The Value of Business Coaching: How Coaches Can Help Entrepreneurs Thrive
- Gabriel Flores
- Nov 10, 2021
- 5 min read
Updated: Oct 7, 2024
In a recent episode of The Shades of Entrepreneurship, I had the pleasure of welcoming one of my first out-of-state entrepreneurs, Carl Gould, owner of 7 Stages Advisors.
Carl isn’t just an entrepreneur; he’s a coach for entrepreneurs—a role that got me thinking deeply about the value of coaching in the world of business.
7 Stage Advisors is a transformative coaching and consulting methodology, inspired by the groundbreaking insights of Carl.
This methodology, celebrated in Gould’s critically-acclaimed book, serves as the cornerstone of our approach to business excellence.
Today, I want to explore The Value of Business Coaching: How Coaches Can Help Entrepreneurs Thrive.
Coaching vs. Mentorship: Understanding the Difference
I’ve mentioned before on this show that I have a mentor, but I don’t currently have a business development coach. There’s a distinction between these two roles that’s worth clarifying.
Think of mentorship as a relationship-focused dynamic where a mentor helps guide the mentee’s professional and personal growth. A mentor shares wisdom and experiences to help the mentee grow into their role, but it’s typically less structured and task-oriented.
Coaching, on the other hand, is more goal-driven and task-oriented. Coaches focus on helping you achieve specific objectives, such as developing a business plan, improving operational efficiency, or honing leadership skills. The coach isn't just a sounding board; they provide structured guidance, tailored feedback, and targeted advice to help you reach milestones faster.
For example, in this episode with Carl, we discussed creating a business plan—a crucial task for any entrepreneur. It’s not something that should be done in isolation, hidden away from the world. Quite the opposite, in fact!
Having a coach who has written business plans, financial projections, and even run their own companies can be invaluable. Coaches bring in expertise, knowledge, and an outsider’s perspective that can make all the difference.
Why Is Coaching Important for Entrepreneurs?
A good coach can help you identify blind spots and steer you away from potential pitfalls. When I first started this podcast, I reached out to one of my early guests, Shain Brendon of Assville Podcast, for advice. I asked him everything—from what equipment he used to how he structured his episodes. I wanted to learn how to avoid the common mistakes and improve quickly.
That’s what a good coach does. They help you spot your weaknesses, hone your strengths, and avoid the potholes on the path to success.
According to Entrepreneur magazine, a business coach assists you in identifying weaknesses and blind spots that you might miss on your own.
Coaches help you narrow down your focus and guide you through the process of self-discovery—teaching you not only to understand your business better but also to understand yourself as a leader.
When I started this podcast, I knew next to nothing about audio production or podcasting. What I did know, though, was my community, business, and how to talk—a lot! But learning the technical side and refining my approach would’ve been a slower process without guidance from those who had walked the path before.
How a Coach Can Be Your Unbiased Guide
Entrepreneurs often hesitate to share their business ideas with others, fearing that the idea might be "stolen" or copied.
But sharing your business ideas early on, especially with someone who can offer constructive criticism, is key to understanding whether your idea is viable. This is where a coach becomes invaluable.
As Amine Rahal from IronMonk Solutions puts it, asking for feedback from friends or family might give you biased opinions. They might not fully understand your industry or the intricacies of your business.
A coach, however, offers an unbiased, third-party perspective, and their goal is your success. They know how to evaluate your business model critically and can provide insights that others in your immediate circle might miss.
The Coach’s Role in Accountability and Goal Setting
One of the most significant benefits of having a coach is accountability. It’s easy to set goals, but it’s harder to stick to them. A coach ensures you stay on track, helping you reach both your short-term and long-term business objectives. Whether it’s through regular check-ins or offering advice on how to pivot when things aren’t going as planned, a coach provides structure and accountability.
Coaches also help you develop good business habits. From operational strategies to leadership skills, a coach can guide you in developing routines that lead to sustainable growth. Yes, there’s a cost to hiring a coach—typically ranging from $75 to $200 per hour—but the return on investment can be substantial when you consider how much faster you can achieve your business goals.
If you’re thinking about hiring a coach, I encourage you to explore multiple options. Find someone with industry-specific experience who understands your goals and challenges. A good coach should be as invested in your success as you are.
For Aspiring Coaches: How to Be Successful
Now, if you’re someone considering becoming a coach, here’s some unsolicited advice: don’t assume clients will come to you. Coaching is like any other business; you need to market yourself and network within your area of expertise. Just like any entrepreneur, you have to hustle to build your brand.
As a coach, you have the opportunity to genuinely change someone’s life in a meaningful way. It’s not just about offering advice; it’s about listening, observing, and offering actionable insights. Take time to understand your client’s business, their personal strengths and weaknesses, and their industry. Ask the tough questions, and don’t be afraid to challenge their thinking.
A successful coach doesn’t just tell clients what to do. Instead, they create a framework that allows the entrepreneur to learn from their own mistakes, improve, and grow independently.
Coaching as a Catalyst for Success
In the end, coaching is about empowerment. Whether you’re an entrepreneur looking for guidance or someone interested in becoming a coach, the benefits of coaching are undeniable. It provides structure, accountability, and an outsider’s perspective that can help you make better decisions.
If you're a business owner, consider adding a coach to your corner. If you're an aspiring coach, remember that your success is directly linked to the success of your clients.
So, whether you’re seeking a coach or looking to become one, get out there and start networking. You never know who might help you grow, or whose life you might change through your expertise.
As Carl Gould would say: Success doesn’t happen by accident—it happens through intentional action and the right support.
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