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For many years, a high intelligence quotient (IQ) was thought to be the primary factor determining an individual's success as a leader, but numerous studies point to a direct correlation between high emotional intelligence (EQ) and effective leadership. While IQ certainly plays a large role in determining an individual's cognitive ability and academic skill (i.e. "book smarts"), it is EQ that determines an individual's ability to understand, empathize, and connect with their teammates on an emotional level – qualities that are essential in good leaders.

There are many threats to your business. These include outside threats that are likely very specific to the type of business you are in, and dealing with them may require very specific responses. But there are also threats from within that are common to all business, and they have to do with leadership.

How are competencies and threats related?

Part of what makes a business leader successful is being able to figure out how to run a company better and, crucially, more productively. Often this involves identifying and eliminating inefficiencies and duplicated resources, as well as making sure the best possible team has been assembled with the right qualifications. But the irony is that, in doing this, we often neglect to try to improve one of our most valuable qualities, that of leadership and the ability to inspire and to motivate.

Every successful manager knows the modern company must change with the times, adapting to new technologies and strategies in order to remain successful. Boards, committees, or departments can construct detailed plans on how a company will transform to meet these evolving challenges. Money will be spent, man hours will pile up, and countless emails will be written. Great ideas may start from just a few people, but unless your employees are engaged in helping those changes take place, implementing them can be an exhaustive process that may never provide the desired results.