Why is coaching so crucial?
Mark Zuckerberg, founder of Facebook, was coached in his early days by Steve Jobs. Guess what? Jobs was coached by early investor and Apple executive Mike Markkula. It doesn’t end there; Google founders Sergey Brin and Larry Page were coached by American investor and businessman Eric Schmidt.
All the names from the afore paragraph are (have been) tycoons at their trade; stellar investors and business magnates who redefined success and fortune like only few could. And there is that one common link that binds them all -- COACHING.
Executive coaches – they have been there, done that, and seen it all. Yet, a woefully big number of entrepreneurs start their careers without one. In today’s times of instant gratification, founders focus on roping in co-founders more than trying to find out the right coach for themselves.
Unlike my peers, I availed the services of a coach to clearly identify what my new calling was before I quit my job. And now, after having coached hundreds of executives and businessmen, and seeing how they could fast forward their business success by 2-4 years, I can’t stress more on the value a business coach brings, and marvel at the ways one can impact business success.
Here are seven reasons why an executive coach can be your all-weather guide, impacting entrepreneurial success in more ways than one:
1. You get insights and expertise beyond the scope of any book
Probably the most expensive assets out there, experience and self-awareness are crucial to business success. There is only so much about an individual’s experience that you can know from a book or a YouTube video. Unstated truth is: most authors don’t like revealing the intricate details of their professional and personal lives. In addition, that unstated truth has to be aligned with WHO YOU ARE to make sense of it.
You are often only one idea away from success. But the challenge is finding which one. A coach can help you find that.
2. With a coach, you are more likely to succeed
Research reveals that coaching is a vital ingredient for success. In an Executive Coaching Study, almost 80% of CEOs revealed that they were coachedat some stage in their lives. In another study conducted by Sage, a whopping 93% of start-up founders admitted to a coach being pivotal to success. Further, 70% of mentored-small businesses stood the chance to survive beyond the five-year mark – almost double the percentage of their non-mentored counterparts.
Also, research hints that when coaching supplements wayward training, productivity spikes from 22% to an astounding 88%.
With a coach, you benefit from valuable connections, right advice, and those occasional checks – factors that come together to leapfrog you to the top.
All coaching is, is taking a player where he can't take himself.
- Bill McCartney
3. You get networking opportunities
Besides the fact that investors often prefer start-ups that have been recommended among their close circles, a good coach can connect you with people – at the right place and time – who can thrust your career ahead.
Considering a coach is already invested in your success, it makes sense for him to allow you to dig into his personal and professional network, if need be. A coach can find you investors, clients and contractors who can provide value-added services.
I don’t recollect a single coaching session where I may not have leveraged my existing networks to help my client get a leg-up.
4. A coach helps you spot the holes in your business model
As an entrepreneur, there lies a possibility of becoming over-attached to a business plan, or acquire a tunnel vision in terms of the best ways to achieve success. In such a situation, a seasoned coach can guide you past the existing scope, helping you spot glaring holes in your business model.
For instance, with an able coach by your side, you’d be able to understand a ripe time for your business to pivot, or replace outdated technology. A coach is necessary for the occasional criticism and regular constructive feedback. It can pay you dividends if you accept the inputs with an open mind.
Luck is not a business model.
- Anthony Bourdain
5. A coach reassures when others doubt your abilities
It has been validated by study that quality coaching can have a profound impact on the mindset of entrepreneurs. A coach guides you, shares your worries and placates fears using his reserves of experience and patience. In the process, they reassure you that your business would make it big one day.
Confidence is a precursor to success. In fact, a report shows that self-confidence contributed to success more than the combine of competence and aptitude. With a coach, entrepreneurs get the ability to tap into their natural flair and confidence, something that allows them to perceive challenges as opportunities.
6. A coach helps you get a better grasp on emotions
The way you deal with your emotions is crucial to entrepreneurial success. With a mature and wise coach by your side, you are likely to develop increased emotional intelligence and get a better hold of any wayward thought and feeling.
A sure-fire recipe for failure is letting emotions get the better of you while taking crucial decisions. However, circumstances as these can be kept in check, considering a coach can show you the optimal way to deal with a particular situation.
If this story on Business Insider is anything to go by, Eric Schmidt worked closely with the then inexperienced Page and helped him manage a fledgling company.
7. A coach encourages you to run the distance
Enduring failures isn’t easy. Trying to tackle the consequences can set you back and hamper productivity. In dire circumstances, it is imperative that you keep your head high and don’t throw in the towel.
It has been widely reported that entrepreneurs, without a coach/mentor to fall back on, bear the emotional brunt of not being able to meet goals and expectations. And here is where a coach’s role is so important. Besides the right advice, he will also have his expertise and ideas for you to navigate your path to success.
The presence of a Certified Executive Coach can be crucial in staying ahead of peers and rivals alike. Look out for that helping hand that can open your mind to more novel ideas, your phone address book to important contacts, and your company to increased opportunities for success.
WealthPal is a pioneer in providing certified executive coaching to corporate executives and aspiring businessmen planning to start on their own. Hitesh Porwal, after having been in leadership roles in the corporate world for 20 years, founded WealthPal. Hitesh provides 1-2-1 coaching. He also runs a 6-week Entrepreneurship E-Lab coaching program (if you want to know more email at email@example.com). The sessions are conducted live on zoom.