Wimbledon is a reminder that, in business, you need a good coach
In tennis, coaches and mentors are big part of the game – and they should be part of yours too, says Richard Harpin
The All England Club rarely alters the hallowed traditions of the Wimbledon Tennis Championships but this year saw two big changes. I’m not sure if the first – replacing line judges with AI – was entirely successful. But from my perspective as an entrepreneur, the second was inspired.
The standard of tennis was so high – especially from winners Jannik Sinner and Iga Swiatek – because players were constantly being coached. After a busy week launching my new book, I was lucky enough to be among the thousands sitting on Centre Court, under the scorching London sun, watching the women’s final. I know a lot of people were disappointed by the 6-0, 6-0 walkover but the event itself was wonderful and I was especially fascinated by that non-stop player-coach dynamic. Advice from professional tennis teams used to be banned, aside from the occasional glance. The players were essentially on their own.
Now coaches and mentors are part of the game – and they should be part of yours too. Some of my smartest decisions have been thanks to the advice of others. It took me 30 years to build a £4bn business with HomeServe but I’d have done it in half the time if I’d found the right coaches and mentors sooner. In fact, according to a brand new study, if young adults benefit from mentoring at school, they’ll more likely excel in their working lives.
Most entrepreneurs think they know it all. That used to be me. Working my socks off to build momentum meant there wasn’t the time or inclination to seek the advice of others. Just as great sports stars need guidance to capitalise on opportunities and avoid pitfalls, so do entrepreneurs. That’s how to reach the next level.
One of the pivotal moments of my career resulted from my dogged pursuit to secure a meeting with Nigel Morris, a Brit who had made it big in America with the Capital One credit card business. I didn’t know how HomeServe could crack the US market and Nigel’s mentorship (allow Americans to run the operation, and move our office from Miami to the commercial East Coast hub) proved transformational.
I’ve also benefited from a series of coaches who transformed my leadership skills. However, I’ve never understood why coaching and mentoring are separated.
Recently, I spent 10 days at France’s INSEAD business school to gain a coaching certificate. I’m on a mission to turn my decades of business experience into something that can help the next generations of entrepreneurs fuel the economic growth this country desperately needs. After one seminar, I scribbled something on my electronic notepad.
“Coachment”
It’s taken me a while to perfect the definition: a powerful blend of coach and mentor, combining incisive questioning with real-world business wisdom for an individual or
peer group to improve personal and business performance. Coachment brings together practical advice from someone you trust who’s seen it and done it, alongside an individual or group that can provide the coaching space for you to find your own answers. They supplement each other and are more powerful together than in isolation.
Coachment is a central element of my new book, How To Make A Billion In Nine Steps. And it’s a word I hope to encourage linguists at the Oxford English Dictionary to include in the next edition!
Most entrepreneurs are figuring it out as they go along. Every twist and turn presents new problems to negotiate and decisions to make. There’s no map or hand-holding which is why we make so many mistakes, or struggle to accelerate our own and the company’s growth, so that we overachieve rather than rest on our laurels.
Every week at my home in central London, I host a free growth workshop with around 14 entrepreneurs running mid-sized businesses who want to make that step-change. What most surprises me is that around two thirds have neither a coach nor mentor, yet all agree they need one.
Here’s some of the advice I give them…
Six rules of coachment
First, remember it’s not just about listening to others. You also need humility to accept advice, which requires a thick skin, having endless curiosity and an insatiable desire to learn more. Mentors and coaches aren’t there to stroke egos, the best will give you honest advice that’s sometimes uncomfortable to hear. But they will help you build both your business and relationships. That’s why you should think twice about enlisting close friends and colleagues, who won’t be as honest as an outsider.
Second, seek mentors who have significant experience in your chosen field, have had a similar business trajectory to your own and share the same values. They can open doors and, with a fresh pair of eyes, help you see opportunities you didn’t realise existed. Good ones won’t run your business but they will help you to run it better because they have a different perspective. Avoid the ones who tell you what to do or what you want to hear and, instead, rely on those who help you understand what you should do.
Third, a coach should be someone who can help you weigh up options, integrate the advice of others and sharpen your instincts. They will get to the bottom of personal issues, help you understand what’s important to you when it comes to business success. They’ll ask you searching questions rather than push you towards answers – things like ‘Why do you think that?’ ‘What are you trying to achieve?’ Sometimes the most basic questions will help you realise your potential.
If you’ve enjoyed success and know how to navigate the peaks and troughs of business life, consider sharing that expertise with Britain’s next generation of entrepreneurs
Fourth, find a peer group because they’re part of the coaching experience. It’s something I wished I’d had in the early days of HomeServe but, back then, Walsall was not a vibrant arena for new businesses. I was always good at meeting people and learning from them, assiduously making notes (I still do) but it was a far cry from being mentored. That didn’t happen until around 2009-10, more than 15 years after the company was created. Today, there are peer networks across the country, like my own Business Leader, where people come together to share experiences and pick up nuggets from each other. Coachment isn’t just a 1-1 experience, it can equally apply to a group.
Fifth, be ready to move on to the next coach or mentor when the time is right. Maybe you’ve outgrown each other or are in a different stage of the business. Nigel was essential in helping us establish ourselves in the US. But when I needed to transform another of my companies, Checkatrade, into a digital marketplace, I sought new mentors. In particular, Jeff Boyd who ran Booking.com, TripAdvisor’s co-founder Steve Kaufer and Scott Forbes, the former chairman of Rightmove.
Finally, if you’ve enjoyed success and know how to navigate the peaks and troughs of business life, consider sharing that expertise with Britain’s next generation of entrepreneurs. By doing so, you’ll be doing your bit for the economy. Whether that’s coaching, mentoring or coachment. My biggest lesson from these past decades is that you’re only as good as the advice you seek. That’s what we saw in those wonderful Wimbledon finals. Great individuals using their coaches and mentors to power them to victory.
For me, success happens when we work together.
Richard Harpin is the founder of HomeServe and owner of Growth Partner and Business Leader