Why entrepreneurship coaching & mentoring is not over-rated
This interview was a prelude towards my strategic partnership at Ducere in Melbourne as 'workshop facilitator' and 'entrepreneurship coach', as part of the 'Bachelor of Applied Entrepreneurship' program.
My objective was to explain the difference between the terms 'coaching' and 'mentoring'; the distinction between an 'entrepreneurship coach' and 'business coach'; and why every business owner or aspiring entrepreneur should consider an entrepreneurship coach or mentor to help fuel their business growth and personal development.
The two videos developed (see below) were intended to assist students undertaking their entrepreneurial studies, to help validate the importance of this professional service, as they entered the workforce as 'intrapreneurs', or as they embarked on their entrepreneurial journey after completing their studies atDucere.
The Distinction of two Different Terms:
During my interview with Omar, I was asked to differentiate coaching from mentoring. I therefore resorted to the analogy of a 'car'.
I explained that 'mentoring' is about providing guidance and overall direction, and increasing the chances of reaching the desired final destination. In other words, determining the best path for the vehicle to take to ensure it reaches its final destination in the most effective manner.
' mentoring' is about providing guidance and overall direction, and increasing the chances of reaching the desired final destination
At the end of the day, the ultimate goal for the driver is to take the shortest route in the most effective manner, without zig-zagging, or taking the wrong turn. The end result will be more cost effective and a less time consuming experience for the driver.
I later explained that 'coaching', on the other hand, is the equivalent of driving a vehicle that performs well, has sufficient fuel in the tank, and is able to accelerate whenever this is necessary. In human terms, 'coaching' is about increasing or improving productivity, passion, resilience, stamina, endurance, confidence, determination, flexibility, adaptability, vision, and so much more. Without a doubt, these outcomes are critical for all business owners and leaders, regardless of whether the business is a start-up venture or large organisation.
Placing a Dollar Value to a Coaching & Mentoring Service:
I often get asked the question by potential clients about the 'true' value of coaching and the direct outcome this has on their business growth. In other words, they are looking for tangible / guaranteed outcomes (in terms of increased sales growth, increased profits, etc) that can be directly correlated to the cost of my coaching and mentoring service. A typical question may include, 'how much sales growth does a $10,000 investment in coaching yield ?'
'coaching' is about increasing productivity, resilience, stamina, endurance, confidence, determination, flexibility, adaptability, etc
The challenging reality is that a coaching or mentoring service cannot be directly and easily correlated to such measurable / financial outcomes. Perhaps this is equivalent to wanting to know the direct sales result from a specific advertisement campaign on a reputable glossy magazine. The truth is that it's not that simple to determine this exact figure.
The bottom line is that business growth or personal success ultimately hinges on one's individual capacity, self belief, leadership capabilities, or desire to achieve their entrepreneurial ambitions.
A coach or mentor will therefore play an instrumental role in pushing the boundaries of performance of the individual from the 'ordinary' to the 'extraordinary'. It's ultimately about stretching one's own capacity beyond their comfort zone, into a new realm of opportunity or possibility.
So the question to you is, 'what are you worth....$100k, $500k, $1.0M+, and how much are you willing to invest or gamble with your coach to realize this goal ?