Entrepreneurs Need to Learn This
Studies show that over 40% of Fortune 500 companies are using coaches for their executives. 1 But entrepreneurs typically do not. Why not - why the difference?
Entrepreneurs often think they can’t afford a coach or they don’t know how to pick the right coach. Articles by leading venture partner companies show how and why entrepreneurs should consider getting a coach – and the right coach – on their team.2
Zach Ferris, CEO of Coplex, gives several ways an entrepreneurial company can enlist an executive coach to their team without breaking the budget, and entrepreneurs should take note. As the CEO of a leading venture capital firm, Ferris has to watch their investments and cash usage of their portfolio start-ups, and this is a group that stands behind the value of a coach for their new entrepreneurs.
Small firms and start ups in the U.K. are following the trend of using executive coaches. Usage of executive coaches is up 500% since 2014 in small businesses and start-ups in the U.K. 3
One of the reasons start-up entrepreneurs should seriously consider the use of a coach is because the entrepreneur leader sets the culture for the whole organization. And a “coaching culture” is one where all the managers and leaders in the organization win. They are held accountable, pushed, and led through a process of self-discovery through skillful and enlightening questions.
Secondly, mentors can provide great periodic advice, but regular coaching and goal review is critical to milestone achievement in start-ups and therefore in the creation of value for the business.
Finally, great coaches help their coaches to become more self-aware. This process super charges the average entrepreneur into a powerhouse leader. Better leader self-awareness creates better teams, higher loyalty and higher business output from less employees.
Bottom line advice to entrepreneurs – get a good coach and use them well – for yourself and your investors!
Citations:
ICF Coaching Research study
“Coaching: The Best-Kept Secret to Growing as an Entrepreneur”, Zach Ferres (CEO of Coplex) Entrepreneur Magazine, October 25, 2017; Link at https://www.entrepreneur.com/article/303361
“The Benefits of Business Coaching”, Jeffrey E. Auerbach, Ph.D. 2019 Web article at https://www.executivecoachcollege.com › ...College of Executive Coaching