Tweet

Coaching the Entrepreneur

Written by: Kylie Hammond

Article Overview: Entrepreneurs are some of the most challenging yet rewarding clients a professional coach may attract. They possess unique traits and if understood and appreciated can make for the most rewarding coach/client relationship. Many coaches fail to appreciate the unique qualities of an entrepreneur and how to approach the client relationship.

Coaching the Entrepreneur

What are the common traits of an entrepreneur?

The entrepreneur is a different animal to your average coaching client. They are futurists and have the capacity to see opportunities where others cannot. They are highly creative and are strategic thinkers. They operate best free of constraints. They are impulsive and risk takers. The opportunity will often outweigh the risk. Their impetuosity and spontaneity often leaving a trail for others to clean up. They love to have multiple ideas or projects on the go. They thrive on starting things and can quickly become bored. They often work best alone. They move at a rapid pace. They may experience frustration if those around them cannot keep up.

What common mistakes do coaches make with entrepreneurs?

Don't try to change them or slow them down
Successful coaches appreciate the entrepreneur for who they are and don't try to change them. Let them run and get out of their way. Watch and learn. They move at such rapid pace they may omit to consider risks or challenges. Help them expand their thinking, use brainstorming techniques, run scenarios, add clarity and detail to the vision, identify blind spots.

Preserve balance and sustainability
In their haste the entrepreneur may neglect basic aspects of their lives, eg diet, exercise, relationships, birthdays. Watch out for sustained periods of neglect. They are optimists and masters of illusion. Look for hidden signs of stress. The entrepreneur has the capacity to make small things big things - both opportunities and problems. Call it gearing. A good coach will realise this and role-play whatever role is appropriate. This is an art.

Respect their creativity and risk threshold
Entrepreneurs have a high threshold for risk. Accept it and work with them. You may need to be the flexible one. His tolerance for risk, not yours, should determine the basis for strategies and objectives. Entrepreneurs love to brainstorm ideas. They also love to talk. So, let them. Coaching is about listening. Entrepreneurs want someone to listen and respond enthusiastically to their ideas. They seek positive reinforcement.

What advice would you give to consultants/advisors dealing with entrepreneurs?

Much of the above is also true for the professional advisor. There is one basic distinction. true coaches will not give advice. They will facilitate self-discovery through questioning techniques. Professional advisors such as accountants and lawyers are expected to give professional advice. They are subject matter experts and required to interprete the law and share their knowledge. Remember entrepreneurs are the decision makers so offer them your considered opinion and let them decide. Give them options.

Be proactive
Entrepreneurs move fast. They subject themselves to risks and make frequent decisions. They do not and cannot know everything. They place a premium value on astute professional advisors who can give them considered opinion proactively and foresee scenarios or risk exposure they cannot.

Be accessible and responsive
When entrepreneurs want an answer they want it now. They make rapid fire decisions and have short concentration spans. They don't want to dwell on the detail. Big picture, clear guidance, fast turnaround.

Service focus
Tune into what your client wants. Take time to learn how they tick. Be flexible with your communication style to accommodate your client. They talk fast, you talk fast. They want succinct information, give it to them. They want options, run scenarios. They expect you to be there when they need you not return my call two days later.

Questions are the answers
Learn how to listen. Learn how to ask powerful questions. The techniques of a skilled coach are just as relevant for an accountant or sales professional. Ask open questions, eg what, where, when, how. Practise questioning techniques such as probing, clarifying, paraphrasing, summarising.

Restate commitments
Once you have reached agreement with your client, repeat it back to them for clarity, "So, it is my understanding that you want me to submit your tax return by Monday, 31st July, is that correct?" or "My expectation is that you will sign and return the contract to me by Wednesday, is that reasonable?"

Real-time information
Nothing irritates an entrepreneur more than old information. Time is money. They want both lead indicators (prospects, conversion rates, average sales, purchase frequency) and lag indicators (customers, sales, profits) in their management reports. Sales pipelines are essential management information.

System and structure
The entrepreneur needs system and structure. They often aren't the best person to deliver it. That's why they hire a coach, personal assistant, consultant or accountant.
Coaching an entrepreneur is an exhilarating and rewarding experience. It can be a roller coaster ride and is never a dull moment. Supporting them in your role as a public practitioner can be just as rewarding. So, get yourself ready and hang on for the ride of your life.

Related Articles
  Ways by Which Personal Coaching Empowers You As an Entrepreneur
  Secrets to Filling your Coaching Practice
  YCDABSOYA
  What is Online Life Coaching?
  So what differentiates a Life Coach from a Business Coach from an Executive Coach?

Article Tags: birthdays, blind spots, constraints, diet exercise, different animal, frustration, haste, hidden signs, impetuosity, masters of illusion, optimists, rapid pace, risk takers, role play, scenarios, signs of stress, spontaneity, strategic thinkers, threshold, traits of an entrepreneur



Related Forum Posts
Re: Business Women Peer Mentoring Spotlight - Hi Everyone, Gosh, I REALLY appreciate your concrete feedback. This was far more than I expected and I'm glad you said what you thought straight out. Each of you have shared something of value and I want to take some more time to think and really go over what each of you have said. However, I can see there are some things I need to change right away. What an interesting point about a NEW program perhaps making people think they are guinea pigs! This is NOT what I want to convey! It's funny how we can see some things so clearly in others while not always seeing it for ourselves! I must admit there are a few things I've been meaning to change (like my bio which is very outdated). Obviously, these things need to be higher on my priority list. You caught me like the plumber who puts his clients first and doesn't get around to fixing his own tap! As far as my target market, I do feel quite strongly about working with Women Leaders and doing Leadership Coaching with them. It's non-negotiable in my books. In my Executive Coaching training, the terms "Leaders" and "Executives" are interchangable. To me, an Executive is a Leader and so is the Business Woman or Entrepreneur who is CEO of her own business. I love working with decision makers! What I did learn is that I need to avoid opening up the Leadership term beyond what I described above. I'm also wondering if there is a misunderstanding with the general public as to what Leadership Coaching really is. Leadership Coaching is all about developing your leadership skills, both as a people manager and in more effectively running and growing the business. There is ALWAYS room for growth in some way. As well, sometimes, we just need a sounding board to clarify what our next BEST step is. In fact, if a woman thinks she has nothing to work on, then we aren't a good Client/Coach fit anyway. How can she grow if she doesn't see the value of expressing ALL of the great ability within her? How can her company grow if she doesn't see the value of strategic planning for the next best level? Thanks again to you all! I will go back to my website and really question whether I am conveying the right message. I got more than I bargained for in this Spotlight... you generously offered way more than I was asking. I think we could be on to something great for the Forum. Now it's time to let someone else have the spotlight. It would be great if everyone took a turn! In gratitude, Tami
Re: Do entrepreneurs have benefit coverage? - Hi Kevin, Yikes, perhaps the professional daily tooth cleaning tool isn't that pricey after all! I sure like mine and the dental hygenist does say she doesn't have much to do when I come in! I must confess I've enjoyed being on my husband's benefit plan. However, as a Coach, the same option is available to me through the International Coaching Federation. If an Entrepreneur is looking for coverage, perhaps one option would be to look at joining an organization that brings together similar services? I attended a teleseminar on insurance services last year and it seems like finding some kind of group coverage is the most cost effective option. Best wishes, Tami
Young Entrepreneur Organization - All You Need To Know - The Young Entrepreneur Organization (YEO) is a global community of entrepreneurs. This non-profit organization aims to make its members successful in their business through networking and training programs. This article tells you all you need to know about the Young Entrepreneur Organization, and the opportunities it makes available to young entrepreneurs from across the world. Young Entrepreneur Organization: Facts. 1) The Young Entrepreneur Organization has 5,000 members in 35 countries across the world. 2) The organization was founded in 1987. Since then, it has helped many aspiring entrepreneurs with training facilities and getting in touch with the right people. 3) The average age of the members of Young Entrepreneur Organization is 34 years. 4) In order to be eligible for the membership of Young Entrepreneur Organization, you need to be under the age of 40; and be the founder or partner in a business that has annual sales of more than $1 million. World Entrepreneurs Organization: A part of the Young Entrepreneur Organization, the World Entrepreneur Organization and takes the message of Young Entrepreneur Organization to many additional places around the world. This organization is especially active in the area of education and training for entrepreneurs. Young Entrepreneur Organization: Objectives. 1) To foster entrepreneurship. 2) To support Young Entrepreneur Organization members by providing them the chance to network and grow. 3) To provide resources to its members so that they can benefit the economy through innovative business ideas. 4) According to Young Entrepreneur Organization, you get to share your story with those who have had similar experiences, and thus gain insight into the best principles of entrepreneurship. Young Entrepreneur Organization: Facilities. At the Young Entrepreneur Organization, you get to meet and share views with like-minded people and fellow entrepreneurs. In order to facilitate a free exchange of ideas and growth for its member, the Young Entrepreneur Organization provides the following facilities to members. 1) Forum: Join the forum of the Young Entrepreneur Organization and start networking with entrepreneurs from across the world. Each forum group has 12 members who come together regularly to share their experiences and discuss issues related to entrepreneurship. 2) Mentor: In conjunction with the World Presidents’ Organization, the Young Entrepreneur Organization guides and counsels young entrepreneurs through a mentor program by the best business leaders. 3) Social Innovation: The Social Innovators Program involves Young Entrepreneur Organization member who wish to do something for about social issues. It helps members become socially aware citizens and gives them the opportunity to do something for their community. 4) Marketplace: The marketplace allows members to post business offers and receive replies from other members. These are just some of the facilities you will get if you become part of the Young Entrepreneur Organization. Others, like meeting prospective clients through trade shows, and special tools to network and meet with the right people are also part of the YEO facilities.
Re: need pricing help please - here's my opinion that was derived from the person I heard it from (Russell Brunson) I view internet Marketing products as a Ladder. At the bottom of the Ladder is ebooks and at the top is One on One Coaching. so the ladder would look like this starting from the Top ($$$) to Bottom($) One-to-One Coaching ($$$$$$) Workshops ($$$$$) Teleseminars ($$$$) Video($$$) Audio ($$) ebooks ($) I agree with this methodology mainly because of the convenience factor and value from the customers point of view.
How to create BUZZ? - As a small startup we need to be able to create Buzz around our product, but we haven't had tons of success. Despite being written up in the Toronto Sun, Metro News, Entrepreneur Start Ups Magazine and listed as a resource in Entrepreneur Magazine people in Toronto still don't know about us. Any ideas on what I can do to get people talking? Preferable ones that don't have a large price tag attached? Any ideas would be appreciated. Our URL is included in my signature.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Earn More Money - Easy Home Business Ideas

What is Give Back Marketing?

Sales Flubs

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.