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The Truth about Business and Executive Coaching

People from all walks of life are jumping onto the coaching bandwagon, lured by stories of ?100,000 salaries, many with little or zero experience are fighting for their piece of the pie. Let’s get down to fac

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ts and demolish a few myths, mostly generated by the coaching industry itself.

Myth One; you can earn at least ?5000 a week/month as a life/business/executive coach
Fact: 40% of coaches earn less than 10k a year, and the majority struggle to remain in

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

he profession for more than a year. The reality is in the majority of cases it’s the coach training organisations that are raking in the money.

Myth Two; Coaching is officially recognised
Fact; There is not one official coach training orgainisation or

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ody that is recognised by any government anywhere in the world. The reality is that some of the larger "international" coaching associations were privately founded by commercial training companies for the purpose of externally ‘legitimising’ their training c

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ourses. These types of associations typically have a private business agenda that concentrates on adding large numbers of members to their database for revenue generating purposes.

Myth Three; Clients are crying out for coaches
Fact; The industry has m

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

re coaches than clients, during a survey over 50% of ICF coaches said it took them over two years to obtain their first coaching assignment. Every week a new coaching company springs up offering “certification”, the industry is already saturated with ill equ

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

pped, “coaches” with little or no actual practical experience, coaches are crying out for clients.

Myth Four; You need a ICF (international coach federation) diploma to be recognised as a legitimate coach Fact; The ICF was formed in the mid 1990’s by Coach

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

U, a USA based online coach provider for the purpose of certifying their own life coaching courses.

Myth Five; Certification adds credibility and confirms level of experience Fact: Certification means absolutely zilch and does not qualify someone as havin

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

the best skills and experience as a business/executive coach.

Myth Six; Coaching organisations are selective in who they admit on to a coach training programme. Fact: They couldn’t care less as long as you can cough up the cash.

Myth; Coaching can be don

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

over the phone Fact: Hmm really? How can a coach possibly offer expert advice without meeting the individual face to face? Can a Doctor diagnose an Illness over the phone? No he wants to examine you first. The same applies to coaching, a one on one meeting

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

is essential in the first instance for the effective implementation of a coaching protocol. Then and only then can coaching assignments be carried out at a distance.

So what is important about selecting a coach for your business?
Experience in business

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

! Theo Paphitis on a recent edition of BBC2’s Dragons Den was approached by a prospective entrepreneur to set up a coaching project. When questioned about how many years she had studied, she replied none, I trained with a master over two months (NLP master i

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

this case), the only masters are school masters or as they are more commonly known head teachers or head masters or ships masters. If anyone calls themselves a master run a mile. She was then questioned what practical business experience she had. Answer non

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

. Theo quite rightly then questioned how anyone could set them selves up as a business coach/trainer/mentor/consultant with out actually having experience in business!. As was expected all Dragons, quickly dismissed the business model as impractical.

Lets f

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ace it if you need your car serviced you get a qualified mechanic who has had many years experience working on cars, preferably on your make. If you want your plumbing fixed you get a qualified plumber who has served his/her time as an apprentice fixing many

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

sinks etc, if you have gynacologist problems you go to a qualified gynaecologist not a plumber!

The same rule of thumb applies to taking on a coach, if you want to get your sales team motivated, hire a coach that has worked in sales, if you want a coach to

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

elp your grow your business get one that has either run his own business for at least five years or who has worked at a senior level for a major blue chip company. If you want a coach to motivate and inspire your staff to overcome obstacles, setbacks and pro

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

blems get one that has started a business, or preferably several, gone bust, lost everything and started again.

Trust me on this he will offer more value and practical experience to your company than anyone who has a “certificate”.

The coaches’ role is to

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

mprove results and performance, coaches don’t know everything and should hold their hand up and say I don’t know rather than trying to be all things to all men. Executives don’t want yet another course, they need unbiased support and constructive input and c

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

iticism, the same approach does not work with every client. If you have a suite tailor made in saville row, it wont fit others. Coaching is the same, individual and bespoke taking the needs of the individual balanced with the needs of the client into account

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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