How To Be An Executive Coach? Business Coach | Executive Coach

The Best Business Podcast With Daryl Urbanski

How To Be An Executive Coach? Business Coach | Executive Coach

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Transcript:

This is a question close to my heart.
A dear friend I grew up with had a failed business.
One day I asked them about it.
They said they're applying for a government grant.
To start a non-profit offering executive coaching.

I felt that was weird.
Someone failed in business. Had no record of success in business.
Was looking to get government funding.
To start a nonprofit to teach people how to be successful in business.
It was a strange moment for me.

The moral of the story is:
How do you become an executive coach?
You convince someone to pay you to be their executive coach.
But there is an income-earning ladder.
The bottom of the pyramid are generalists.
For example, a dentist.
A dentist earns what an average dentist earns.
Above the generalists you have specialists.
Like an orthodontist.
An orthodontist can do what the dentist does.
But they have specialized training to do more.
The dentist might be able to figure out how to solve the other problems.
But the orthodontist gets higher pay, compared to the dentist.
For the greater certainty of successful outcome.
Because they are specialists.

I'd rather pay a premium than risk wasting my time and potential failure.
From having to try to figure it out.

Next we have the trainer of specialists.
The trainers of specialists earn more.
They might not be the best in the industry.
But a trainer almost guarantees and gives you comfort.
Knowing you should get at least industry standards.

If I hire a trainer of specialists, I should get average skill at worst.
I won't get the worst because he or she trains them to BE specialists.

So, generalists at the bottom.
Specialist above the generalists.
The trainers of specialists next.
Then the people who make the most money?
Out of all the people in the pyramid?
Celebrities.
Because of the law of supply and demand.

For example, Dr. Phil might be a specialist in counseling.
But because he has a TV show with millions of viewers.
If he were to auction off 1 hour of his time, the price would go higher.
Scarcity pushes his price above the competition.

How do you become an executive coach?
Figure out where the executives are.
Talk to 10-50+ executives.
Have them share the problems they are experiencing.
Prove they should believe in you.
To pay you money to help them solve their problem.
You need to be able to deliver.
Otherwise, you will have unsatisfied clients.

Unsure you can deliver the best?
Be candid about your experience & background.
Tell them upfront you are new to the career.
People are willing to take a chance. Be trustworthy first.
Everyone gets their experience somehow.

In the beginning, maybe do it for free.
To build your portfolio.
To get the track record.

How do you become an executive coach?
Get up and start doing it.
That's it.
Start working on your 10,000 hours,
As time goes on, you will figure out which specialization you want.
Then you go down that road.
Keep your eyes on top of everything.
You learn through doing.
By developing your knowledge, skills and attitude.
This way you will be on the edge of your field.
And then finally you can say:
"I am a

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