We always read stories of successful Founders, and sometimes wonder how they made it? Could coaching be part of the answer?
Well, the truth is that if you ask them they will tell you they had a coach as part of their support team/group. Having someone that can objectively talk to you, help you think about your ideas/business from a different angle, help you think bigger, share his/her experience, make you accountable for your actions and execution, listen to you and/or challenge you throughout your entrepreneurial journey is in my view a “must” have.
It is about been able to receive feedback, been stretched, learn from it and then be able to apply the learning, make new decisions. When coaching is done properly, with the right intentions, it is a powerful support and motivational element for any individual. There are positive ripples effects on both the business and the individual.
And as a Coach, it is empowering to been able to see the changes, the progress the other person can make with their business, and also personally.
At ASPIRE, we understand that the road towards entrepreneurship, launching and building a successful commercially viable product/service is challenging, fast-paced, full of hurdles/failures while at the same time can bring many rewards. That is why we have coaching group sessions for teams, individual joining our ASPIRE LIVE level on any of our programmes.
We’ve found some interesting stats on coaching:
- An internal Personnel Management Association report showed a significant increase in employers’ productivity by an average of 86% when training is combined with coaching compared to 22% when training alone.
- The benefits of coaching are many; 80% of people who receive coaching report increased self-confidence, and over 70% benefit from improved work performance, relationships, and more effective communication skills. 86% of companies report that they recouped their investment on coaching and more (source: ICF 2009).
- A study by Manchester Inc. reached a conclusion that businesses who work with a business coach saw an average return on their investment about 5.7 times the amount that they paid for their coaching service.
- A similar study by MetrixGlobal LLC showed that the businesses that spent on coaching saw a $7.90 return for every $1.00 they invested in executive coaching.
- A recent study by MetrixGlobal LLC of executive coaching in a Fortune 500 firms reported a return on investment of 52.9% and significant intangible benefits for the business.
- A study of 100 executives conducted by Manchester Inc. found that coaching produced an average return on investment of nearly 6 times the coaching expense.
- 53% of business owners and managers say their productivity had increased when they took business coaching.
Still not sure about coaching? Click here for a great article in Sifted about why it’s so important.