Why Entrepreneurship Coaching?

2 February 2024

Running a business is challenging, and starting one from scratch is even more so!

Entrepreneurs convert ideas into marketable products or services, never taking their finger off the project’s pulse. As exciting as this work is, it’s also draining and full of ups and downs that can demotivate any entrepreneur. Entrepreneurs commonly ask themselves if their project is truly worth fulfilling.

And these insecurities are valid. Around half of all small businesses fail before hitting the five-year mark, and their owners may not earn much — or anything — while launching their initiative.

But entrepreneurs see beyond the odds – 96% of people who take this leap say they wouldn’t return to a regular 9–5 job. Entrepreneurs’ optimism and drive are admirable, and those who seek the support of a coach may find themselves even more motivated and less shaken by the less-than-favorable statistics.

What is entrepreneurship coaching?

Entrepreneurship coaching is a support service where a professional coach guides aspiring business owners to discover their strengths, areas of opportunities, motivations, and goals.

Entrepreneurship coaches help clients identify action items to build a viable business. The coach holds the client accountable for fulfilling these tasks and assessing setbacks honestly. With an emphasis on accountability and realistic goal-setting, an entrepreneurial coach is part cheerleader, part grounding force.

Entrepreneurship coaches foster success by:

• Ensuring a client ticks off action items on time

• Helping a client identify and navigate obstacles

• Sharing educational materials on starting a business

• Setting SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals

• Encouraging clients to be honest about insecurities

• Boosting a client’s confidence without inflating victories or ignoring roadblocks

• Celebrating milestones

ref: practice.do / blog

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