Answered: Give an example how you would apply…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Question 14: Give an example how you would apply Emotional Intelligence in managing the partnership

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Expert Solution

Step 1 INTRODUCTION

EMOTIONAL INTELLIGENCE: Emotional intelligence is the process of managing and controlling emotions, positive responses, stress, ethics, judgment, and communication to create a stress-free working environment and focus on empathetic team efforts. In simple words, it is the process of reducing conflict through clarity in underlying, team support, participation, healthy discussions, etc. Through this process, the management makes efforts to minimize the mental pressure of work and environment so that each one is relaxed and optimized for showing the fullest capacity.