Who Needs Coaching?
Coaching is a well-kept secret for many people. Large corporations have offered coaching as a support system and perk to employees. Sometimes, it is used as a non-judgmental connection for someone working through a work issue and needs an objective sounding board.
These visionaries are a breed apart from most business people. They are fearless and don’t know when to stop. It is difficult for them to seek help because they believe they save money by doing everything themselves! Not so. Here is where a business coach can guide and assist to find the resources and talents required to make their mark.
My research reveals there are different types of entrepreneurs. The type is guided by several factors:
Attitudes, stamina, knowledge base, and desire. Here is a list:
- The Widget Maker—this one-trick pony style of doing one thing well.
- The Innovator—This E likes to tinker.
- You’re Fired —This is the reluctant E.
- The Last Hurrah—”If not now, when?” logic
- Buy A Job/Be Your Own boss—This E is slow to action and can be motivated by fear or external pressure, and an “I’d-better-do-something” attitude.
- The Widget Maker
- Episodic E
–They work on what they know within a comfort zone
–Must add business skills and hire talent
The Innovator—This E likes to tinker.
These are not people who want to open a storefront; they want to “build a better mousetrap.”
Often, they will consider selling their idea to Wal-Mart, but do not know how to protect and secure their idea with registered patents or how to attract investors.
They are focused on continuous improvement often coming from a manufacturing or systems background.
They believe “necessity-is-the-mother-of-invention,” and use their creativity to solve problems.
They are creative people because they see and love how things work.
You’re Fired—This is the reluctant E. Today’s uncertain economic and job climate can create this type of entrepreneur, because they may not have chosen to leave but they were downsized. They gather severance, savings and gumption in an attempt to duplicate the job they just lost.
Their perspective is limited because they only see a tiny part of the working business. This E requires support people to draft a written business map to keep the E on course and add talent to fill in the gaps.
Buy A Job/Be Your Own Boss—This E is slow to action and can be motivated by fear or external pressure, and an “I’d-better-do-something” attitude. These are ideal franchise prospects or owners. They like a template business model. It appeals to those who want order for security, not creativity. They want the illusion of being their own boss, but, in reality, they are bound by the franchisers rules with little flexibility to improvise.
They may hire people to organize offices and billing issues so they do not get bogged down with the details. The good news for them is they can better manage their process adopting E traits. Learning offers them a better degree of competence to check the work of others they hired without being an entrepreneur.
These visionary E’s hold and share a strong mental picture that s/he translates into the support of followers. Their persuasive communication style serves them to sell the dream born out of their passion. An example of this “charismatic selling” is the rise of multi-level marketing companies since 1990 that hype success with images of wealth, fancy cars and exotic travel as payoffs. One must ask what they are really selling.
Small Business Owners (SBO’s)
SBO’s are sometimes confused with entrepreneurs. They do best when they work from a well-crafted business plan.
Marketing is often a gap for them so they can benefit from hiring talent or pursue coaching if they want to do it themselves.
Coaching encourages techniques to build on your company’s purpose and values, as well as increasing your adaptability and agility to market opportunities and threats.