By Adam Stott, award-winning entrepreneur, international business and wealth coach and founder of Big Business Events
A business coach not only needs to be able to talk the talk, but also to have walked the walk.
It was after I had gained a huge amount of knowledge and experience running a motor retail business employing hundreds of staff and selling thousands of cars a year that I moved into the business coaching arena.
When it comes to revealing the formula to becoming a successful business coach I need to go back to the very beginning. By that, I mean before I started in business and, had any experience.
What I did have was a thirst for knowledge and discovery, so I started to read a lot. I read every single business autobiography I could find to immerse myself in that world. One of the first ones that I ever read was penned, which is quite controversial, by Donald Trump called The Art of the Deal. It got me into the mindset of someone that was going out there doing business every single day.
Richard Branson was next on the list and after that, I just read every single entrepreneur's autobiography and business book I could get my hands on. I didn't just confine myself to books, but also soaked up as much information as possible from magazines and articles, and watched business-orientated videos.
I learnt a whole raft of valuable lessons that led to me forging a successful career in the automotive trade. I have not lost the habit of continually absorbing information and knowledge to this day. Expanding your know-how and keeping up to date with the latest trends is crucial to a successful business coach.
Confidence, resilience, and the capability to communicate are also among the essential attributes. The ability to put a message across in an entertaining and informative way is crucial.
In addition, I never have lost my enthusiasm for engaging with people from all walks of life and at many different stages of the business journey. Nothing gives me a bigger buzz than to hear that my advice has led to someone's business concept thriving and flying high.
Being a business coach is a two-way exchange. It is not a question of spouting off and letting your opinions run riot. Do not forget that old saying, "You have two ears and one mouth", and I believe that is a particularly good adage. It is imperative that a business coach listens to what people have to say rather than being the person who's always talking and never shuts up.
You need to discover would be entrepreneurs' needs, goals, and aspirations, where their business has come from and which direction they want to steer it in. Being direct and straight-talking is necessary and something I have the confidence to do. However, I temper this directness by being approachable and friendly.
Shillyshallying around subjects, particularly if they are difficult ones that clients are unaware of or are scared to confront, only lets their substandard business practices off the hook. Having said that, while a business coach must flag up poor aspects of a business's operations there is no need to do this in a negative discouraging manner.
Criticism should be coached constructively and push the notion of how a negative can be changed into a positive. Advice needs to be forward, not backwards-looking and produce upbeat solutions. My coaching business was born after I realised how much I knew, how far I had advanced, and the extent of the intellectual property I possessed. I put it to the test which proved there were people who wanted to purchase that 'capital' from me.
Tutoring business leaders, both new and more established, requires real passion as well as a desire to help make things happen. Being outgoing, sociable, and confident are vital qualities.
One thing's for sure business coaching is no place for shrinking violets!
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