Coaching - The Best-Kept Secret To Growing As An Entrepreneur

3/26/2020 Coaching: The Best-Kept Secret to Growing as an Entrepreneur
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BUSINESS COACHING
Coaching: The Best-Kept Secret

to Growing as an Entrepreneur
A good coach can turn raw talent into re ned expertise and re ned talent into renowned
success. But how do we bridge "the coaching gap"?
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Image credit: Shutterstock
Zach Ferres
GUEST WRITER
CEO, Coplex
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October 25, 2017 6 min read
Opinions expressed by Entrepreneur contributors are their own.
Sometimes, a change at the top can be the difference between a perennial loser and a
surprise contender. For proof, look no further than the Los Angeles Rams, a team
which less than a year ago wrapped up a 4-12 season that included a midyear coaching
transition.
New coach Sean McVay appears to have energized his players, helping the Rams
capture momentum that was completely absent when the team lost seven consecutive
games to close out the 2016 season.
Yes, the Rams play football, but there's a lesson there for startup and small business
owners. Because, like professional athletes, entrepreneurs perform better under the
guidance of great coaches.
And the news there is good: Due to the competitive advantages entrepreneurs enjoy
from expert coaching, the marketplace for coaches has started to swell. According to 
the 2016
Entrepreneur Media, Inc. values yourGlobal Coaching
privacy. In study by
order to understand howthe International
people Coach
use our site generally, and toFederation and experiences for you, we may collect
create more valuable
data about your use of this site (both directly and through our partners). By continuing to use this site, you are agreeing to the use of that data. For more information on
PricewaterhouseCoopers,
our data policies, please visit our Privacy Policy. global coaching revenue was estimated to be about $2.4
billion in 2015, besting 2011's gure by a substantial 19 percent.
https://www.entrepreneur.com/article/303361 1/8
Not to mention what's happening with the bigger guys: Up to 40 percent of Fortune
500 companies now work with executive coaches, according to consulting rm Hay
BUSINESS COACHING
Group. BUSINESS COACHING BUSINESS COACHING BUSINESS COACHING LOW-COST BUSINESS IDEAS
Starting a Coaching A Business Coach May How to Find the Right Multimillionaire Coach 10 Online Careers You Can
Yet,
Business Isn't Easy. Here's whileJust
executive coaching
Be the Resource You hasMastermind
gained traction,
or Coachingmany startup
Shares 8 founders lack access
Tips for Running Start Today With Basically
How to Do It Successfully. Need to Refresh Your Program to Help You Grow a Coaching Business No Money
to high-quality coaches.
Company Mission The paradox? They
Your Business can't afford an experienced coach, but
need one to be able to build their companies to the point of being able to do just that.
What separates a coach from a mentor
I posted about this coaching paradox on LinkedIn a while back, and my post attracted
a ood of comments. After reading them through, I realized that many people don’t
understand the distinction between a mentor and a coach. While these
positions might seem similar, there's actually a world of difference between the two.
"Mentors," for one thing, don’t usually follow a xed schedule or require payment.
They help with strategic issues, answering questions for founders without actively
participating in company operations.
"Coaches," on the other hand, are not afraid to get their hands dirty. They are typically
paid, and operate on, a xed schedule to help entrepreneurs make themselves better.
Mentors offer great advice; coaches ask great questions.
Based on the comments my post attracted, founders of new startups are hungry for a
coach. There’s a huge gap in the startup community as it relates to coaching; everyone
needs it, but relatively few people are willing to provide it for free. So, what to do?
How to bridge entrepreneurship’s coaching gap
The question is, how do we solve the paradox and match enterprising, young CEOs
with talented coaches? The answer to this coaching quandary rests in the basic
ecology of entrepreneurship. By studying the interactions between entrepreneurs and
their physical environment, a cycle of mutually bene cial coaching exchanges begins
to emerge. Here are its three steps:
1. First-time founders: Barter for coaches. Young founders probably can't afford to

shell out more than $1 million a year for coaching sessions with Tony Robbins.
Instead, they must nd coaches willing to offer their services for a low cost. They also
might be able to trade their own services for coaching.
My rst coach, James, was also one of my clients when I was running my rst company
in Ohio. James was a sales coach who asked us to build his new website. When I
initially met with him to discuss the project, I accidentally went to the wrong
Starbucks. I arrived 15 minutes late for our meeting, which prompted his rst lesson:
“Be on time when you meet with people. You’re young, and you need to do the little
things to ensure that others take you seriously and treat you as a professional.”
Many team members from BounceFire still remember “the call” James made to our
of ce one day when things weren’t going well. We took our lumps, but we learned
incredible lessons. He later admitted that he was deliberately hard on me because he
wanted to see me succeed.

All rst-time entrepreneurs should have someone like that to push them harder and
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your network to nd someone who might be willing to provide a bit of free (or
relatively cheap) coaching every now and then to help keep you on track.
BUSINESS COACHING
Related: 6 Factors You Must Consider
BUSINESS COACHING
When ChoosingBUSINESS
BUSINESS COACHING
a MentorCOACHING LOW-COST BUSINESS IDEAS
Business Isn't Easy. Here's Just Be the Resource You Mastermind or Coaching Shares 8 Tips for Running Start Today With Basically
2. Connect
How to Do It Successfully. Needgrowing founders
to Refresh Your toProgram
paid coaches. Founders
to Help You Grow of expanding
a Coaching Businesscompanies
No Money
Company Mission Your Business
have experienced enough success to know where their problems lie, but they haven’t
mastered everything. Paid executive coaches can hold founders accountable and
provide detailed wisdom during critical decisions, making them a worthwhile
investment.
Not sure what to look for in a good executive coach? Countless executives have
gleaned incredible insights from the likes of Jerry Colonna, who uses self-inquiry to
help executives hone their leadership skills and better understand themselves. Others
take a more solution-oriented approach, asking questions to steer executives through
routine business issues. Such was the case with Silicon Valley legend Bill Campbell.
Find someone who meshes with your personal style, and view the monthly fee as a
worthwhile investment in your company's future.
According to the study by the International Coach Federation, 23 percent of coaches

surveyed said they primarily focus on executives. Growing founders should not
hesitate to invest some time and money into someone who can help them get more
out of themselves.
Related: Why Executive Coaching Is a Critical Part of the CEO Journey
3. Develop successful founders into coaches and advisors. The path to coaching is

relatively simple for successful entrepreneurs, because it's typically one of the key
traits you develop as a leader. Find one or two rst-time founders whom you truly
believe in, and give them an hour or two of your time every month for coaching
sessions. This will keep your coaching and leadership skills sharp, and you will be
helping the next generation of entrepreneurs.
I am still working to become a better coach and leader, but I do advise several startups
across the country. I also nd myself in an advisory role for many of our accelerator
startups. We recently took seven of them to GITEX Technology Week in Dubai, and it
was great to spend time mentoring startup founders while learning about their unique
struggles.
Once you have some experience, you might consider doing a paid coaching
engagement with an active or growing founder. As you break your way into the
coaching scene, don’t forget to continue to work with your own coach -- you’ll still
need some help along the way.
Related: The Rising Popularity of Life Coaching
Executive coaching shouldn’t be rare or reserved for well-connected entrepreneurs. A

good coach can turn raw talent into re ned expertise or re ned talent into renowned
success. From the greenest startup to the most seasoned veterans, coaching is the key
to unlocking untapped potential.
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3/26/2020 Coaching: The Best-Kept Secret to Growing as an Entrepreneur

Coaching: The Best-Kept Secret

    Add to Queue NEXT ARTICLE

Image credit: Shutterstock

October 25, 2017 6 min read

Opinions expressed by Entrepreneur contributors are their own.

What separates a coach from a mentor

How to bridge entrepreneurship’s coaching gap

1. First-time founders: Barter for coaches. Young founders probably can't afford to

According to the study by the International Coach Federation, 23 percent of coaches

Related: Why Executive Coaching Is a Critical Part of the CEO Journey

3. Develop successful founders into coaches and advisors. The path to coaching is

Related: The Rising Popularity of Life Coaching

Executive coaching shouldn’t be rare or reserved for well-connected entrepreneurs. A

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Entrepreneur Deals | 3 min read

How a Chance Conversation in a Coffee Shop

The Oracles | 10 min read

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8 Trustworthy Tips on How to Stay Physically and

Jessica Thomas | 7 min read

The Top 5 Ways to See Beyond a Résumé

Paul Blanchard | 6 min read

How to Build an Opt-In Elist of Customers and

Robert W. Bly | 6 min read

NEWS AND TRENDS

VPNs Are a Valuable Tool in COVID-19 Times

Chandra Steele | 1 min read

Neil Gordon | 7 min read

NEWS AND TRENDS

'A Real Step Forward': Stocks Climb After

Theron Mohamed | 3 min read

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Tom Popomaronis | 4 min read

You Can Still Keep Up Your Golf Game While in

Entrepreneur Store | 2 min read

This Robot Cleaning Machine Can Sanitize Your

Entrepreneur Store | 2 min read

The Rise of Alternative Venture Capital

Tristan Pollock | 12 min read

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