4 Reasons You Should Seek Out a Business Coach

Jeff Boss

Guest Writer

Entrepreneur, Executive Coach, Author, Speaker 

 

 

 

So, you made the leap from being an employee to owning a business. Congratulations, you’ve just entered the ranks of becoming a soon-to-be entrepreneurial failure or a near-term startup success.

Of course, the question becomes how do you stay alive as a newfound business owner? After all, being a subject matter expert in a particular job is one thing, being a generalist for an industry (an organizational leader) is something else entirely. 

There comes a point where stagnation sets in. You can take yourself only so far without the help of others. Hey, it happens. Consider it part of the startup lifecycle.

Enter the business coach. There isn't anything else that you receive 100 percent dedicated attention to you. A business coach is somebody who helps you move from where you are to where you want to be, and does so by solely focusing on your goals. 

“If you are not clear on your vision, then every single opportunity will distract you and impede your progress,” says Tracy Cherpeski, an entrepreneurship and wellness coach. 

Related: Before Hiring a Business Coach Make Certain Their Skills Match Your Goals

After all, you’ll never really know what you’re capable of until there’s someone to push you outside your comfort zone. Just ask any professional athlete. If a business coach is something you’ve thought about recently but aren’t quite sold on getting one yet, here are four reasons why you should:

1. To brainstorm brilliance

There’s a common saying that goes, “nobody is smarter than all of us.” In other words, the collective power of many is far superior to the single power of one, which speaks to the value a coach brings in brainstorming new ideas. However, doing so is both an art and a science.

Anybody can go online and find brainstorming software for free with the goal to generate genius -- that’s the science part. The “art” part, however, is excavating personal values and beliefs that you never knew existed and linking them to your desires and intentions. Sometimes it takes a new perspective to see an existing connection.

2. To bounce ideas

Nowhere else do you find somebody solely dedicated to acting as your own personal sounding board. A coach -- well, a good coach -- pushes out all thoughts from his or her own brain to be present and just listen. Doing so allows the coach to ask powerful questions that unearths deeply rooted values otherwise firmly planted.

The best part about this is the amount of judgment that the coach offers: zero. Unlike the local rumor mill in your neighborhood or office, it’s not a coach’s responsibility to opine about your position, but rather to suspend judgment in such a way that guides you toward your own goals.

Related: Get Some Real Advice for God's Sake

3. To be accountable 

Isn't it strange how easy it is to break the promises we make to ourselves, but less so when we involve other people? A coach serves as an accountability partner who challenges you to strategize and develop your goals while aligning your efforts toward achieving them. 

4. To receive guidance

A business coach will challenge your thinking, goals and willingness to grow. As somebody who has “been there, done that,” a coach also acts as a role model because of the experience that he or she shares. Additionally, a coach has unique insight that broadens your business awareness.

Think of it this way: When Santa Claus brings you a new toy, you get excited at the thought of playing with it but maybe a little disheartened at the thought of having to assemble all those ridiculously tiny pieces. So what do you need? Directions. You need guidance for how to get from where you are to where you want to be, and once you do, you play with the toy all morning.

The key metric for success from coaching isn’t so much the cool technical tools you learn -- those will become obsolete in roughly 18 months. The value of coaching resides in the mental tools the coachee learns that help him or her navigate toward success both inside and outside of the business world.

Every athlete and every top performer uses a coach to bring out their best. Why don’t you?

Tim Sykes
Editor, Penny Stock Millionaires

The 7 Steps to Success in Trading The secret list of rules you need to follow… My biggest regret in my trading career is taking so long to learn these… How to save yourself time and money…

Dear Penny Stock Millionaire, As many of you know, I am a self-taught trader… And as you may also know, that SUCKED! Doing it all by myself, I was forced to learn a lot the hard way, many cases of trial and error along the way and that fact is, in part, what inspired me to become the mentor to people that I never had. I didn’t have a mentor or a program like mine. But I wish I had. I probably would have made money a lot quicker and not made so many bone-headed mistakes if I had. But lamenting the past won’t change anything. Instead of complaining, I want to help you so that you don’t have to make the same mistakes I did! Here are seven pieces of advice that I’d like to offer new traders, positioned exactly where I used to be. #1. Seek out an education. The idea of just jumping in and starting to trade penny stocks might be tempting. You’ll figure it out as you go, right? Not so fast. I’m all for going for it, but take a step back before you do anything hasty. Remember, this is your money, and you don’t want to lose it. Before you trade, it’s smart to learn a bit about the process and theory behind trading so that you don’t lose your money in ways that could easily be avoided. You must educate yourself on trading in an applicable, real-life way. With my students, we progress into real advice and methods that you can put to work. I don’t want you to wait years and years to make your first trade, but I do want you to have an idea of what you’re doing before you dive in. #2. Have a willingness to learn. It’s best that you learn this early on in your career: as a trader, your education is never complete… meaning it will never end. Seeking out an education, as discussed in the previous point, is partially so that you can make educated trades. But that’s only the tip of the iceberg. But if you really want to be a longtime, successful trader, you’ll need to have a will and a desire to learn. This is something you basically want to turn on and never turn off. Keep reading, learning about the philosophies and methods behind successful traders, and stay interested in the world, in terms of not just finance, but everything else, too! #3. Know what you’re working toward. If you’re not working toward something as a trader, then your career will have little direction. So what are you working toward with your trading? What are your goals? When you’re new as a trader, you should have strong clarity on what it is that drew you to trading. Money, obviously. But, money for what? A newer house? A nicer car? A better quality of life? Really dig deep and figure out exactly what it is that you want to buy with all that money you’ll make. Tattoo that desire on your brain and think of it with every trade you make. It will help you stay motivated, which makes you a better trader. Having goals to stay committed to will keep you going when things get tough.

#4. Recognize your strengths and weaknesses. It’s important to be able to identify your strengths and weaknesses early on as a trader. Basically, the sooner you do identify them, the sooner you can streamline your trading. By recognizing your strengths, you can play to them, and adjust your study and trading schedule to suit what works best for you… Every trade and student is different, so it’s important to recognize this and adapt to whatever works best for you! By recognizing your weaknesses, you can either work around them or make a decision to become stronger in those realms. This might involve studying harder in certain areas, or taking the steps to remove bad habits from your daily repertoire and replace them with good habits. #5. Give yourself time. Patience is a virtue when it comes to trading. Don’t expect miracles (or millions) in your first week. It doesn’t have to take an incredible amount of time to start earning money, but don’t rush it. Let yourself discover what works and what doesn’t, and get your footing as a trader. Slow but steady wins the race when it comes to developing these skills. Don’t try to jump ahead, because there’s so much that you can learn along the way that can help you later. Giving yourself the room to learn and improve over time will take away a huge stressor from your trading career, and it will also make the journey more enjoyable. #6. Network, network, network. Creating a network is important for any entrepreneur, and traders are no different. Making friends with other new traders can create a positive support network and help you stay inspired. And making friends with traders who are further along in their career than you can give you insight and help you emulate their success. A mentor, too, should be part of your network; this is a trader who is further along in their career than you who takes it one level higher, acting as your adviser. Meeting with a mentor on occasion can inform your career, give you ideas, and help you know what career pitfalls to avoid. Moreover, creating a strong network is a great thing for new traders, as you never know what opportunities your connections might afford you in the future. #7. Learn to love trading. If you walk away with nothing else from this article, take this advice to heart… If you learn to love trading, you’re doing yourself a great service as a trader… the process and the journey is actually even more enjoyable than the rewards…the rewards are nice, don’t get me wrong, but learning to be self-sufficient is priceless. Even if I lost all my money tomorrow, I know EXACTLY what I must to do get it back so I’ll NEVER be down for very long, no matter what happens. It’s a good feeling. And I want you to have that sense of security, too. And remember, too many people suck at their jobs and don’t excel because they don’t truly enjoy it…doing something you hate is no fun. It makes the time crawl by, and it does nothing to improve your quality of life… don’t make that your future. But doing something you love makes time fly and makes you feel vital and excited about your day, and about life in general. As the old cliche goes, if you love your job, you never have to work… if you love trading, all the preparation you have to do won’t feel like work. If trading can become one of those things that you love, then your career will seem effortless and success will come to you far more quickly and more naturally. These seven pieces of advice are vital for new traders. I wish I’d had them when I was a new trader! So go forth! And don’t make the same mistakes I did. Regards,

10 ways to a finance career with no finance degree

By Troy Segal | Updated December 18, 2017 — 11:20 AM EST

1. Learn the Lingo 

Difficulty: Low

Impact: Low

If you are interested in a financial career, there's no excuse for not knowing Wall Street lingo. If you don't know the difference between dilution and dividend, or between NPV and DCF, consider learning financial terms and concepts by browsing the extensive dictionary of terms at sites like Investopedia or reading The Wall Street Journal.

Not knowing financial language may make it almost impossible to get past the preliminary interview stage for a non-financial graduate. That's because an interviewer will generally assume that an applicant for a finance position is knowledgeable about finance, regardless of his or her educational background.

2. Round off Your Education

Difficulty: Low to Moderate       

Impact: High

So what if you graduated with a degree in a subject other than finance? You can always redress the situation by taking relevant courses with an emphasis on finance or business at the undergraduate or post-graduate level.

At the undergraduate level, courses in economics, accounting or financial analysis are great options. Many post-graduates go for an MBA, since its substantial finance component serves to level the playing field between finance and non-finance graduates. If the MBA's stiff cost is a deterrent, other options such as enrolling in the Chartered Financial Analyst (CFA^®) Program are certainly worth exploring.

3. Enroll in Financial Boot Camp 

Difficulty: Moderate             

Impact: Moderate

Intensive courses by firms like Wall Street Prep and Training the Street can teach you valuable skills that are essential for a career in finance, such as advanced spreadsheet techniques and financial modeling. These crash courses are quite expensive, typically running to a few thousand dollars, but have the advantage of not requiring a long-term time commitment because they are typically conducted over a few days. One drawback is that, due to these programs' intensity, you may need to be already familiar with basic financial concepts to derive the maximum benefit from them.  

4. Expand Your Knowledge Base

Difficulty: Moderate                       

Impact: High

Relevant knowledge is not obtained only through a college degree. There are plenty of resources available, either through your local library or online, to deepen your financial knowledge. These resources may be free or available on a paid basis from course providers. Being self-taught in a difficult field like finance demonstrates a number of desirable attributes to an employer such as initiative, passion and drive.  

5. Use a Trading Simulator

Difficulty: Moderate                     

Impact: Low

A number of websites – including Investopedia – have trading simulators that can be used to construct mock portfolios. Using a trading simulator will force you to track the markets and keep abreast of market developments. This is a great way to impress a potential employer with your trading prowess, or at least your market knowledge, with very little investment on your part, aside from some time commitment.

6. Complete Industry Courses

Difficulty: High                      

Impact: High

Completing a relevant industry licensing course, such as that offered by the Canadian Securities Institute (in Canada), not only demonstrates your commitment to a career in finance, but also gives you an edge on the competition in terms of job readiness. This option may not be available in all jurisdictions, of course; for instance, in the United States, one has to be sponsored by a member firm or a self-regulatory organization to take most licensing exams. However, as of October, 2018, FINRA is creating into a new test called the Securities Industry Essentials Exam (SIE), which can be taken without sponsorship.

7. Maintain a Financial Blog

Difficulty: High               

Impact: Moderate

Starting and maintaining a financial blog is a great way to communicate your investment ideas to the world. It is an opportunity to convey to a potential employer a favorable impression of your diverse skill set, including financial acumen, communication skills and technological dexterity. This mode of self-marketing is most suitable for those who already possess a measure of these skills.

8. Link Up with a Mentor 

Difficulty: High                  

Impact: Moderate

Linking up with a mentor is another way of jump-starting a financial career. A mentor can be anyone in a position of influence who thinks highly of your capabilities and is willing to help you achieve your goals. Possible mentors include your favorite professor at college, a family friend or relation with a successful career in finance or someone you know in a professional capacity, such as a supervisor during a previous internship. Don't hesitate to approach a contact whom you think could help you in your job search.

9. Score a Meaningful Internship 

Difficulty: Very High                      

Impact: Very High

Scoring a summer internship still remains one of the best ways to lock in a prestigious full-time job in finance, as many Wall Street firms pick their new hires from the ranks of their summer interns. At the best business schools, an estimated one-third to half of MBA students go to work for their summer employer after graduation.

But since obtaining a paid internship in finance is likely to be very difficult for a non-financial graduate, one must consider other options such as an unpaid internship or volunteer work with a broker. The opportunity cost that arises from doing such unpaid internships or volunteer work may be offset in due course by the higher earning potential of a finance career.

10. Do Your Best to Get Your Foot in the Door

Difficulty: Very High    

Impact: Very High

Target HR departments for résumés, expand your job search to other locations, use your network to check for openings – in short, do everything you can to get your foot in the door of a financial institution. Scoring an entry-level position with a financial company, even in a non-finance role, may open doors to other career paths in finance down the line. (See "A Look at Entry-Level Careers in Finance" for details.)

The Bottom Line         

Some non-finance degrees are certainly in demand on Wall Street for specific tasks, including:

• Physics and mathematics for structured products, derivatives and quantitative trading
• Information technology for algorithmic trading and platform development
• Engineering, mining and sciences for sector-specific research analysis and investment banking

But for the vast majority of non-finance degree holders, getting a job in finance is likely to pose a significant challenge. This is more so because thousands of positions were eliminated by banks and financial institutions in the aftermath of the 2008 global recession. However, using a combination of the tips discussed above should enable a non-financial graduate to substantially improve his or her chances of launching a career in finance.