Tale of 2 Entrepreneurs

By Dan Swanson

Two different entrepreneurs opened their businesses on the same day some five years ago. Both were hoping to do very well, provide for their families and live the life they had always dreamed.

These two were very much alike. They both started the same kind of business, both were outgoing, both were very talented and both had big dreams for the future of their businesses.

At first both of them started to grow and expand. The economy was doing well, their businesses were in demand and things seemed to be turning out just like both of them had planned.

But then the economy started slowing down, more competitors came along, demand started to drop and money for expansion started to tighten.

One entrepreneur’s business began to falter. Revenues dropped off, the bills mounted and the customers were slower to pay than ever. At first it seemed like a temporary problem so no changes were made. Then in a panic this entrepreneur began to lay off employees, cut expenses like advertising and development and started to doubt the future of the business.

The other entrepreneur’s business continued to grow. In fact business continued to grow, hiring continued and profits increased as well. The business expanded services, extended terms to allow more customers to buy and the future looks even better.

What made the difference?

It wasn’t their education since that was the same. It wasn’t their intelligence or talent or dedication since those were the same. It wasn’t that one wanted to succeed and the other one didn’t

The difference was in one had a business coach and the other one didn’t.

The one who didn’t have a coach had no one to talk to. The employees could be consulted since they were biased, the suppliers couldn’t be consulted since they might get cold feet, the board of directors couldn’t be approached since they could fire the entrepreneur. So the entrepreneur kept making decision after decision based upon limited past experience. It was not clear how to get more leads, find more business, or which expenses to trim as the economy tightened.

The other entrepreneur did have a business coach. So when issues came up, the economy declined and the market changed, the coach was able to give advice on adding new --products and services that would make up for the lost revenues. The coach also helped negotiate a change in terms with the suppliers, reducing cash flow requirements and improving profits. While the main business certainly did decline, new opportunities were identified and pursued, created a bright looking future.

Now this business coach was not someone who attended a few classes to get a coaching certificate. He didn’t just show up one day with a desire to help but no real experience.

This coach had been in the thick of battle, had a wide variety of experiences in many industries, in many job functions, in many of his own businesses where his money and reputation were at stake. This was not some part time job for him it was his passion. He was constantly reading, constantly learning, constantly expanding his network and had his own coaches to keep gaining more wisdom and insight from those who had been down the road longer than he.

Is having a coach all that is needed to be successful?

Absolutely not. You still need to have a good idea, a quality product or service, a well identified market, and the willingness to listen to and implement good advice.

About those two entrepreneurs I mentioned at the beginning of this article, they both started the same kind of business and started at the same time. So what made their lives in business different?

Coaching.

While I can’t promise you that success will be instantly yours if you hire a coach. But I can guarantee that you will be much more successful with a coach than without.

For a free copy of one of the most important books on finding hidden business opportunities "Acres of Diamonds" fill in the form below. This book is the transcript of a speech that was given over 6,000 times to over 3 million people. It has been the inspiration for countless millionaires. I've used the principles in this book generate millions of dollars for clients.

Privacy

We do not provide, sell or lease this information to any third parties.

Dan Swanson, entrepreneur and business coach. Dan has started 12 of his own companies and helped another 25 startups. He has helped raise over $200 million in debt and equity capital and helped create over 275 products and services. He has had over 18 different coaches in his life and has coached over 200 business men and women. He can be contacted by phone at 972-675-1413 or by email at mailto:dan@iq2.com.