Entrepreneurs: To Coach Or Not To Coach?
April 1, 2019
April 1, 2019
As an entrepreneur, you've learned from others and from your own mistakes. Since every entrepreneur is slightly different, everyone has their own unique techniques for running a successful business. For budding entrepreneurs, savvy advice is invaluable. However, as you broaden your own experiences, should you take the time to coach others? While you can help entrepreneurs by sharing your own experiences, it may or may not be the right thing for you and your business.
The Benefits Of Coaching
Think of when you first started as an entrepreneur. Every piece of advice you could get from other entrepreneurs was one less mistake you had to make yourself. You were then able to build your business without many of the pitfalls others had encountered. Without these experienced business owners who were willing to share, you may have spent far longer trying to get your own business off the ground. If nothing else, they offered the inspiration necessary to keep you going when you were afraid of failing.
As a coach yourself, you can be the mentor that others were to you. When you guide entrepreneurs, you have the chance to re-examine your own journey. This helps you improve your own business. Coaching means not only teaching, but truly listening to the concerns of those you guide. Their own problems could very well be something you've encountered or may soon encounter yourself. Listening and guiding them through their problems can inspire new ways for you to get through hard times as well.
One benefit that can not be ignored is the chance to make coaching a side business. Should you want to retire, it could become your main business. Some of the most successful entrepreneurs have ad supported blogs, paid membership sites, ebooks, and / or online courses teaching budding entrepreneurs the routes. Some decide to help others offline through personal coaching, group classes, speaking engagements and publishing books. When coaching could drastically increase profits, why not share your expertise?
How Could It Be Bad
After hearing the benefits, you may wonder how coaching could ever be a bad thing. The first thing you have to consider is coaching takes time. You can not help entrepreneurs without some sort of time investment on your part. Even if you monetize your efforts, it may take months to see results. This is time you are taking away from your own business. For many, it simply is not worth the trade off.
Another consideration is whether you want the weight of someone else's success or failure on your shoulders. No matter how hard you try, every attempt will not yield success. This equals some very negative feedback for the coach. The fault may be the idea, the execution, lack of finances, not following the coaches instructions, or any combination of these. However, your student or students may not understand this and feel the need to blame you. This could reflect badly on you and your business.
Finally, you may not have anything new to teach or a new way to teach it. Not everyone is cut out to be a teacher. Simply being another success story and inspiration may be your purpose. Focusing on your business and deciding not to coach is not a tragedy. It's all a personal choice. And it comes down to what is best for you and your business.
And there are other ways to lead and give back to your business community other than direct coaching, including developing personal mentoring relationships, participating in masterminding groups, and leading by example.
If you are looking for more advice on becoming a better entrepreneur or inspiration on coaching, look to Elite Entrepreneur . With expert advice and trade secrets, you will quickly become an entrepreneurial yourself, and have the necessary tools at hand for you to make your best business decisions.