What does a Coach or Mentor do for you?
“Mentoring is a brain to pick, an ear to listen, and a push in the right direction.” — John Crosby
Imagine having a secret weapon that every successful startup founder wishes they had when they first started out. A guide who's been in your shoes, who's faced the same challenges and come out on top. Someone who can see around the corners, who knows how to build a great team, how to raise money, how to make the tough decisions. That's what a great coach or mentor can be for you.
Think about it. Steve Jobs had John Sculley... and then he had Steve Jobs Sr. Eric Schmidt, when he was at Google, had Bill Campbell. Every great leader has a coach or mentor behind them, helping them make better decisions, helping them see things they might miss on their own.
And the best part? You don't have to go it alone. You don't have to make the same mistakes all of us made when we were starting out. You can learn from people who've been down this path before. You can get guidance, get support, get someone who believes in you, even when you don't believe in yourself.
That's what we're going to talk about today. How to find that person, how to make the most of the relationship, and how having a coach or mentor can be the single most important thing you do to set yourself up for success.
So, if you're ready to stop going it alone... if you're ready to level up your game... if you're ready to build a company that really matters... then let's dive in.
77%
of organizations that offer coaching to their leaders report improved leadership effectiveness. Effective leadership can directly impact a startup's bottom line by enhancing team performance and decision-making.
90%
of startups fail!
Data from the U.S. Bureau of Labor Statistics shows that about 80% of new businesses survive their first year. However, this number drops significantly over time, with only about 50% making it to the five-year mark
50%
increase in employee retention rates, reported by companies that utilize coaching. Higher retention reduces recruitment and training costs, which is particularly beneficial for startups striving to maintain a lean operation.
68%
of coaching clients report improved work performance, which is essential for startups aiming to enhance productivity and efficiency.
10% to 25%
A survey found that businesses that engage in coaching see an average revenue growth of 10% to 25% annually. This growth can be critical for startups aiming to establish a solid market presence.
70%
of startups that work with mentors or coaches, have a higher chance of surviving beyond the first few years compared to those that do not seek external support.
Why get a coach?
1. Friendly Guidance: A coach offers supportive and understanding advice, sharing their experience to help you navigate your business journey with ease.
2. New Perspectives: Sometimes, all you need is a fresh perspective, and a coach provides that in a warm and thoughtful way.
3. Supportive Accountability: With a coach, you have someone who gently keeps you on track, ensuring you stay focused on your goals in a relaxed manner.
4. Skill Enhancement: Coaches help you enhance your skills in a supportive environment, making learning and growth both effective and enjoyable.
5. Confidence Building: A coach boosts your confidence with encouragement and positive reinforcement, empowering you to make impactful decisions.
6. Networking Opportunities: Coaches often have vast networks and can introduce you to new contacts who can help your business flourish.
7. Stress Management: Coaches provide strategies to manage stress amicably, helping you maintain a healthy balance in your professional life.
8. Strategic Planning: With a coach, you can collaboratively develop a strategic plan, ensuring your business is on the right path forward.
9. Problem Solving: Coaches help you tackle challenges amicably, turning potential roadblocks into opportunities for growth and success.
10. Growth Facilitation: Ready to grow? A coach facilitates your progress in a supportive manner, helping you reach new heights.
Having a coach by your side ensures you have a friendly and knowledgeable partner to support your entrepreneurial journey.