Are you a business coach, consultant, or service provider struggling to grow your business? Many business owners in a service-oriented market tend to focus on the success of their clients. But your own mindset has to be split between the one that helps you get your clients results and an entrepreneur mindset that enables you to continually expand your business.
In addition, how you run your business is your primary calling card when encouraging new clients to work with you, or existing ones to stay. If you’re going to give business advice, it’s essential to set an example through what you do just as much as what you say. You need to practice what you preach in terms of developing, refining, and bringing your business to its absolute potential.
Therefore, a big part of your success as a coach is in the mindset with which you approach your own business development. The only way to see exactly what needs to be done is to step back and look at your business with a critical eye. What needs to be tweaked? What opportunities are you missing out on? What do you need to do differently? Adding an entrepreneurial mindset to your normal coaching one can be the best tool in your arsenal for answering these question – and growing your coaching or consulting practice.
What is an Entrepreneur Mindset?
Your mindset is made up of a collection of both conscious and unconscious beliefs that pertain to you as an individual. A positive mindset will allow for growth, learning, motivation, and understanding, whereas a more negative mindset may limit abilities and achievements, as it does not foster positive action.
A few characteristics of the entrepreneurial mindset include:
- The ability to learn from failure
- The ability to delegate
- Love of learning
- The ability to set and work towards goals
Implementing these beliefs as actions within your business encourages consistent growth.
Roundup: Tops Tips from Experts
Many influencers in the world of coaching have discussed the importance of having an entrepreneurial mindset. We pulled together a round-up of a few articles that will help you see how you can take action and adopt this mindset to help you grow your business.
International Coach Federation
“One has to be flexible enough to recognize the current trends to succeed. Every opportunity that presents itself should be handled with an open mind and discarded if found ineffective for the business.”
Patrick Watt looked a little deeper into exactly why having an entrepreneurial mindset has such an effect on the coaching business. He highlighted a number of key points, including:
- Helps You Reach Out to More Customers
The right mindset will encourage you to reach out to customers first, and work on building strong relationships with them that will last.
- Enhances Effective Marketing
Confidence to approach challenging people when networking, identifying a well-defined audience, and having the ability to create and share concise vision and intentions are all key factors of the entrepreneurial mindset.
- It Helps You Focus on Your Goals
Maintaining positivity is essential for focus and progression towards goals. Having the right mindset will help you overcome challenges that may stand in the way.
Watt concludes by reminding us that each coach has a unique talent – this can only come to life and reach its potential if that positive entrepreneurial mindset is nurtured.
“To build a profitable business we must be focused on the business of coaching. The exciting thing, as an entrepreneur you can design your week exactly the way that you want, just be sure that you do book in money-making time – and protect it fiercely, your business depends on it.”
Teresia LaRocque identifies with the coach ready to get to work; with knowledge of his or her business, all the necessary equipment and the drive to succeed. She also identifies with how these factors alone don’t necessarily equal success.
The article breaks down how you should spend your working time – the four ‘critical activities’ of the profitable entrepreneur:
- Money-Making Activities
The key point here is the amount of time spent on it. LaRocque suggests that 60% of your time should be spent on anything that contributes to your ‘bottom line’. This includes things like generating referrals, or following up on leads.
- Planning, Preparation and Strategizing Time
The time no one budgets for – 20% of your day should be spent on ‘evolving your business’. This includes things such as creating business protocols or preparing workshops and presentations.
- Super Service and Support
10% of time allocated to going the extra mile with both customers and staff members. This means things like checking in with clients, or over-delivering on a product or service.
- Administrative Activities
Another 10% spent on day-to-day necessities such as paperwork and accounting. LaRocque goes on to mention that, ‘whenever possible, hire them out’.
The benefits of implementing such a breakdown to your working day are in making sure every area of your business gets the necessary attention, as well as being able to devote chunks of time to specific objectives.
“What we believe is possible and desirable are crucial elements in the successful implementation of a strategy.
Any strategy not informed by, and in alignment with, the prevailing mindset in the business will fail every single time.”
Dixie Gillaspie uses her experience as a coach to discuss how the content that the entrepreneur is consuming today differs from not too long ago. She talks about a shift towards content regarding ‘beliefs, habits, perspective and ideas’, with mindset related information now getting the shares and comments that ‘how-to’ and strategy type articles used to pull in.
A mindset running counter to strategy won’t ignite the same energy as one that ran parallel – if the belief is that the projected results are impossible, progress will be doubted and some may even find themselves sabotaging progression. Strategy is, in fact, dependent on the initiative, determination and behaviours fostered by a positive mindset.
Gillaspie goes on to mention how a model implemented by one person with a particular, complementary, mindset may work for them, yet fail when implemented by another with a different set of beliefs, motivation and vision. Recognizing and refining your perspective towards your business will help you develop and implement the right strategy for you.
So what does all of this mean for you? Here are a few takeaways that I suggest you focus on for growing your own business:
- Adopt an Entrepreneur Mindset
Approach your business with an eye to all potential opportunities while keeping your finger on trends in your marketing.
- Create a Growth Strategy
Create a specific business strategy that incorporates an entrepreneurial mindset for your business. In other words, do your own breakdown of:
- How much time you’ll spend on activities that give you direct income (vs future income)
- How much time you’ll spend on planning and marketing
- How much time you’ll spend on admin work
- How much time you’ll spend on service-oriented activities
- Help Your Clients Think Like Entrepreneurs
As you put together content and work with your clients, help them develop their own entrepreneur mindset, including the attitudes and behaviors that will help their business move to the next level. And make sure that any strategies and action plans you create with them are in alignment with their mindset.
Want to see how many entrepreneur traits you have?
Just click below to download our ‘Entrepreneur Mindset Assessment’ to see how you rate on the different characteristics and behaviors of an entrepreneur, along with tips for developing each.
Check out our ready-to-go course on how to Embrace Your Inner Entrepreneur:
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