Business Coaching for Startups
Business Coaching for startups need to have successful integration of consulting and coaching.
Business coaching for Startups- The Need
Small
businesses are run either by an individual or by a team of 2-3 members. Running
any startup is challenging and constantly the entrepreneurs face roadblocks in deciding between alternatives or in making presentations to the customers or
investors.
THE BENEFIT OF A BUSINESS COACH
A business coach is someone who takes the time to know your organizational structure and the goals of your company to help you achieve the success you envision. They have been in the shoes of a first time business person, so they can offer advice on how to navigate the dangerous territory of going out on your own. If this isn’t your first company, a business coach might help you enter a new market or simply offer an outside perspective. In either case, having their helping hand gives entrepreneurs the confidence to keep believing in their business, even when things get tough (and they will get tough).
Need for coaching
Small businesses are run either by an individual or by a team of 2-3 members. Running any startup is challenging and constantly the entrepreneurs face roadblocks in deciding between alternatives or in making presentations to the customers or investors.
Business Coaching for startups-Concept
All successful sports
persons, both in individual games like tennis, shuttle , golf and team games like football, hockey ,cricket
etc have had legendary coaches. Sportspersons attribute their success to their
coaches.
The coaches bring the best out of the individuals.
Business Coaching is no different in that it helps in discovering hidden potential and nurturing it.
Source; talenttechlabs.com
Business Coach for Startups
The business coach can be anybody who has been an entrepreneur or a professionally trained coach. He need not be a domain specialist and ideally should have a strong network, to help the startup if and when there is a specific domain expertise requirement.
In terms of helping the startup team achieve its goals.
Normally, for any business there are forks in the road. The startup, by itself , may not be able to look at all the pros and cons of a particular fork. No alternative will have only positives and the coach can help the startup in choosing an alternative by providing clarity.
Types of Coaching
The BC can take a small equity in return for the coaching provided to a startup.
The startup team can have the BC on a retainer basis for specific period with the understanding that with short notice they can contact the coach.
Technologies like Skype, video conferencing facilities etc have removed the location boundary for providing coaching.
Incubators also play a role as they have a team of experts for providing the coaching. A 3-5 % equity in the startup is a common approach. The support team may have investors as a part of coaching. The idea has the potential to attract an angel or venture capital.
Corporate, in order promote creativity and innovation, nurture those ideas having synergy with their businesses. This is common in many tech. companies like Google, Microsoft, Yahoo etc. This concept is known as corporate venturing. They allot a coach to the startups.
"What makes a great coach? Credibility, creativity in solving problems, effectiveness in communication, as well as “an understanding that the details create success” — that small things usually make the difference between good and great." Atul Gawande - Harvard Gazette
Why do Start-ups need Business Coaching?-Mahesh Balani
Coach Draws the Roadmap to Achieve Goals
What enables CEOs of very large and very successful corporations drive stellar results year after year? What differentiates successful leaders from the rest of the pack? What do BU heads, managing directors, and other senior leaders in these companies do differently? Working with a coach is among the other very key ingredients to this successful formula.
The coach usually works with the CEO and other leaders in the organization, helping her/him define objectives and goals – either personal or for the business. A coach also draws a roadmap to achieve the goals and holds the leader accountable for those actions.
https://www.entrepreneur.com/article/296857
Business Coaching for startups- SpecificAspects
- Professional skills Development of the startup ( Soft Skills)
Communication, presentation ,negotiation skills etc can be developed which help in achieving business goals.
2.Emotional Support
Solopreneurs need emotional support as there is tremendous pressure and a safety valve is required to prevent the startup entrepreneur from breaking down.
3.Unbiased View
Coach can provide unbiased views to help startups in taking decisions
4.Net work
The BC can bring in the network as and when needed.
