Coaching Entrepreneurial Spirit into Business Success
The economic turbulence in the last couple of years has meant that there has been a lot of focus on ‘entrepreneurs’ in the media and ‘entrepreneurial spirit’ has increasingly become something which society greatly admires and is a word often associated with success.
However, there is a big difference between being an entrepreneur and being a successful entrepreneur. There are many people out there who can be described as having entrepreneurial spirit, who have some or all of the attributes of being an entrepreneur but have not been able to harness these qualities and become a success.
So what are these ‘entrepreneurial attributes’ and how does one take these attributes and turn them into success?
How to Spot an Entrepreneur
If someone has the following qualities, then they can be considered to be an entrepreneur or at least a potential entrepreneur:
- Strong self belief and self image
- Enthusiasm, inner drive and willingness to take appropriate action
- Being able to feel fear but the courage to ‘go for it’ anyway
- Highly motivated and full of energy and enthusiasm
- Full of creativity and the ability to spot opportunities others may not
- Having a wealth of ideas and optimism that they will bear fruit
Many of you reading this now will be thinking that you have most, if not all of these qualities. However, not all of those who fit into this category would consider themselves to be a successful entrepreneur. The fact is that without the correct mindset you may never turn this potential into success.
This is where business coaching can come in. Business coaching can help individuals take the entrepreneurial spirit and turn it into success by instilling the correct mindset into an individual, and it has become very popular with senior executives and CEOs.
In addition to the attributes mentioned above, the successful entrepreneur needs have:
- A sense of urgency tempered by self discipline
- An objective and future focused vision
- The ability to set and stick to goals
- Determination to succeed fuelled by self belief and passion
- Ability to take calculated risks and going against convention
- An acute business sense, a must for any entrepreneur to be successful
Having the right mindset can make the difference between success and failure. Coaching can bring this mindset by addressing the common issues which entrepreneurs face. In fact, it can not only help entrepreneurs deal with these issues them but turn them into strengths.
Lack of judgement, difficulty maintaining focus, inability to take action, poor follow through and fear of failure can hinder anyone with even the most impressive of entrepreneurial attributes. In addition, an entrepreneur’s strengths can also become weaknesses. Enthusiasm, confidence, ideas and optimism can sometimes get in the way of practicalities. A coach will help you to see when these qualities are actually getting in the way of progress.
The route to success is as follows. First you need to have the idea, see the right opportunity, and take the appropriate action. Then you must follow through and finally drive the project to completion. If any parts of this process are missing then success may elude you. A business coach will help you bring all the pieces of the entrepreneurial jigsaw together by creating the required mindset in the individual.
Coaching will help the entrepreneur to look at things objectively, encourage focus, and break the process down into a logical sequence of actions. Most importantly it will train the entrepreneurial mind to challenge itself and be accountable.
Accountability is Key
Being accountable has an effect on so many issues faced by business people, especially the entrepreneur, and can very often be the key to success. Accountability isn’t just something you have to learn about, it is a mindset that has to be ingrained in you and should be at the back of your mind in everything you do as an entrepreneur in order to make you more successful and dynamic.
Accountability in an entrepreneur turns raw passion and energy into consistent performance at maximum potential. It encourages continual raising of the bar in terms of goals and achievements, and keeps the entrepreneur’s vision focused and on track. It also highlights each success and achievement and removes limiting beliefs. Finally, it helps to breaks down larger goals into smaller steps to ensure action continues and enthusiasm remains.
Accountability and coaching lead to empowerment in the individual because it’s them doing the work and achieving the success, not the coach. All the ingredients are already there, the coach’s job is to bring these to the surface and without coaching some potentially successful entrepreneurs may not reach their full potential.
Entrepreneurs in the Current Economic Climate
Now the economy appears to have turned a corner and is moving towards growth again, it would seem to be the ideal time to recognise your own entrepreneurial spirit and take the necessary action to take full advantage of these more favourable economic conditions.
The entrepreneurial spirit will see the current climate as an opportunity to thrive where others are failing, and entrepreneurs who planned, built and developed during the bad times will be the ones to flourish as we move out of recession. Many of these newly successful entrepreneurs will have had a little help along the way.
MD of The Coaching Academy
The Coaching Academy are one of the UK’s leading providers of business coaching, corporate coaching and Life Coaching Courses.