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The Executive Connection SM
a publication of The Virtual Executive Coach SM
"Vision + Accountability = Success!"
In This Issue:
1. Preview
2. Executive Summary
3. Coaching Entrepreneurs
4. Helpful Hints
1. Preview
The Executive Connection explores the creative and analytical process of business development, team-building, and executive development. We are an interactive community of executives and small business owners who desire to network with like-minded high-performance executives to enhance our knowledge, skills, and aptitudes in the competitive business world.
Published monthly, the Newsletter offers coaching suggestions around the topics of: business development, financing, marketing, networking, incorporations, mergers, human resources, governmental regulations, and tax laws.
Topics are presented from the perspective of Keith Barton and represent only his ideas on creating and running your business. Because we are an interactive community of executives and business owners, other viewpoints are welcomed and may be printed in future monthly newsletters with permission from Keith Barton.
2. Executive Summary
September, 2004
Dear Executive Connection Subscriber,
This month we will discuss coaching entrepreneurs.
3. Coaching Entrepreneurs
Entrepreneurs are a strange breed. They are risk-takers, love challenge, like to develop and grow companies, and love working for themselves. Coaching these folks can be a daunting task for the executive coach. I have a couple of rules to guide those brave coaches who desire to enter the arena of entrepreneurial coaching, similar to a "David Letterman" list:
Number 10: If sounds too good to be true, watch out. Entrepreneurs are full of hope and enthusiasm (some would offer another expletive). It's easy to get caught up in the hype as a personal, business coach. Be sure you maintain your distance and don't get sucked into your client's world of wheeling and dealing.
Number 9: Don't match egos. Entrepreneurs are successful because they are bright, articulate and know their product (service) and consumer base. Many don't want a coach at first, but a third-party (investor, family member) may have offered coaching as a way to moderate management style. Remember, coaches are not consultants. You are not trying to compete with your client, but offer a sounding board with powerful questions to slow down your "boy or girl" wonder to reflect more. In Prochaska's model, entrepreneurs find themselves in the action stage and can be coached more in the contemplation stage to avoid impulsive decisions.
Number 8: Don't be an admirer. It's easy to get caught up in the hype and it's gratifying to the coach to be associated with an exciting person who may become an icon someday. Resist the temptation to be a cheerleader. Your client already has enough "yes" folks and does not need your obsequious adulation. Be fair, but tough. Oftentimes your coaching will involve the "hard truth" of telling like it is. This will be unsettling to your client at first, but in the long run you will gain his/her respect.
Number 7: Maintain boundaries. Some entrepreneurs will want to hire you as their "personal assistant" to be available 24/7 for a monthly contracted fee. Be wary of this arrangement, in spite of the financial rewards. Your job as coach is to remain objective and respect all your clients. Coaches also have a personal life and you may find yourself resentful of that three a.m. call because your client wants to be prepped for a meeting in Sydney, Australia, that you knew nothing about.
Number 6: Accept the change of pace: Coaching entrepreneurs occurs at a faster pace than Fortune 500 clients. Decisions are oftentimes made "on the fly" and timing is everything when one is building a business. Last minute changes to a business plan, an important hire, networking with potential investors, all require multi-tasking on the coach's part.
Number 5: Resist the temptation to use a template model of coaching. By this I mean don't have one way of coaching. Because of the pacing and more personal contact with the business owner and CEO, corporate culture is not as important (as it is with larger companies). Oftentimes, entrepreneurs work in an environment without a culture. Forget about traditional executive coaching techniques as applied to Fortune 500 companies and remember that entrepreneurs thrive on exceptions to the rule.
Number 4: Tolerating instability and uncertainty. Emergent businesses begin without a policy and procedure handbook. Compaq Computers was founded by three folks in Houston on a paper napkin in a fast food restaurant in the early 80s. Coaching entrepreneurs is not for the faint-hearted. Think of yourself as an ER Coach, ready to shift gears as new variables and challenges occur to your client.
Number 3: Pay attention to personal insecurities. This is where you earn your money. Denial and repression are major defense mechanisms used by entrepreneurs to avoid catastrophic scenario planning. For many of your clients change is the driving force to avoid boredom, family responsibilities, and fear of failure. Without getting into therapy with your coaching client, make sure their life is well-rounded and introduce a little fun into the equation.
Number 2: Entrepreneurs are human too. This is a corollary of Rule Number 3 and is a reminder that you need not be intimidated by your client. Many entrepreneurs started from nothing and have lost businesses due to poor planning and impulsive decisions. Resist the temptation to be in awe of your client. Remember that everything you do as a coach is "in service to the client."
Number 1: Say no. This is perhaps the most important rule to remember. If you're not cut out for the fast-pace coaching style with entrepreneurs, then refer your potential client to another coach who specializes in small business coaching or business development. You do yourself and your client a disservice if you practice outside your niche and one bad coaching experience will negate prior successes.
I hope I've given you a few pointers for those of you who wish to coach entrepreneurs, many of whom are small-business owners and sole proprietors. Although the work is hard and challenging, the coaching rewards are remarkable. You have the unique opportunity to shadow a business owner who is developing his/her business in real time with more immediate consequences and change. If you are drawn to the faster pace of coaching small business owners and desire a more personal working relationship, then consider coaching entrepreneurs. Remember that as a coach, you are modeling an entrepreneurial model for your clients. Run your coaching business well and you will serve your clients well.
4. Helpful Hints
"Helpful Hints" is a monthly feature of The Executive Connection. In this section of our Newsletter, we will discuss accountability structures necessary to stay focused on your business plan and objectives.
"This Month's Helpful Hints"
1. Talk to a small business owner to learn about their business, particularly the start-up phase and where you might be helpful in growing their business. 2. Subscribe to Fortune Small Business and Inc. magazines to get a flavor of who you will be coaching. 3. Get involved with the small business committee with your local chamber of commerce. You will gain useful information and begin to network with business owners.
SUBSCRIPTION INFORMATION
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Republication of The Executive Connection SM in paper media is encouraged and permitted by individuals, organizations and associations, as long as the issue is reprinted in its entirety, without change, and includes the contact information.
With advance permission, we are happy to edit an issue to fit your space requirements. Republication also is encouraged under other circumstances. However, the advance permission of A. Keith Barton, Ph.D. must be obtained in the event that changes in the text are desired.
The Executive Connection SM Mission:
The Executive Connection SM is dedicated to helping first-time business owners and executives to recognize resistance to change, while they create and manage their own businesses. My goal is to help you transform your vision into a successful business venture with the addition of accountability structures and silent partner.
The Executive Connection SM is a publication of The Virtual Executive Coach SM and Keith Barton, Ph.D.
We would like The Executive Connection SM to be as interactive as possible. If you have feedback, comments, topics you would like addressed, or can suggest additional resources to benefit us all, please email us at any time. Send your e-mail to
keith_barton@att.net
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Please forward this issue to anyone you think would find The Executive Connection SM interesting and beneficial. Your recommendation helps us keep growing, and ensures an excellent exchange of information and techniques.
Archives:
You can read previous issues of The Executive Connection SM in our archive section.
About Keith Barton, Ph.D
Dr. Barton received his Ph.D. in 1972 from the University of Texas at Austin and has been a practicing therapist for over thirty years. He is a graduate of MentorCoach and is accepting new clients. He has been an adjunct professor at the University of South Carolina, consultant to Fortune 500 companies in executive development, founded and managed Texas Community Living Ventures, Inc., in 1986 for providing group home services to persons with mental retardation, and has been running a clinical practice in Northwest Houston since 1990. He writes part-time with the goal of completing one novel a year. His desire to coach others derives from his passionate interest in helping others become attuned to their creative powers of storytelling.
Dr. Barton has training in coaching, cognitive and family therapy and health psychology. He has published articles, made presentations and conducted workshops about:
Small Business Development
Employee Wellness Programs
Anxiety and achievement
Stress management
Self-esteem
Communication skills
Leadership styles
Core values in the workplace
Executive Development
High-performance groups
Physician support groups
Writer support groups
© 2010
The Virtual Executive Coach SM and Keith Barton.
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