My father’s father was a small businessman; three of my uncles owned their own businesses. All of them, as most of their generation, apprenticed with their family or with senior businesspeople.
The world today is amazingly different. Robotics, Blockchain, metaverse, Generative AI, Coopetition, big data, and machine learning were unheard of a generation ago. Then, add issues such as government regulation, internet marketing, taxation demands, transfer payments and much more.
A Nehemiah article from September 4, 2024, suggests coaching is one of THE 5 KEY FACTORS TO BUSINESS SUCCESS…
Here are Nehemiah’s five factors along with an IBEC-relevant comment in bold italics.
1. Training
According to the research paper titled “Do Ambitious Entrepreneurs Benefit More from Training?”, training in growth-catalyst tools helped entrepreneurs achieve a 72% increase in their ventures’ revenues, which is about 40% more than entrepreneurs who did not receive such training.
IBEC encourages training from DAY 1 with Triventure’s Third Path Initiative, which trains for the Quadruple Bottom Line of BAM, the Lean Business approach, and much more. Training is also encouraged for an entire career.
2. Planning
According to the Harvard Business Review, entrepreneurs who write formal plans are 16% more likely to achieve viability than otherwise identical non-planning entrepreneurs.
The Lean Startup planning approach kicks off our planning, and this morphs into a full business plan which includes the elements of a profit-making business as well as a spiritual success plan. IBEC Director, Bob Bush, leads the preparation for a pitch for capital, which includes comprehensive planning.
3. Coaching
A survey published by the U.S. Small Business Administration found that 70 percent of small businesses that received mentoring survived more than five years – double the survival rate of non-mentored businesses. The same survey found that 88 percent of business owners with a mentor said that having one was invaluable. A study by the International Coaching Federation (ICF), reported that companies that used coaching saw improved team functioning, increased productivity, and better financial performance.
This of course is the heart of IBEC’s mission. We believe every businessperson needs a coach. We train our coaches, and monitor progress toward results.
4. Community
Data from the Small Business Administration (SBA) in the United States, suggests that businesses in supportive communities have higher survival rates. The community provides a safety net and guidance that can help businesses navigate early-stage challenges. Further research from Harvard Business Review found that peer learning in entrepreneurial communities accelerates the learning curve for new entrepreneurs.
IBEC’s Director of Coaching Services, Jonathan Brake, leads a monthly community “Connect” with coaches, sharing what they are learning and processing their experiences with the clients.
5. Kingdom Impact
Kingdom Impact is a measurement of how your business directly or indirectly advances the Great Commandment (Matthew 22:37-40), which involves putting God first, and the Great Commission (Matthew 28:19-20), which involves reaching the lost. Our Kingdom impact produces rewards both here and in eternity (2 Timothy 4:6-8). We will enjoy Divine favor and success while fulfilling what really matters – our love for God, family, and others.
While Kingdom Impact LPI’s are less quantitative than business analytics, coaches continually look for how the Great Commandment and Great Commission are bringing about changed lives and changed communities. Sometimes, because of the location of some of our businesses, these impact measurements are not publicized as much as other results.
Larry W. Sharp, BAM Support Specialist, IBEC Ventures
Larry.Sharp@ibecventures.com