Women own more than 8 million non-farm businesses and the number of women entrepreneurs is increasing rapidly. However, the income from these companies is just 4% of the total income generated from all businesses.
How can business coaching help more women entrepreneurs find the success they want in life?
Women approach business and the challenges that come to them in a different way. They are more likely to co-mingle family and work. Here are four ways coaching that focuses on both life and business can assist women in defining, refining, and achieving their business goals.
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Recognize the mix of family and work.
Many women start their own businesses especially because they want the flexibility to have time for family. The entrepreneurial lifestyle can foster freedom and independence. However, it can also take total control of your life. Start-ups by women have markedly less funding then men’s new ventures. So women trade time for money. They may work days, nights, and weekends.
A life and business coach can help women find the right balance between work and home. They can help the business owner find options and choices to find success in both areas.
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What’s your definition of success?
For women, success may be less about money and more about their passion and mission. Women are more likely than men to reinvest their profits back into the business. Executive coaches can help women business owners contemplate their goals and define their objectives. They can act as a sounding board to help owners balance profit and income with company growth.
Especially solo-preneurs who go it alone, benefit from a neutral, outside perspective that a coach brings to the situation.
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How do you achieve success?
Through nature or nurture, many women build success differently than men. For years women competed in the rough-and-tumble world of men.Now, more of their strategies for success are gaining recognition in their own right. Coaches can help women build on their innate strengths and see when they must be tempered with other approaches.
Women often shine at networking. They may build their business based on collaboration. And relationships are a vital part of their work. Business coaching can help them see when these methods move them closer to their goals and when they inhibit them.
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How is your self-assessment?
A study from the University of Wisconsin shows women self-assess differently than men do. Even though more than 50% of the MBA graduates are women and they go on to accomplish important things, they tend to undervalue their accomplishments. Coaches for entrepreneurial women can help them more accurately assess their strengths and talents. Mentors and others can get women to recognize and take ownership of their abilities. This leads to greater confidence and stepping out to grow their businesses to the next level.
Life and business coaching for women entrepreneurs may close the gaps that currently exist in income levels and other numbers.
But the biggest benefits will come to the individual women who use leadership coaching to streamline their lives and their businesses so they’ll find happiness and success both at home and at work.
Women entrepreneurs need to leverage business coaching for their career success. Contact Joel to learn your best strategies.
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