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.

 #link_2788045

"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 

  1. 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.