneurs with the strong network have genuine empathy, and they are always ready to lend a helping hand to the needy.
Empathy Will Make You a Happy Entrepreneur
An entrepreneur with an emphatic heart is more likely to treat stakeholders the way they wish him/her would treat them. Also, as an empathetic entrepreneur, you will better understand the needs of your customers, employees, and vendors, which will eventually help you grow your business.
Empathy makes it easier for you to deal with the negativity of others as you can better understand their fears and motivations, which will empower you to respond positively.
In a nutshell, by practising empathy, you will be more happy and relaxed doing your business. And with the power of empathy, not only you will do business happily, you will thrive as well.
Being a true entrepreneur means removing pain points of your target audience, taking care of your employees, improving the relationship with your stakeholders, and doing networking. You cannot be good on these fronts unless you have genuine empathy.
It is not always that people are born with empathy. One can learn to develop empathy as well.