Jim once had dreams of becoming a major league baseball player. Now he's the coach of the local school team. After confronting his team on their recent loss, he urges them to try harder and in turn, they urge their coach to chase after his dream once again.
Rocky is coaching Creed and shares a valuable lesson on achieving his goals: consistency. He does this through his chant, "one step at a time; one punch at a time; one round at a time." This means that, if Creed keeps showing up to practice and puts in a consistent effort, he will become a great boxer.