For many coaches, business is like a foreign language... being people-centric, I've seen coaches completely freeze at the general topic of business. So it's not uncommon that they struggle with challenges like finding clients, maintaining cash flow, and preparing for potential future disruptions like the pandemic, changes in trends, economic depression. But coaches also often face personal challenges such as loneliness, reaching a growth ceiling, and burnout. This is where an entrepreneurial mindset comes into play, which combines both personal development with business development. Each furthers the other. I want to explore why coaches have to stop seeing themselves as coaches and must start approaching their business like entrepreneurs.
My Startup Story
I have been in the growth industry for over 17 years, working in various roles in corporate innovation, marketing, and consultanting. After spending the past decade building my own creative consultancy and team of consultants in Shanghai, I decided to start over in Lisbon, Portugal. And to be honest, it has been a real challenge, having simply been away from America/Europe for 14 years, entering a very saturated market, no one knows me or my achievements… but I do see this as an opportunity to build a different kind of business. Also, having built a few companies already, I know what it takes to do it again. Of course, there will be surprises and challenges in this new market, but fundamentally, I have the confidence that I can achieve this rebuild.
Typical Objections to Entrepreneurship
Coaches love the human element of the work, perhaps a bit too much. So many are hesitant to take risks and build a business that goes beyond one-on-one interactions. This may be mainly due to the high failure rate, the intimidation of the “business world”, and the inherent uncertainty of the creative process. This is where an entrepreneurial mindset is absolutely critical, which comprises ambition, business orientation, risk-taking, and building.
Reframing Entrepreneurship: Let me be clear, being a founder is about much more than just making money. I don’t see it as cold or only about business. For me, entrepreneurship is also about answering important life questions like “Who am I?” “What is my place in this world?” “Why am I here?” “What's my worth?” “What's my value to others and society?” “How do I know if that worth is true?” “What's my responsibility to others and myself?” “How do I balance my ambition and practicality?” “What's my legacy? What do I want to leave behind?” and ultimately “How do I want to make any of that happen?”
This is a deep reflection and beyond that it’s also a very active process of business building, testing and developing different products, communicating and establishing your brand. So clearly, it’s not just the money, but more akin to a modern day spiritual journey. The goal of entrepreneurship is to create a system that allows us to make an impact, be creative, and build something that goes beyond just delivering services.