Weekly Business Insights from Top Ten Business Magazines | Week 293 | Entrepreneurship Section | 2

Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 293 | April 21-27, 2023

7 Reasons Why Every Serious Entrepreneur Needs a Business Coach

By Clate Mask | Entrepreneur Magazine | April 27, 2023

Listen to the Extractive Summary of the Article

If you own a business but are on the fence about getting a business coach, seven reasons a coach is crucial for every entrepreneur are:

1. A good business coach helps inform your strategy.  As your company’s founder, you clearly have some experience, either in your industry, your role or both. But no matter how much experience you have, you can benefit from more. Since there’s a limit to how many businesses we can create, grow and exit in a single lifetime, the best way to gain another lifetime of experience is to draw on someone else’s.  When you choose a business coach who either has firsthand experience doing what you’re trying to do or has empowered others to succeed on the same path you’re on, you’ll get insider access to their knowledge and strategic guidance.
2. They help you identify your strengths and weaknesses.  The best business coaches see you for who you really are, both in the areas where you shine and the areas where you need extra help. They’ll work with you to create a plan to double down on your strongest traits and to find ways not to let the weakest ones encumber you.
3. Business coaches fill a unique and necessary role.  One of the most important criteria when choosing a coach is to choose someone with no financial stake in the business. They also shouldn’t be related to you or have a vested interest in the business for any reason. This keeps your coach unbiased and working solely for the company’s good, which is a refreshing — and essential — need in a growing organization.
4. They’re not afraid to challenge you.  Along the same lines as the point above, a business coach can and should regularly challenge you. Even if it feels more harmonious to work with people who share your vision and are on board with your plans, it’s helpful to have someone in the role of constructive dissenter.
5. A business coach is prepared to hold you accountable.  A business coach is likely the only person who will feel comfortable speaking up if you’re not following through on your commitments. Even if you are, they can check in to ensure you have what you need to be successful and have a sounding board if necessary.
6. They’ll make you better.  Business coaches should not only point out your flaws but should also encourage you to face up to them. Sound uncomfortable? It certainly can be. But the health and future of the business depend on you being aware of your shortcomings and then working to change them. In other words, the growth of the business starts with your own growth, and a business “““““`coach will help you achieve both.
7. Great business coaches will unlock your business’s full potential.  Combine all of the reasons listed here, and what do you get? An organization that is poised to improve and thrive. Without a coach, you may still get far. You might even do great things. But with a coach, your potential and your business’ potential will have significantly greater odds of soaring.

A key takeaway from the article is

1. If you own a business but are on the fence about getting a business coach, seven reasons a coach is crucial for every entrepreneur are:  a good business coach helps inform your strategy, they help you identify your strengths and weaknesses, business coaches fill a unique and necessary role, they’re not afraid to challenge you, a business coach is prepared to hold you accountable, they’ll make you better, and great business coaches will unlock your business’s full potential.

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Topics:  Entrepreneurship, Mentoring, Startups