So in this video I would like to share with you a very very simple and basic model that I've used to
coach business people CEOs entrepreneurs and new business pioneers over the last five or so years and
the first and foremost we've got to make a few modifications in our own mindset so we can first get
thinking like an entrepreneur as well especially if we do want to coach or operate in this field.
I'm not saying that everyone is going to want to operate in this in this realm but many people will
do the right to bear in mind and when we get started out the people who we go into work with further
down the road it might be very very different from the people that we start working with in the early
stages of the development of our business.
If we do in fact even go on to set up a life coaching practice or business.
So let's look at how it is so we can start to think like an entrepreneur.
I think the first things first what I'll do is am I just want to open your eyes and present you with
a few different types of legal structure.
I think I mentioned this in the last section in many life coaches and helpers and practitioners and
therapists can sometimes kind of get the blinkers on a little bit and maybe think a little bit too small
when it comes to pioneering a new initiative.
Granted most people come down this road because they fundamentally want to make a difference in the
world.
They want to play a role when improving and enhancing the lives of other people which is fantastic and
obviously very very admirable.
So there are a few different roads we can go down.
We can go down the route of sole trader.
We can set up self-employed and we'll become a one man or one woman or one person bond us against a
world and then we go and build our business model canvas and try to attract clients and do it all by
ourselves.
All right.
This is an approach that many people take and I'll be honest with you.
In the last five years I've probably worked with more struggling soul traders than what I have done
anything else.
All right.
Why.
Because working by ourselves try and do all things on our lonesome can be quite challenging and daunting
and it can also really.
And it can also really devalue our time when we commit to doing things that just are in us right when
we commit to working in partnership with people and we can leverage off the efforts of other people.
Which means I can spend more time doing what I'm naturally good at and what I enjoy the most.
And then just simply you know build partnerships work with those people who are naturally good doing
other things that compliment the business.
All right.
This is probably the one word here both in complementary partnerships partnerships where typical can
working complement each other.
All right both get ahead.
We can set up a limited company.
No obviously I don't know where boats in the world you are watching this video from so that's obviously
going to be different legal structures they're based in what geographical location you reside generally
are limited company comes with more tax advantages.
All right you can be a sole trader and me here in the U.K. for example you pay I think it's 25 percent
tax you know as long as you earn under forty thousand pounds but if you start paying over or if you
start earning over 40000 pounds a year as a sole trader your tax bracket goes up and you start paying.
I think it's 40 percent tax.
All right.
This is where different legal structures come into play and as a limited company you set up a limited
company.
There's obviously a few more tax advantages you can put a company car through your business all that
kind of stuff I'm not telling you how to avoid paying tax here.
All right.
These are just some real practicalities that you want to get thinking about.
All right.
Don't get me wrong when I first set up business.
I was born his business.
Business are a passion.
All right.
I just want to make a difference.
I want to help people and all this kind of stuff but all the business practicalities of how to learn
the hard way along the way.
All right.
Through one year getting absolutely hammered with a tax bill that I wasn't expecting and all that kind
of thing.
So what I want to just open your eyes to hear sole trader limited company a company limited by guarantee
public limited company private limited company.
You just got to check out the legal structures of your nations and sometimes get a little bit business
advice to look at what legal structure is actually going to best work with you.
And in the same way.
Right.
Even if you don't go on to set up a business you want to become your mentor or you might work for a
charity group that helps people get set up in business something like that.
You still want to get a good understanding of this because whilst it may not be relevant for you I guarantee
it will be relevant for some of the clients that you go into work with and just being able to relate
to them on this level can sometimes really enable you to become more credible in their eyes.
The race is always good to learn.
It's always good to grow and knowledge and understanding.
All right.
Social enterprise no.
Here in the U.K. social enterprise is actually now being referred to as the Fourth Sector.
All right.
So far just explain sectors to you just a little bit and you'll have that the and the public sector.
All right.
Which is generally councils is government funded.
You know everyone loves public sector workers don't they.
Traffic wardens.
So on so forth.
Maybe in Scotland language is the really gristle nation of people here in Scotland we just love everyone.
Right but council workers generally come with a certain reputation or firm of not being too overly passionate
about that which they do.
All right.
But I guess that they don't really have to be when we're operating more in the private sector i.e. or
operating in a private business if we don't deliver the goods we're not gonna make any money.
No one's going to come to us.
We're not going to have any clients or any customers.
Public sector is funded by government taxes.
All right.
So.
Yeah.
Very very different in terms of attitude than agenda that people take towards work but social enterprise
is different different from charity.
Charities tend to be referred to as the third sector.
So you've got the public sector the private sector.
And then you've got the third sector charities.
No problem with charities over the years.
I don't know whereabouts you live here.
I live in Dunfermline.
Anytime I walk through the local town.
Right.
May be going to grab myself a Starbucks or something like that.
And it's kind of like an avoidance strategy.
I've got to go in stealth mode.
Can I get going to get a baseball or a baseball can crash helmets on and barge their way through the
local shopping mall because every five or six paces is going to be someone from a different charity.
Excuse me sir.
Children with cancer leukemia save the car save the dolphins save the world save the trees.
And as you know I've got to navigate their way through or only about 20 different people representing
20 different charities all wanting to get some money.
And today this is very much the case because especially here in Europe much charitable funding is pretty
much drying up.
All right.
What's especially the public sector looking at today is how financially sustainable and viable organizations
are and initiatives are hence the reason the rise of social enterprise and popularity.
The right reason being right.
So let me just give you a bit more context here for the public sector will generally try to do is meet
social needs.
But as various governments around the world have got themselves into quite a lot of debt they've developed
large deficits.
They don't have the same degree of funding to invest into social and or social issues or projects that
they perhaps dead 10 15 20 years ago.
All right.
So the private sector would sometimes fund charitable organizations to carry out works today if that
funding is not there then kind of leaves a lot of opportunity for people like you and I to set up social
enterprises.
So these are going to be private businesses either sole traders or limited companies.
But with a charitable arm.
So yes it needs to be a profit making business.
We need to have our business model canvas in place.
We need to know where our income is going to come from.
But if we're meeting charitable aims i.e. social needs are a social need in some way then we can attract
various funding to support our efforts.
All right give me an example here in the United Kingdom we have the National Lottery and the National
Lottery donates something like 200 million a year just in Scotland now to social enterprises charity
very very few charities actually get funding anymore.
Well the National Lottery will do is invest into social enterprises.
Why.
Because it helps pioneers and entrepreneurs get started.
So yes it obviously generates wealth in the nation that they're residing in but it also makes a social
impact which is kind of like when when no a share all of this with you not to give you are hardcore
business lecture or lesson because this is our life coach and training course.
But to really gay thinking outside the box a little bit especially if you do intend on set up a business
moving forward because rather than just going down the conventional route of sole trader then you got
to go and find some clients if you're going to find them from.
It may be the case that you're actually more passionate about making a social impact in some way which
would therefore mean this social enterprise might be a more viable option for you.
Plus when we set up social enterprises if we can pilot a concept for example the concept that I mentioned
in the last video or two videos ago when I started working with ex military personnel through that transition
from military to civilian life well this had been deemed as as a social problem a real social deficit
a real real concern.
The councils didn't have any programs or initiatives in place and nor did they have any plans to get
anything in place.
But he had said this is a real area of focus for us.
So what I'd done was I went to the national lottery and said Listen I've got this ideas like a mentoring
project where I can coach X military personnel to guide them through this transition from military to
civilian life.
Then in turn as I'm kind of coach and a mentor and then I'm teaching them how to coach a mentor or others
so I can kind of duplicate myself right.
This is the concept a crazy idea with the National Lottery said sure absolutely fantastic project.
Here's ten thousand pounds to pioneer it to get it started to pilots and just see what results you can
get report back to us in six months and let us know the effectiveness of the initiative.
All right.
Obviously the initiative was very effective and we've even got a video based course on some of the online
marketplaces that allowed us to scale up.
All right.
I think we've got something like 7000 ex military people all in the world know who who are accessing
and working through the online training course and granted it was one that we created years ago.
So it's not as glamorous and as shiny as this course.
All right.
But it was the best we could do at the time and determined by the funding that we had.
So what I'm saying is right.
Well it starts somewhere and sometimes the business model that we choose can determine how quickly we're
going to be able to scale up and obviously also determines how effective we go on to be at delivering
our message.
So just want to think about that first and foremost.
So you told us a bit more than just a life coaching course isn't it.
So now we want to be thinking like an entrepreneur.
So we understand business model first and foremost.
Then we've got to look realistically at what we need though this isn't like an ordered one two three
four five six steps we can take in the order as life coach is especially if we do come to work with
CEOs or business executives or pioneers or entrepreneurs they could be anywhere on this journey and
they're already going to be thinking like entrepreneurs so we need to understand the process the entrepreneurs
and pioneers go through in their thinking.
All right and where they sometimes get stuck.
So let's start here.
Create the business plan.
Well this starting point we can do by just simply utilizing the business model canvas.
All right.
This is about us know defining our road map and a playbook for business growth and fulfillment.
There's no point in us planning or structuring a business around a concept that we're not passionate
about and share with you a little trap that I fell into probably about maybe nine years ago.
So I think I mentioned earlier in the course that I got and re-entered back into car sales.
No don't get me wrong.
I don't mind sales so I quite enjoy sales to be honest with you I think pretty much all of life is about
sales we're all salespeople to some degree aren't we because we're always trying to sell ourselves.
So back then I wanted to get back into car sales so that I could make the money to get the House and
the car in place I could then go on to make the difference that I want to make.
So for me what I'd done was I'd so far removed myself from the impact I wanted to make.
I've kind of staged it.
So rather than just getting out there start to make an impact.
I said Right I'm going to take care of the finances issue first and foremost so that I can then go on
to make the impact.
So enter waste in our own about six to nine months working in car sales that didn't really get ahead.
All right.
Because the more money we make and usually just results in spending more money.
I don't if you have the same issue as me in life right maybe you're slightly more responsible than that
but this was certainly something that I found.
So what I ended up finish in with the car sales that had an officer go nowhere here I'm just devoting
six days a week to doing something that I'm not even passionate about.
So decided right I'm going to quit this and just start making the impact start making a difference.
And it only took me around about three months to start scaling up and start making good money and make
an impact.
All right.
So we can choose to do something that we don't want to do.
Hoping that at some point in the future we can then go on to make the impact and facilitate the change
that we really want to see happen or we just came out to be in that change that we want to see happen
right away.
All right.
This is called sometimes referred to as biting the golden bullet.
Right.
But again it's a place where sometimes get stuck.
Sometimes some people get stuck they went up choose in second best thinking the second best is going
to help them to get the best but it doesn't.
Choosing second best instead of best is just getting some bodies putting something in the way of Best
which ends up holding us back from making the degree and level of impact that we want to make.
Here with me a following.
Appreciate.
I'm just telling my own story here but there's nothing really else I can tell right apart from my own
experience so all start the business plan.
No here's the thing.
If you do go on to work with entrepreneurs pioneers people like this.
That's generally a good starting point there especially if you say right.
I'm stuck.
I'm kind of in business.
I don't know where.
I know where I'm up but I don't know where I'm going.
Or I know where I want to go.
But I don't really know where a mass so a business plan stroke business model commerce is generally
quite a good starting point but doesn't always have to be all right.
Sometimes it can be better just to define the bedrock.
Right.
Which is kind of like our mission our vision of what we're actually here to create what we actually
really want to do.
It might be the case you're one of those people who's seen yes and I just want to save all the trees
in the world I want to save all the dolphins I want to eradicate poverty.
Fantastic.
Nice one.
How specifically Joplin doing that.
Who's your partnerships.
Who do you need.
Which kind of brings you back in the business plan anyway otherwise that ideas are nothing more than
nice ideas and they'll never be any more than just nice ideas.
So between the vision or the purpose and business plan we need to plug this gap here and clarify what
the big picture is.
And this is where we can kind of draw into some of the ideas that are shared with you through the goals
set and section of the course.
Remember we have the big long long term vision that we've got long term goals on the main main overriding
vision and we've got a long term goals.
Medium term goals short term goals.
That's when the more conventional life coaching practice can start coming into play.
All right.
And we want to clarify the big picture and define where the where we actually want to be in a long long
long term and then kind of work our way back to establish what the long term goals and medium term goals
in the short term goals need to be.
That's going to enable us to start progressing towards this larger vision if that makes sense.
And again this just kind of flows on to the Business Model Canvas.
We've got to identify key partners.
We need a cost structure.
We need to understand channels.
We just need a starting point and sometimes it's not about having all the answers in place right from
the start.
It's just that we have enough starting point.
Noel what step one is to take.
What's step two is to take step 3 is that's generally all we ever need to help our clients establish.
Why.
Because people are self-governing and remember as life coaches our role isn't to have all the answers
or people it's just to simply provide the frameworks and the space to help people work things out for
themselves.
No if you're finding yourself in a place right now saying well I just don't know why I want to build
a business I don't know where to start.
Well don't go asking me 20 questions or eight because I only have so many hours a day.
That's why we put in place the ecology community of their community a network of people who are pretty
much looking at words and exactly the same direction because you are going to need people alongside
you if you want to start up a business or a movement or a social enterprise or or whatever.
All right.
So this is kind of where staying consistent comes into play and this is more about the accountability.
All right.
I don't know too many pioneers or entrepreneurs who don't have accountability partners.
I'm going to be honest with you.
All right reason being is because when we have accountability partners and when I'm talking accountability
partners I'm talking about like minded people the kind of spur each other on.
One holds the other to account that of both are quite naturally proactive.
Then if one moves and the other one doesn't then it's painfully visible.
People get caught though so there's just no way of kind of putting things off or hold holding back.
And when we have a partner that we hold ourselves account to allows us to make decisions or even bounce
our decisions off them together.
Second set of eyes.
All right.
So that we constantly stay in growth mode and progress mode.
If we're not moving forward remember then we may unconsciously be staying the same.
Sometimes even going backwards.
So life is a progressive journey as is business.
So here's the thing.
And through this process we have to be growing in awareness.
We've got to be overcoming limiting beliefs and getting unstuck all of the time.
All right.
Believe it or not as I'm presenting this framework the sex of course here right now I'm actually overcoming
some limiting beliefs that I have about myself for many years yes I've been there I've been a great
coach I've been a teacher of coaches the teacher of helpers and things like that.
But you know what.
I've built a couple of pretty big businesses along the way which actually qualifies me and gives me
the authority to teach them teach and right now as you've most likely become aware I'm not just regurgitating
some dry empty information off a PowerPoint or from a textbook you are talking about leadership styles
and all that kind of stuff I'm sharing with you some practical insights you can actually build into
your life or your own business or you can help your clients build into their own life their own business
here with me is OK which we can only do as we're aware of where we're out of who we are of what's actually
driving us of where we want to be and the practical steps that we need to get from where we're up to
where we want to be.
So Solberg shifting our mindset think back to the mindset idea that are shared in the second video of
this section.
All right we've got to look at whether or not we're falling into cognitive traps or not right.
Sometimes it can be very very easy to slide and sink into this slave mentality or a victim mentality
when things don't go our way when things don't quite work out as planned or within the time frames that
we hope that they are.
And this is we hope these things will be accomplished and and this is where like a smart goal set process
comes into play is where accountability comes into play as we are increasing our personal self awareness
on an ongoing basis comes into play is when taken courses like this comes into play is when you become
part of a proactive working communities comes into play.
Or you can do nothing and just hope for the best.
And then you know might just be the case that your idea never really unfolds to become any more than
a nice idea but the one thing that I do understand through the last decade especially is that if we
do nothing nothing will happen.
If we do something something will happen before we can push and drive ourselves to do much and commit
to asking other people more value than that which they would naturally be inclined to expect.
We tend to get much in return.
All right.
It's kind of like the the law of the law of the harvest or the others or the so in principle in a way.
What we what we what we saw we will reap what we give out.
We will get back in return in some way even if it's not always in the way that we think we're going
to get back.
All right.
So just a few ideas about thinking like an entrepreneur.
Granted this is very very different from the sections we've looked up until now.
But I really want to stretch any thinking here to look bigger and beyond people's emotions and people's
feelings.
Why.
Because when people do not have a meaningful vision a substantial vision for the future a compelling
vision for the future for what they're going to want to create or who they're going to go to become
or the impact that they're going to go on to make or the difference that they're going to play a part
of facilitating.
Then the people have a tendency of going round and round in circles and perishing and then end up falling
into the trap of just focusing on themselves and how they feel which is pretty much what brings life
to much of their mental health professions today a bunch of people who aren't good anywhere in life
who feel bad about it and then get labels assigned onto them so we can be better than this.
We can be bigger than this and you can be more effective in this.
Think like an entrepreneur.
Decide what business structure you want to go for and get a business model canvas in place start today.
Good pioneer your movement.
Are you inspired to move yet.
I sincerely hope so.
Oh we found this helpful.
I'll see you again in the next clip.