The myth of
individualism can negatively affect our chances for
success.
Most small business owners think
it is important to "go it alone" due to their belief in
the myth of individualism; they hold tightly to the idea
that everyone succeeds or fails on the basis of
individual efforts and abilities. This assumption is so
powerful that when an alternative view is suggested (that
success depends on our relationships with others as much
as it does on us) the usual reaction is denial. Denial of
the role of relationships in the business owner's success
preserves the self-enhancing illusion that we are masters
of our own fates and, therefore, deserving of all the
credit for our successes.
Since the myth of individualism
continues to drive most small business owners and
executives, they don't know that help is available to
grow professionally and personally. They fail to realize
that a coaching
relationship would help
them and their organization become more productive.
A recent study by the
International
Coach Federation
(ICF) reported that
most small business owners, who hadn't been coached,
would like to achieve positive change in their business
development, career, and financial and physical health.
The top six professional and business development areas
identified in the study were: productivity and
effectiveness, planning, sales and marketing, business
management, positioning their firm for the future and
leadership. Yet, 47% of study participants, who had not
been coached, paid under $100 for professional
development within the past year and 51% spent under $100
for their personal development during the same
period.
Of those in the study that had
been coached, their top four professional and business
development areas were: productivity and effectiveness,
leadership, sales and marketing and planning. 69% of the
coached business owners met with their business coach at
least two times per month, mostly on a one-on-one basis
in person or over the telephone, working on productivity
and effectiveness, planning, sales and marketing and
their leadership skills. 49% of the business owners who
were coached spent $500 or more in professional
development and 42% spent $500 or more in personal
development. Monthly
coaching fees ranging from $250 to over
$3,000 were paid by 47%
of the small business owners.
Many business owners fear their
subordinates will learn how inadequate they feel in their
leadership
role and are looking for
help managing in today's faster, cheaper, better global
economy. Although hiding vulnerabilities is hardly new,
this concern has been exacerbated by a new fear of either
becoming obsolete or technology-driven toast in a world
of business transformation. "I've never seen
businesspeople have to fake it more," says B. Joseph
White, past business school dean and interim president at
the University of Michigan.
FORTUNE magazine reported
that one reader said, "I went into the coaching
experience kicking and screaming, at the insistence of my
then-boss. And what an eye-opener it turned out to be. I
won't even go into the grim details of bad management
habits I had unthinkingly developed in my 14-year career
up to that point--but I will say that since I was 'cured'
by 12 weeks of pretty intense coaching, I've been
promoted three times."
The most valuable results of the
coaching experience reported in the ICF small business
study: brainstorming (28%), independent viewpoint (28%),
encouragement (18%) and being accountable to the coach
(15%).
Of study participants who had
been coached, 59% would recommend coaching to other small
business owners. Of those small business owners currently
not working with a coach, 45% stated they were somewhat
or extremely likely to
hire a coach in the
future. The top three ways of finding a coach to work
with are: ask a colleague or friend for a reference, do
an Internet search by keyword(s) or visit the website of
a professional
coaching association.
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