Many people are now deciding to take the plunge and start a business at some point in their lives, but 50 million of those businesses are failing each year. There are ten times that amount of small to medium businesses on the planet, but why are so many of them failing?
There are likely a few factors you could look at to determine why businesses aren’t really getting over the first hurdle – one of them being failure to avoid the common pitfalls that can knock a business and inexperienced entrepreneur for six. This is why owners in the know use recommended business coaching to turn their businesses around.
Business coaching is a great tool that can allow a business of any size to avoid some of the pitfalls that end up being fatal. However, many businesses choose not to work with a coach, as they also come with a long list of cons. Business coaches can be costly, and they can be limited based on the area, so they are not always accessible to everybody. Their knowledge may not be specific, either. This means they might give a few great generalized tips, but won’t be able to tell you how to take action on certain points.
Building Your Own Business Coach
This is where AI comes in. Expert business coaching service providers could potentially build a customised coach using artificial intelligence by assessing chat bots and similar online tools to see what you like/don’t like. The service provider will need to begin by finding problems that will help their people solve, and document their methodologies so when they build a coach it’s totally personal and helpful to the individual or group requesting the coaching service. This step isn’t for everybody, but it could help the coaching business to grow, and even change the world.
What Is Artificial Intelligence?
Artificial intelligence is an area of computer science that programs machines to do things that are normally done by people – intelligent behaviour, usually. AI needs human guidance to model the complex ways that humans act, so for instance, recording multiple managers at many different companies and using resulting transcripts to train the ‘bot’. The great thing about an AI coach is that it will continue to get better as people interact with it. It listens and it learns. It could even improve quality of human interaction in the workplace by allowing people to practice the interaction before it takes place. It can do this by having difficult conversations and even by addressing training points with employees and colleagues. Imagine: unlimited 24/7 advice to grow your business!
There’s talk that AI could soon be incorporated into many industries, saving money, time, and even lives so it’s a given it will find itself part of the business coaching industry in some form and without completely replacing the need for humans. The coaching role will not disappear, rather it will evolve and humans will be very much part of the change movement.