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Lesson #19 from the "How to Coach Anyone eCourse" |
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Monday, April 22, 2002
Do you have a client who is starting his own business? or, perhaps you have a newbie coach client who is building her practice? I'm guessing, but from what I hear from you, you likely have one or more of each! Well, today's issue is for you.
Taken from the How to Coach Anyone eCourse, today's issue is a great one to take to heart, not only for your clients, but for yourselves. I hope you enjoy it.
Also in today's issue is an exciting announcement, also about coaching small businesses, and that is the opening of CoachVille's Business and Corporate Coaching Conference being held in Toronto, Ontario this fall. If you are hoping to take in a live coaching event this fall, I encourage you to peruse the detailed agenda below...
As always, your suggestions and feedback are welcome. I look forward to hearing from you!
Happy Reading,
Andrea Lee
GM, CoachVille
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Lesson #19 How do you coach a first time business owner who is completely over his/her head? |
Given almost no one had
Entrepreneurism 101 or Running a Small Business in high school or
college, it is completely natural for business owners to get in over
their heads from time to time. Here's how you can help.
Where ignorance and optimism meet, arrogance
follows.
The great part of entrepreneurs
is that they are quite optimistic, naturally driven and open to
learning by doing. The downside of entrepreneurs is arrogance
(meaning that they overestimate their ability to handle things well,
or they can't collaborate/learn essential things until it's too late).
Entrepreneurs are
different than you and I.
Most entrepreneurs are idea people and in
some cases, idea-chasing people.
Ideas breed opportunities and opportunities breed ideas. A dizzying
loop if you're not an entrepreneur yourself. Logic, linear planning,
management and follow through are not generally the gifts of the
entrepreneur. The wise ones outsource these functions or have been
lucky enough to attract folks who can handle the entrepreneur's ways.
Entrepreneurs are prone
to get in over their heads financially.
This again, because they are
naturally optimistic if not dreamers. That is their function in
life. Entrepreneurs are key to what drives innovation in many
countries and are the backbone of business creativity in the U.S.
Remember, entrepreneurs have a different relationship with risk than
you or I. To them, it's a greater failure to have not tried their
best, even if the project/business didn't make a lot of financial
sense to the accountants of the world. Entrepreneurs see so much that
could and should work out. And, on the downside, entrepreneurs are
often ahead of the marketplace or get more excited about the
idea/product/service/opportunity than they do about testing it out to
make sure enough people will actually buy it, and buy it quickly and
often enough to keep them in business.
How to coach the
entrepreneur when they get in over their head.
There are two types of "in over
their head."
The first type is when they are bouncing around from idea to idea or
business project to business project. What they most need is to
experience some modicum of success. Without enough people buying
their product/service, the entrepreneur loses faith in themselves and
to compensate, comes up with another 'great idea.' And the cycle can
continue until the deep hurt kicks in.
The second type is the entrepreneur who's in trouble but can't admit
or or can't admit all of it. And believe me, by the time the
entrepreneur even hints to you that they are in trouble, they are
likely days away from a financial crisis.
What I've found that can work in these situation are a combination
of...
1. Get their attention.
It's not easy to get the
attention of an entrepreneur who is in panic mode. They tend to
dominate their surroundings as a defense mechanism. Rather than
clamor for their attention, ask "Bob, how can I your attention?" It
works.
2. Help them switch their focus.
From idea/revenue/project/opportunity to the
actual customers. Not an easy shift at first, but once made, the
entrepreneur often thrives on this new focus. They apply their
creativity to fixing customer and product/service problems. It also
keeps them out of idea mischief for a while.
3. Be very, very positive and encouraging.
Entrepreneurs are like kids;
even when they mess up, they need love and encouragement. You can be
highly positive and encouraging and still 'force' the entrepreneur to
face the facts and get to work to solve their problems. But whatever
you do, don't b.s. them. They are acutely aware of b.s. given they
are often on the broadcasting side of that.
4. Ask them to sort out
the problem and come up with a solution.
I'm all for being directive
with clients, but entrepreneurs seem to do better when you ask them to
come up with their own solutions. I've also found it works really
well to challenge the entrepreneur to solve the problem and then some
within 30 days. They LOVE a challenge. Give them one.
5. Help the entrepreneur to honestly and accurately define
the problem.
Entrepreneurs have tons of 'reasons' (aka
excuses) for why things aren't going the way they should be going.
I've found it helpful to push/put heads together and figure out the
real source of the current problem/stress/mess. It's usually one of
these 5 things.
1. The entrepreneur is too idea/opportunity-based and isn't customer
focused enough.
2. The entrepreneur's overhead or variable costs structure is too
high.
3. The entrepreneur is impatient/overly optimistic about
sales/revenue.
4. The entrepreneur's lifestyle is too expensive, causing performance
pressure.
5. The entrepreneur isn't going deep enough with one business or
product and instead is scratching the surface of several
opportunities, doing none of them justice. The real revenue and high
profits occur when you do deep, not shallow.
6. The entrepreneur doesn't know how to market or sell well enough, or
he/she hasn't outsourced this function.
7. The entrepreneur is trying to sell the wrong product/service. It's
truly hopeless and the plug should be pulled.
I hope this was helpful.
Thomas
copyright 2002 by
coachville.com. written by thomas j. leonard. all rights reserved.
distribution welcome with attribution intact.
Access to all of the How
to Coach Anyone Ecourse is available as part of CoachVille's $79
Lifetime membership.
Click here to find out more.
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How they think and operate, and
how they are different than most people
