Business Coaching:
Not Just for Famous Entrepreneurs

Many well known and famous entrepreneurs have business coaches but it it now becoming recognized more widely that having a business coach is essential to success.

Business Coaching Insight:

A business coach should be a core part of your advisory team alongside an accountant and solicitor

Business coaching can certainly iron out the learning curves and also enable you to reach your business goals much quicker.

Whilst every business is different there is a formula to achieving business success. Once you've successfully grown one business, you can apply many of those same principles to others.

Famous entrepreneurs like the Richard Branson's of this world, know what the formula for business success is and so do business coaches. You can either waste a lot of time, money and effort working it out for yourself or you can invest in a business coach.

Even already successful or famous entrepreneurs recognize the value in having a coach.

Why hire a business coach?

Professional business coaches are trained in all the areas that are necessary for business success and many are even successful entrepreneurs in their own right.

They have valuable knowledge and training coupled with the fact that they are an independent viewpoint. They will see what your customers see and they'll give you truthful feedback.

A business coach will provide you with an honest assessment and develop you in to an effective business leader.

What can you gain from business coaches?

With small businesses the business coaching process may well focus on things like writing a business plan, getting well organized, getting your systems working better, sorting your marketing out etc. There may be a particular area that you know needs strengthening in your business.

Larger, more established businesses, often have different requirements and the focus is more likely to be on issues like business leadership skills or how to achieve big expansion goals.

Business coaches also help businesses find focus, get direction, become streamlined and efficient and well managed.

Most importantly, what many business owners don’t realize initially is that a major benefit of business coaching is that they will discover personal insights into themselves so they can become a better operator and leader.

Key things to learn from famous entrepreneurs

You can also learn a lot from studying famous entrepreneurs although there's no substitute for having a coach in your team championing your business.

Our advice would definitely be to immerse yourself in the biographies of other people who have achieved great success and to note and apply the key lessons they've learned. Use these famous entrepreneurs as mentors, for example:

  • Steve Jobs – branding and innovation – Apple’s success at constantly creating new products has been astounding
  • Richard Branson - branding, marketing and values – Branson’s sense of fun is imbued throughout the brand and organization whatever industry he enters
  • Henry Ford - know what your customer wants – Ford knew his customers wanted affordable cars so he famously gave them mass-produced cars in any colour as long as it was black!
  • Anita Roddick - carve out your niche - socially responsible cosmetics were a totally new concept when Body Shop launched
  • Oprah Winfrey - surround yourself with a great team of people – Winfrey is a genius at attracting and surrounding herself with a great team
  • Warren Buffet - focus on what you know and what you’re good at – Buffet has become tremendously wealthy by not

Business Coaching Questions:

  • Where would you like your business to be in six months time?
  • What is getting in the way of achieving this?
  • What specific things would you want a business coach to help you with?

Entrepreneurs: The steps to becoming a true entrepreneur

There are different levels or steps to becoming a true entrepreneur with different traits required at each.

Distinctions: What to expect from business coaching compared to other services

There are many business services available and knowing how they all will make it easier to decide what's right for you

Benefits: How working with a business coach could help you

Find out the typical benefits experienced by businesses who hire a business coach

Choosing a coach: What to ask

You should interview business coaches before hiring them. Find out what to consider and what to ask

Turnarounds: Can a business coach prevent failure?

Most business coaches work with businesses to help them become even more successful but some specialize in turnaround situations.

Go to the business coaching insights home page from learning from famous entrepreneurs