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Business Coaching
Is Business Coaching For You?
Business Coaching
In business, coaching refers to a method of personal development or human resource development. This field of coaching is becoming a distinct area of practice for individuals and in organizations.
A casual business practice of coaching is the act of providing positive support and feedback while offering occasional advice to an individual or group in order to help them recognize ways in which they can improve the effectiveness of their business
This can be provided in a number of ways, including one-on-one, group coaching sessions and large scale organizational work. Business coaches often specialize in different practice areas such as executive coaching, corporate coaching and leadership coaching.
At least three organizations, the International Coach Federation, the International Coaching Council and the Worldwide Association of Business Coaches provide a membership-based association for professionals involved in business coaching. These and other organizations train professionals to offer business coaching to business owners who may not be able to afford large coaching firm prices.[10] According to a MarketData Report in 2007, it is estimated that 40,000 people in the U.S. work as business or life coaches, and the $2.4 billion business coaching market is growing at about 18% per year.[11] Business coaching was also reported as being one of the fastest growing industries in the world, following the IT industry, by the National Post.[12]
Coaching is not a practice restricted to external experts or providers. Many organizations expect their senior leaders and middle managers to coach their team members toward higher levels of performance, increased job satisfaction, personal growth, and career development. Business coaching is not the same as mentoring. Mentoring involves a developmental relationship between a more experienced "mentor" and a less experienced partner, and typically involves sharing of advice. A business coach can act as a mentor given that he or she has adequate expertise and experience. However, mentoring is not a form of business coaching. Few link coaching activities to compensation, however, resulting in less coaching by managers.
Footnotes
1.^ Lorber, Laura (10 April 2008). "Executive Coaching – Worth the Money?". The Wall Street Journal. Retrieved 12 November 2008.
2.^ Businesscoaching.com
3.^ Vongehrconsulting.com
4.^ "The Coaching Conundrum Report 2009". BlessingWhite. 2009. Retrieved 22 January 2009.
Source: Wikipedia.
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