When we first look towards setting up our own businesses, there are a whole host of aspects that we consider, before zeroing in on the niche that we wish to operate in. These aspects could be what’s “hot” in the market currently; our own qualifications, experience and expertise in a particular area; existing family businesses; things that we hear from friends and family, and of course our own passions. Considering the numerous possible drivers behind the eventual business idea that we finalize and work towards in setting up our own businesses, making that very decision in terms of the particular niche to function in, itself becomes a formidable challenge.
It is in this regard that the presence of an experienced business coach goes onto make a huge difference. For instance, considering that among the above mentioned aspects, we choose to go with our passions alone, as far as the business domain in which we are to operate is concerned, an executive coach will weigh the pros and cons of doing so, appropriately. Often, simply going by our gut feeling may not be feasible. We need to look at various extraneous factors such as the current and projected demand for the goods or services that we intend to produce or provide, respectively. Similarly, we also need to consider the factors that might go on to affect demand, such as seasonal factors, demographics, psychographics, etc.
Any new entrepreneur will definitely find the going, extremely tough. Considering that today, there are various entrepreneurial ventures started by young entrepreneurs, either straight out of college or perhaps even while they are still in college, the need for executive mentoring is felt that much more. All young entrepreneurs raring to go, inspired by the success stories of individuals such as Mark Zuckerberg of Facebook or Sergei Brin and Larry Page of Google, must not forget that the majority of such ventures in fact fail, most within the very first year of operation.
Of course, this is not to deter you in any way, in your entrepreneurial pursuits; rather, the above mentioned aspect reminds you of the fact that you must proceed with caution, keeping in mind various extraneous factors affecting the overall environment in which your business would be functioning. Just in case you find yourself unable to tie in all the loose ends, all by yourself remember that an effective life and business coach could help you do the same with absolute ease.
Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions! And also, you can click on the Twitter button below to retweet this article…Thank You!
John Curran, Certified Master Coach and NLP Practitioner
Author, Teacher, Business Coach, and Inspirational Speaker
CEO and Founder of Coach Curran International
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