The Importance of Emotional Intelligence

intelligence, emotional In a room full of equally smart people the one who stands out is the one who appears as most interested. Emotional intelligence is probably one of the most underrated entrepreneurial skills. It was brought to mainstream attention by Daniel Goleman, in his book, Emotional Intelligence. It is the ability to identify, use, understand, and manage emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges and diffuse conflict. Technical skills and expertise is  the foundation of the product development stages. Conversely, a high degree of emotional intelligence is what will keep an entrepreneur’s company afloat. Networking, presenting, pitching, and working with others, all require a high level of emotional intelligence. Here are 3 important reasons why emotional intelligence is arguably just as important, if not more, than IQ.

  1. Building better relationships:

    The relationships you build will be the reason for profitable present and future opportunities. Relationships with business partners, employees, customers, and investors will drive the quality of work created, the workplace environment, and the appeal you have to potential investors and stakeholders. Building healthy relationships in the workplace means understanding the diversity in people’s behaviours, and adapting accordingly.

  2. Stress management:

    Emotional intelligence is said to moderate the relationship between mental health and stress. Being an entrepreneur isn’t the most stable of jobs, and the unexpectedness of it all can cause a tremendous amount of stress. People with high emotional intelligence can better reduce stress because of self-awareness. Goleman explains that self-awareness allows for people to identify the moment when stress is likely, and therefore calm-down before their stress becomes unmanageable. As well, empathy and social skills allows emotionally intelligent people to better communicate how it is that they are feeling and find solutions to such problems.

  3. Understanding your brand:

    Emotional intelligence is crucial for successful marketing. This is two-fold. For one, a marketer must be able to empathize with his target market. A person with high emotional intelligence will ask the right questions in order to understand the needs of customers. these questions relate to customer expectations, emotional factors that drive the need for the product at hand, and satisfaction that customers receive from the product. At the same time understand that your brand, must too, have its own emotional intelligence. In this day and age people define themselves based on the clothes they wear, cars they drive, the jobs they have, etc. It is the responsibility of the brand to represent its customers and adapt to the customers’ changing phases and behaviors.

Some can develop higher emotional intelligence through exercises and training. Google has even started giving emotional intelligence courses to employees. But let’s be realistic. For some it is just not that simple, and that’s perfectly fine. In such a case, entrepreneurs can benefit from partnering with individuals who have what they lack. It is important however to acknowledge that your IQ will only take you so far. At the end of the day, once you’ve developed a great product, what will draw investors, employees, and customers to your company is your emotional intelligence. You will have to communicate effectively with investors, overcome challenges and diffuse conflict in the workplace, and empathize with customers, all while managing your emotions, stress and other responsibilities. As the old saying goes, it takes something more than intelligence to act intelligently.

5 Must-See TED Talks for Entrepreneurs

TED Talks have a unique way of inspiring people to follow their dreams. TED Talks entail more than just watching people speak about their experiences. Viewers get a boost in creativity, and more importantly, exposure to perspective on a matter they hold near and dear. The words of another fellow entrepreneur that has gone through your struggles can introduce you to new strategies that you may not have thought of. Here are the 5 TED TALKS that every entrepreneur must take the time to watch. Take a gander, hopefully they will provide quality insight!

  1. Simon Sinek: How great leaders inspire action

This TEDTalk by Simon Sinek explores the idea of leadership and why some people are better at inspiring action than others. Starting with examples from Martin Luther King’s leadership in the Civil Rights Movement to Apple’s leadership in the business world, Sinek examines patterns that seemingly predict the success rates of various leaders.

 

  1. Navi Radjou: Creative Problem Solving in the Face of Extreme Limits

This TED Talk by Navi Radjou is about how to make something extraordinary out of very little (or nothing, in some cases). It’s a good one if you’re running short on runway. It’s also insightful if you don’t know how you’re going to do this while keeping your day job.

    3. Seth Godin: How to get your Ideas to Spread

This TEDTalk by Seth Godin spells out why, when it comes to getting our attention, bad or bizarre ideas are more successful than boring ones.

  1. Linda Hill: How to manage for collective creativity

This TEDTalk by Linda Hill is perfect for entrepreneurs trying to maximize the creative potential of their top teams. Exploring different tactics as they are used by some of the world’s most respected and most created companies, Hill examines the root causes for creative greatness.

     5. Bill Gross: The single biggest reason why startups succeed. 

Bill Gross attempts to quantify all the reasons why one startup might be more successful than another. As a serial entrepreneur and a mentor for other startups, Gross has had much experience in the business world. He’s seen great businesses fail and questionable businesses succeed. This experience drove him to quantify exactly why these differences exist.

Daniel Blumer Co-Founder Revols

Why Investors Like Startups Focused on Solving Social Problems

The social impact of businesses has been held to the highest of regards in the past decade. Part of the reason for that is millennials have grown up with a more socially responsible mindset than previous generations. Though this has now become today’s norm, many entrepreneurs have gone the extra mile by making solving social problems their main focus. Companies such as Thread International, TOMS, Belu Water, and CellInk are just a few example. With unfortunate social problems making news headlines, one thing is for certain, solving social problems has become what the corporate world would refer to as “good business”.

An uneasy relationship has always existed between investors and entrepreneurs when social problems were in question. If you planned on utilizing socially friendly practices the hope was that it did not excessively affect your profit margins, and if you’re main focus was solving a particular social problem the worry was that you wouldn’t be making enough revenue. All this to say that many investors were hesitant to put too much focus in such businesses. However, with changing societal climates, we are in the midst of a shift. What we see today is that investors no longer have to choose between money, and their values. Hence, the rise of sustainable investing. The reason for its rise in popularity amongst interested investors is simple. People want to make a difference, and figuring out which companies are truthful to their social initiatives has become easier to monitor.

Sustainable investing is a term for investment approaches that consider environmental, social and governance (ESG) factors and their impact. Point in fact, after the controversial era of banking secrecy, sustainable investing has come to the forefront and become one of the fastest growing segments in finance. It is an opportunity to make money and make a difference in the world. By acknowledging its importance and popularity, organizations have further facilitated and incentivized investments in companies focused on solving social problems. For instance, PME funded company Co-Power, identifies energy efficiency projects that generate, or are expected to generate steady, predictable revenue streams by either selling clean power or by reducing energy consumption.

With societal consciousness becoming of increased importance in today’s corporate culture, investors have begun to fish out companies promoting such agenda simply for positive PR. Genuine social impact companies integrate doing good into everything they do. Successful social impact ventures balance for-profit work with community-oriented resources. Failing to do so diminishes credibility and increases customer mistrust. Therefore, entrepreneurs should make a habit of working with institutions and platforms that help verify and certify social impact, examine their supply chain, look for like-minded investors, and build a team that understand the importance of its principles. Act on your beliefs instead of just talking about them.

Making the world a better place and making money can go together. Startups focused on solving social problems endure many challenges that other businesses might not. However, it is important to remember that this is a better time than ever before to appeal to investors. Assuming millennials continue to make social responsibility a priority when it comes to where they work, what they buy, and whom they support, it is safe to say that many investors out there are open and willing to contribute to a greater good.

PME Mentor: Nancy Cleman

Mentorship is at the heart of PME’s success. On this 18th anniversary, it would only be appropriate to give thanks to our mentors. Our mentors spend countless hours helping our entrepreneurs reach their full potential. We recently got the chance to catch up with our longtime mentor, Me Nancy Cleman. Nancy is a member of the Quebec Bar and the law society of Upper Canada. Over her years of experience, she has provided legal advice to a variety of corporate and commercial clients, including a range of industries such as software, fashion, film and services for the elderly. Nancy is also an accomplished speaker and author. Here are her thoughts on mentorship, and why it matters.

Q: What aspects of mentorship do you enjoy most?

A: What I enjoy most about mentorship is being introduced to entrepreneurs and learning about their visions. Speaking to them and offering guidance businesses they are seeking to build is an essential part of being a mentor. I enjoy offering perspective and working collaboratively with entrepreneurs.

 

Q: How can an entrepreneur make the best out of their relationship with their mentor?

A: The entrepreneur can make the best of the relationship by respecting the relationship that is being built with a mentor. As mentors, we get many calls, however often times there is no follow up. The relationship of mentor and mentee is one of respect and trust. Mutual trust and respect is the only way of getting the work done in an efficient manner.

 

Q: What advice would you give an entrepreneur thinking of working with a mentor?

A: It is important to listen and to be clear with the facts. Thank the mentor for his or her time. If you have an appointment then keep it or tell the mentor, you cannot make it. Mentorship is a rewarding relationship for both parties. As a mentor, I benefit from the opportunity to learn new things and share my experiences.

Our mentors are passionate people dedicated to helping others. With their help, entrepreneurs have been able to reach great heights. Thanks to the efforts and unwavering dedication of professionals like Nancy, we look forward to what the next 18 years have in store for PME.

Businesses You Didn’t Know PME Helped Propel

Over the past 18 years PME has helped guide many diverse businesses to success. Often, entrepreneurs come to us with just an outline of what they aim to achieve. With added assistance from our program leaders, mentors, and committee members, we are able to turn this vision into reality. Here are just a few notable mentions of companies that have been able to turn ideas into lucrative business opportunities with help from PME.

Budge Studios
Not only do they have millions of downloads for their games, they have become members of the PME committee. The mission of Budge Studios is to thrill, educate, and entertain children around the world through creative and innovative apps. They have won numerous notable awards for their accomplishments. This includes the Google Play ‘Best of 2016’ App Selection Award for their app, My Little Pony: Harmony Quest. Additionally, they won the Apple Store Best of 2016 for Miss Hollywood Vacation Canada. Budge Studios may be in the business of creating games but their business strategy and objective is rigid and direct. It’s all about being family friendly and universally playable.

Naked and Famous Denim
Naked and Famous Jeans has come a long way since we first met Brandon Svarc. Simply put, the company focuses on one thing only. As they so eloquently state: “No marketing, no washes, no pre-distressing, no nonsense. Just excellent denim at a reasonable price.” Naked and Famous Jeans uses Japanese selvedge denim which is woven slowly and painstakingly on old shuttle looms. Svarc travels to Japan numerous times a year to find new fabrics, and denim mills. Nicknamed the Willy Wonka of denim, he has been interviewed by popular publications such as GQ to share knowledge about his expertise. With all their products made and sewn in Canada,their sole purpose is to sell the highest level of quality to their end-user.

Copower
CoPower is where impact investment meets Wall Street. We met founders David Berliner, Larry Markowitz and Raphael Bouskila in 2013. Since then, CoPower has continued to strive and make the world a greener and more sustainable place. CoPower’s team works with clean energy firms to identify clean energy and energy efficient projects that generate steady and predictable revenue streams. CoPower is all about impact investing. For those of you who are unsure of what this is, impact investing is a strategy that involves the investing in companies and projects with the intention of generating measurable, positive, and environmental benefits alongside financial returns.

Revols
Not only are Navi and Daniel kick-ass entrepreneurs, but did you know they had the biggest kickstarter campaign in Canadian history? Revols has come a long way since its founding in 2014. Navi and Daniel were endlessly frustrated with finding the perfect pair of earphones. While they understood that ears are as unique as fingerprints, all custom-fit earphones came with a high price-point and long wait times. The dynamic duo decided to take matters into their own hands and create Revols: a pair of wireless customized earphones that provide the same comfort and sound benefits as traditional custom-fits, at a fraction of the cost and time.

All in all, PME has had some pretty driven, and ambitious entrepreneurs come through its doors. This is just a glimpse of many of our success stories. We provide them with the most essential tools entrepreneurs need in order to succeed.

PME Co-Founder, Jimmy Alexander

We got the opportunity to have a quick chat with PME co-founder, Jimmy Alexander. Since 1999 he has been an essential part of PME’s success. He had some insight to share about the program, entrepreneurship, the lessons he’s learned along the way, and what he anticipates for the future.

Q: PME has been around for quite some time now. Why did you believe it was necessary to start PME?

A: Back in the days of the potential referendum, or the potential loss of the referendum, PME was founded in order to help young Jewish people stay in Montreal. We went out and we asked a set of Jewish people what it would take for them to stay in the city. They all said job prospects and career opportunities. We figured, what better way to do that than to take on the Jewish adage “give a man a fish and he eats for a day, teach a man to fish and he eats for a lifetime.” We wanted to give young people an opportunity to learn business. We wanted entrepreneurs and community leaders to have exponential growth within the community, and provide them with great potential.

Q: What has kept you motivated to continue after 18 years?

A: Our success! It’s so gratifying. I’ve participated in many community projects and, by far, the PME has been the most rewarding. Creating something from nothing, and enjoying the success we have, is for sure the motivation behind PME. It’s not just about the company’s we’ve funded. Just the mere fact that PME exists sparks people’s interest in starting businesses.

Q: What have been some of the highlights as part of the PME Committee? Do any moments stand out to you?

A: How we define success would be that more people who have been recipients of funding will eventually join our board, donate to PME and community and help us perpetuate the fund.  Over the years, that is exactly what has happened. Right now, we thankfully have about four previous PME recipients sit on the board. That is by far, the most outstanding highlight to me! In a way it’s like meeting your grandchildren or great grandchildren!

Q: What is it about a particular business that makes it deserving of PME funding?

A: I think it’s two things. One, is the credibility of the plan. At its base, the idea, and where it fits in the shelf is crucial. In other words, how it is positioned within the industry it wants to be in is very important. The second aspect is the entrepreneur. The tenacity of the individual, their charm, charisma, and how they can explain the profitability of their business is equally as important. If they can’t convince a group like ours, who is really pushing for them to be successful, how are they going to convince others?

Q: Where do you see PME 18 years from now?

A: First of all, from a self-serving point of view I’d like to see my children or Stephen’s participate in the PME program. That would be great. We also actually started the plan for PME 2.0. I’d really like to see that grow into the next stage of PME. It’s a whole different ballgame, but we have a good plan set in place, and so continuing to build it and figuring out different ways of helping entrepreneurs is the goal.

Q: What do you believe is the biggest lesson you’ve learned over the years?

A: One of the biggest lessons we’ve learned, and taught many of our recipients, is that you show up day one with your plan and idea. However, you may have to adapt and change and deviate from what you originally set out to do. Making changes, while progressing is what keeps us successful. We’ve learned a lot, and more importantly, we’ve been very fortunate to have a very engaged board that has helped us along the way.

It is because of the dedication of community leaders like Jimmy Alexander that PME has seen great success. Starting and leading such a program comes with its set of challenges. However, with passionate people leading PME, the obstacles and challenges make for great lessons and brighter futures.

ProMontreal Entrepreneurs(PME) Support

Learn To Be

Reflecting on the Past 18 years

Rosh Hashanah is a time for reflecting on the past, and anticipating what is to come. As this year is ProMontreal Entrepreneurs (PME)’s 18th anniversary, this Rosh Hashana is rather special. PME has come a long way since 1999. What started off as a small initiative to support Montreal-based businesses, has become a community movement that has much to be proud of. Over the years, the PME program has helped countless people scale their businesses, receive business training and coaching and connect to investors and mentors. Through our PME fund, we have helped propel and create over 71 startups that have created  over 800 jobs and have an estimated value of over 45 million dollars.

Without question, making PME a success takes a village. Thankfully for us, the village behind our success is one of support and unity. As a matter of fact, one of our greatest assets is our PME committee, comprised of a dedicated group of community leaders working to help our entrepreneurs reach higher levels of success. Along with our group of accomplished and knowledgeable mentors, the committee assists our entrepreneurs in solving the short term and long-term problems of their businesses. The bond built between all parties affiliated with PME reinforces the values of education and community.

Though the past 18 years have given us much to be proud of, we equally look forward to new beginnings. As PME expands and branches out into new endeavors, this will be another year of new challenges and accomplishments. In order to further reinforce PME’s mission of helping young entrepreneurs, we hope to develop new ways of collaborating with diverse entrepreneurs by helping them ignite their business ideas.

All in all, while we will continue to bring life into business in this coming year, we wish all members of the Jewish community a shana tova!