Entrepreneurial Mindset Series (EMS)
People often bring their past into the present which invariably affects the future. They believe it is the accurate impression of the world – as they have seen or interpreted it. They advance reasons for their failings and shortcomings inadvertently validating them.
Many entrepreneurs who have experienced a failed venture in the past often assume their product or service failed due to a high price. Therefore, subsequently, they attach cheap prices to their products and services because they think, based on their flawed observations, people will not buy if their product prices are commensurate with the right value. Meanwhile with similar or worse circumstances, many others have succeeded.
People do not just want a bill. They want quality and will pay for that quality. It is faulty to think you can only break into the market by being cheap. If you do, you’ll stay cheap and probably be run out of the market. If you break in at the middle, you will stay there and if you dare to enter at the top, you will stay at the top. That is ambitious but valid.
The truth is that our take-out of situations are often flawed and biased. To help with this popular blind spot, smart entrepreneurs hire coaches.
3 Crucial Steps for Overcoming an Undesirable Past
- Be aware.
The first step to recovery is acknowledging that there is a situation that needs to be salvaged. Recognize your need for help. Recognize your vulnerability. That is the first step. Other steps will be a lot easier if you identify the problem.
- Acquire the right knowledge.
In the first instance, the carry-over from the past is a result of faulty perception and beliefs, acquired over time. Knowledge is power. Go out and see what alternatives are there. Talk to those who have been in the same situation and have succeeded. Vast information and resources are available online. Be hungry for the right kind of knowledge.
- Find a coach or mentor.
A mentor is someone who has been in your industry or peculiar shoe and has been successful. They can guide you on the way; they take you under their wings; they open doors and introduce you to people; they make you a sounding board for their business. Mentors also learn from you. It is a beneficial arrangement for the mentor and the mentee.
A coach on the other hand, is someone who holds you accountable to yourself. He helps you optimize your own behavior and performance. He or she is the one you go to when you’re trying to achieve something great. He’ll help you see beyond yourself. A coach doesn’t fix people. He is not the same as a psychologist or psychotherapist even though he has the ability to understand human beings, their sensibilities and where they come from.
What to expect from a coach?
- A coach must be someone you can have a working relationship with. Compatibility is the key factor in your would-be coach. If that is missing, the coach may not be able to deliver.
- A coach will help you establish your goals and desirable outcomes for the next six months.
- A coach should be willing to work with you for at least 3-6 months. During the first three months, a coach gets to know what the problem is; how you relate to your goals; how your current core beliefs are impacting your present realities and results.
- At the end of the first 30 days, a coach must be able to come up with an action plan. Progressive collaborative efforts are done over the next days or months to create a plan, implement the plan, assess the plan, make adjustments where necessary and move forward in the process.
- A coach keeps you accountable. You both form the action plan together while the coach monitors your implementation efforts and analyses the outcomes, with you being an active participant. Your coach is not the miracle worker, you are. So, expect to be driven to full potential.
- A coach delivers on promises. Progress should happen fluidly in a good coaching relationship. The performance and goals should satisfy you, the client. It is the job of a coach to get you past the bottlenecks and difficulties. Of course, that is why you pay money and if a coach doesn’t deliver, you shouldn’t have to pay.
- Respect, Integrity, honesty, objectivity and a will-be-there-for-you experience, are some of the things you should get from a good coach.
- A coach should have some expertise in your field.
You cannot go wrong with the right coach guiding you. The entrepreneurial journey is one that requires the right relationships for success to happen. Choose your relationship wisely. It is one of the best decisions you will take, to go beyond your past and move forward to success.
Do you need a coach?
The Immigrant Life has implicit confidence in, and recommends our guide on the EMS journey, Jess Huffman. Get in touch with Jess through email@example.com You will get a response from him.
This article contains excerpts from Episode 129 of The Immigrant Life Podcast.
Written by Yinka Bakare.