The vast majority of business owners fail for any number of reasons. They are unprepared for a major change in their industry. They run out of money before they find stable success. They over-leverage the few assets they have and wind up crushed. They are dominated by an established icon and major competitor. They do not ask for help.
There is a threat around every single corner. It really should not be am surprise that 8 out of 10 businesses fail in the first year and a half. An even smaller percent even turn a profit in the first five years, if they ever even manage to make it that long. The numbers are frightening, and help for small business owners should be a prerequisite.
Entrepreneurs do everything in the kitchen, and that can be entirely too demanding. Juggling every ball and wearing every hat are both major reasons why small businesses fail. Experts in the television show Shark Tank have continuously expressed one core idea in business. They are not just investing in the product, but they are investing in the person. Specifically, a great business is a combination of a fantastic person and a good idea.
A business coaching program can be an advisory outlet for a small business to develop internally. The product may be great. But, a business will live or die based on the person. They need a lot more than passion, which does not go far enough to build a small business to major profits.
Small business owners should be wearing all the hats. That is a major idea expressed with executive coaching firms. But, they should also know when they are not using their time wisely. They should know when they should pass that hat onto someone else. They also need the knowledge to teach that person what they know so they can grow the business outward.
Business coaching is also ultimately a way for business owners to collaborate and network. The program can teach starting entrepreneurs when to pass the baton, when and how to grow, and what to do against overwhelming odds.