Inside the Mind of an Entrepreneur

What do a confessor, defense attorney, and business coach have in common? Turns out, it’s plenty! Just like a rabbi or priest, a business coach gets a unique look into the minds of entrepreneurs—confidentially, of course.

As a trusted confidante and advisor, a business coach is privy to the true needs, wants, and desires of small business owners before anyone else. Consequently, coaches have intimate knowledge of the challenges causing entrepreneurs the greatest angst…and what can be done to tame the beast.

1. 1. Searing overwhelm and grueling stress.
      There are several contributing factors to this predicament. stress and overwhelm are triggered by ill-informed decisions that pull a business off course. Without the guidance of a strategic plan, little time for strategic thinking, and absent performance indicators, it’s easy to see how this occurs.Solution:
      • Create your strategic plan and stick with it.
      • Allocate sufficient time for strategic thinking and planning.
   2. Difficulty adapting to rapid technological changes.
      Unmistakably tied in with the minimal time allocated to think, plan, and work on the big picture of the business, many entrepreneurs find themselves being left behind technologically. Not only does this create a loss of business efficiency, it causes many organizations to lose valuable clients.Solution:
      • Engage a provider well versed in all things related to technology.
   3. Inability to innovate quickly enough to keep up with the shrinking product/service life cycle.
      Tied to an inadequate amount of time for long term thinking and planning, many companies becomes trapped in irrelevance, losing market share and suffering a drop in revenue.Solution:
      • Allocate regular planning sessions.
      • Follow industry trends using tools like Feedly.
      • Transform your organizational culture to one with innovation built into the system.
   4. Struggle to identify resources that fit into the budget.
      It seems as though a majority of service providers target big corporations to sell their wares. This can limit the resources available for the smaller business. Along with the so-called “big bucks” from the big corporations, however, come stiffer competition, longer sales cycles, and red tape to match.Solution:
      • While networking, whether it’s online or offline, develop relationships with qualified individuals who provide excellent service at a fair and reasonable price.
      • Ask your colleagues for recommendations.
      • Keep your eye out for special deals.
   5. Battle to find qualified, skilled staff.
      Yikes. This is a huge frustration. Hiring and training is an enormous time commitment that is stressful for many business owners. And, if employee turnover is high, it’s very costly.Solution:
      • Share open positions with your colleagues.
      • Don’t settle for less than you need.
      • Engage the services of HR experts like MJ Management Solutions, Inc. and The Works Consulting to coach you through the process to find the perfect fit.
   6. Distress over proficient, talented service providers.
      This is quickly becoming one of the biggest challenges for entrepreneurs who are growing rapidly. Tactical service providers are no longer adequate for a 21^st century business. What’s needed are service providers that truly partner with a business, understand their big picture, and are instrumental in advancing the growth of the business by working strategically with the owners.Solution:
      • Judiciously think through your needs from service providers.
      • Meticulously vet your potential providers.
      • Swiftly relieve inadequate service providers of their engagement.

Do any (or all) of these frustrations sound familiar to you? Although these collective irritations create a fair amount of harm to the business—and its owner—take hope in that solutions are within your reach.