Business Coaching for startups need to have successful integration of consulting and coaching.
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
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.
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
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.
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.
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
Communication, presentation ,negotiation skills etc can be developed which help in achieving business goals.
Solopreneurs need emotional support as there is tremendous pressure and a safety valve is required to prevent the startup entrepreneur from breaking down.
Coach can provide unbiased views to help startups in taking decisions
The BC can bring in the network as and when needed.