Top 7 Ways Coaching Can Increase Success for Entrepreneurs

Entrepreneurs, founders and business owners face unique challenges when it comes to their working lives. For example, once you’ve had your first taste of success what’s your next goal? For many people, money is a huge motivator but is not always the single biggest driver, so how do you know what drives you beyond paying the household bills or covering your business costs? Maybe you are thinking about starting your own business or are already a founder of a business looking to scale up. Maybe you are running a social enterprise and your drive to succeed is based on your contribution to the community but you’re wondering how you can expand.  Once you’ve established that your business or side hustle can indeed pay the mortgage, what’s next for your ambitions? Maybe having achieved that first goal, you’re not sure what you need to do next to stay on track. How do you find out what else motivates you when you’re uncertain yourself?

Founding your own business takes both courage and graft. Some business owners can find themselves head-down, nose to the grindstone working all the hours in the day just to get their business off the ground only to find themselves unsure of what their next move should be once things are up and running.

Do you even know what success looks like for you and your business?

I deliberately say ‘you AND your business’ as it is easy to get caught in the trap of not separating yourself as a human being from the success or indeed failure of your business.  It’s an important distinction that I learned early on and has served me well.

In addition, our motivations can change over time. A mortgage or additional rent or lease can be a path of much careful navigation and balance. If you have single handedly made your business a success, you might find you are feeling stuck to consider how to grow your business further or uncertain on what direction you need to take to flourish and thrive.

It might be that you have been so head down into the detail that you’ve not had a chance to see how the external landscape is changing. Having been so sure in the first place that your idea for a business was good and having made it happen, it can be disorientating to realise you are no longer as sure footed as you once were about what is next.

Unlike leaders inside a larger organisation, if you’re an entrepreneur, you may not easily have access to a network, a mentor or coach who is able to challenge and support you on a regular basis and you may not have access to leaders around you with complementary skills to yours and expertise in areas where you may lack experience or knowledge. Executive Coaching helps you explore your skill set and identify gaps and ways you can potentially fill them.

It can also be very lonely being an entrepreneur or founder. It’s not just the hard business skills you need to be confident in, but you are navigating it potentially without the emotional support from peers or someone to talk through options and decisions or share dreams and aspirations. Working with people is different when everyone in the team is your employee. Let’s face it, no one is entirely relaxed around their boss and equally, there are some things that as a leader you just can’t share with your employees.

Sometimes talking things through is easier with someone impartial, a coach who can remain objective, supportive and non-judgemental.

So, how can coaching help entrepreneurs and business owners?

Here are my top 7 ways coaching delivers increased success for entrepreneurs and business owners.

1. Personal growth

Building a business is not just about professional success; it also involves personal growth. Coaching can support you in your personal development journey, helping you overcome unhelpful and limiting beliefs, develop resilience, improve self-confidence and foster a growth mindset.

2. Objective perspective

A coach provides an external, impartial and objective perspective on your business and personal development. They can offer unbiased feedback and insights, helping you see things from different angles and consider alternative approaches.

3. Accountability and focus

As entrepreneurs and founders are often responsible for managing various aspects of their business, it can be easy for you to get overwhelmed with the ever changing economic landscape.  A coach is like having a champion who supports you to stay accountable to your goals, provides a framework and assists better self-management, prioritising and encouraging you to stay on track and make desired progress.

4. Skill development

No one can possess expertise in every area of business. Coaching can identify skill strengths and gaps to help you develop the specific competencies needed to succeed. Whether it’s sales, marketing, leadership, or financial management, an entrepreneur coach can be a great thought partner to consider how best you might access other professional resources to enhance your current skills and learn new ones.

5. Cultural and Leadership development

Business ownership can be exciting yet also lonely and sometimes emotionally challenging, filled with uncertainty, stress and self-doubt. A coach offers you a supportive and confidential environment where you can express your concerns, fears and frustrations. They can provide encouragement, provide strategies to better manage emotions and improve your confidence and self-esteem.

6. Faster problem-solving

Entrepreneurs, founders and business owners face a wide range of problems and decisions on a daily basis. A coach with experience and expertise can help you navigate challenges more efficiently. They can offer alternative solutions and help you make well-informed decisions, saving time and minimising potentially costly mistakes.

7. Wellbeing and longer term success

Coaching is an investment in both your personal and professional development and can have a significant impact on your personal well being. Wellbeing for you and your employees is a key enabler to any business.

Ultimately, for any entrepreneur finding suitable career coaching can accelerate your learning curve by providing valuable insights and support and increase the likelihood of you achieving your business and personal goals.

Are you feeling stuck and frustrated?