This is an Effective Business Coaching for Young Entrepreneurs. In fact, Business coaching for entrepreneurs is very necessary for a successful business enterprising. The importance of coaching and mentoring in entrepreneurship can not be over emphasised. Therefore, Entrepreneur coaching services require specific entrepreneur mentor programme.
In fact, the neglect of this accounts for some of the reasons why some businesses fail. Therefore, if you are a young entrepreneur this article is for you. If you have been struggling to get your business on its foot, this article is for you. If you are intending to get into one form of business or the other, this post is for you.
How to Succeed @ Effective Business Coaching for Young Entrepreneurs
Table of Contents
This post will teach how to succeed in your business. It will highlight the common pitfalls that could occur if a business mentor/coach is not involved. It gives a list of what the business coach offers you, and helps you develop the idea you need to implement what the business coach teaches you. To start with, you need to know who the coach is.
Who is a business coach?
A business coach is one who provides positive support, ideas, feedback and advice on an individual or group basis to improve your personal effectiveness in the business setting. Business coaching is also called executive coaching, corporate coaching or leadership coaching, because it involves in most cases coaching the executive/business owners. Coaches help you advance towards your specific business goals.
Business coaching is a form of partnering with you in a thought-provoking and creative process that inspires you to maximize your personal and professional potential, which is particularly important in today’s uncertain and complex business environment.
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What is business coaching?
You are conversant with what the football coaches do, are you? What does he do for the footballers?
- selects the good players
- organises the players
- stays in the field of play with them
- watches how they play from the periphery of the field
- shouts to correct them
- builds confidence in them
- organises them for competitions
- And lots more
Why Do You Need Effective Business Coaching for Young Entrepreneurs
You need a business-like-football coach.
What then does the business coach/coaching offer you?
- He will offer you among others, the following:
- He will give you personal attention. You will have him to yourself to relate with and ask questions, and get directives.
- The coach will teach you how to generate business ideas and how to realise the
- He will be addressing your weak points. As you interact with him, he will note your weak points and address them
- He will address your SWOT analysis. He will study and address your business strength, weakness, Opportunity, and threat.
- By these he builds your confidence. Your personal and business esteem grows.
- He will teach you how to deal with different type of people you would come across in your business relations
- The coach will teach you how to manage your business risk, prioritising your business risks at all times
- He will teach you how to manage your employees, especially on employee retention.
- He will teach you financial planning. Good budgeting is very important for business success,because how you manage the cash inflow and outflow determines your business stability.
- With all of these, your business network increases, and
- You will make more money.
There are still more that the business coach can do for you. Like the football coach he will sometimes be inside the field of play or stay outside the field to watch the players play. That is the business coach for you.
Steps in the implementation of the business coaching ideas.
If you are a beginner, and in fact at what level of business activities you are, you can take the following steps to actualise the coach’s /mentor’s inspirations.
- Make initial overview/survey/research of what business you want to venture into
- Get a business plan. You can do this on your own or your coach will do it for you. The business plan should be able to define your equity, CAPEX, OPEX, Marketing strategies, Break Even point, and other financial analysis.
- Register your business. No one would like to deal with an unregistered business
- Plan a take off and start the business, watching your business plan.
If you have gone through this post, you would agree with me that business coaching for entrepreneurs is very necessary for a successful business enterprising. You can now agree with me also that entrepreneur coaching services require specific entrepreneur mentor program. The SWOT analysis will reveal the firm’s specific needs which the coach will address.
The Role of A Coach @ Effective Business Coaching for Young Entrepreneurs
Furthermore, the role of a Business Coach is to coach business owners through guidance, support, accountability and encouragement. By these, Business coaching helps owners of small and medium sized businesses with their sales, marketing, risk management, cash flow management, administrative management, team building and so much more. Most importantly, just like a sporting coach, your Business Coach will make you focus on the game.
executive coaching is a professional service that focuses on developing the leadership skills of the coachee (executive) –the skills need to drive and manage change, build highly productive teams, manage time, and thrive in the most challenging and complex situations through a high level of self-awareness.
In fact, if you are a beginner in business, I will give you 12 months free coaching. Just click here for contact.
Again, get more information about your business in this website. Everything you need starting from accounting and auditing, taxation, business plan and feasibility studies, business incorporation including getting your mining licences are covered fully.
Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.