Entrepreneurial coaching enables founders to become aware of their hidden strengths and qualities, and promote a knowledge-driven culture in the organisation.
Sustainability is not just a buzzword but the foundation of several businesses that aim to board onto a highly competitive future. It should be the central objective of a company’s vision, and every entrepreneur must realise the significance of this powerful concept. Though the idea might seem easy to grasp, it requires a complicated and coordinated strategy. All this will be easier with the assistance of an experienced business strategist, advisor or coach.
Why do many fail?
Sustainable goals cannot be achieved when a company is in a state of quandary. According to a recently published research of CB Insights, the main reasons for start-up failures are a flawed business model, lack of working capital, wrong launch timing, unhealthy competition, and legal complexities. And, it is an undeniable factor that lack of experience is the common factor among all shortcomings. Entrepreneurs, especially those in charge of start-ups, often negotiate these whilst being pressured by stakeholders, with banks and investors being two prominent examples. Unfortunately, because of the impulse to seek short-term profits, they fail to realise that this may lead to long-term liabilities for the company. It can also be seen as an unintentional deviation from the sustainable growth trajectory. The role of a coach is hence extremely important. The responsibility of a coach is to help entrepreneurs maintain a balance between their social and commercial goals.
What do experts say?
In the words of Josée Audet and Paul Couteret, “Coaching provides entrepreneurs with the opportunity to think differently about the challenges experienced, rather than simply absorbing advice.” A coach stimulates the creativity and curiosity of an entrepreneur; banishing the common refrain “this is how things are done around here,” while encouraging him to actively look for solutions. In the present scenario, when pandemic has disturbed the demand and supply side and businesses are grappling with unprecedented challenges, coaches can be the saviours to entrepreneurs.
How can a coach help?
To avoid being left behind and exploited, a business should be both innovative and scalable. Through non-directive, collaborative and engaging conversations, a coach helps the entrepreneur to utilise his maximum potential in building inspirational teams and organisations.
A coach always looks at the disciple as an extension of himself and never sees them as a client. He wishes to see his mentee as a leader in his respective field and feels proud of making others successful.
Making a business ready for a sustainable business environment demands unconventional ideas because traditional siloed thinking doesn’t look relevant in the present context. Coaches help entrepreneurs with their business needs. They also assist entrepreneurs with building the right commitment level and focusing on the right tasks at the right time. To grow sustainably, a business needs to spend its limited resources rationally and wisely. A qualified coach, who helps understand how to delegate tasks and manage people as effectively as possible, could achieve the transformation.
As a person who runs a business, it is fundamental to have a broad vision that encompasses the growth and development of different parts of the organisation at once. Leaders with this outlook will succeed more often than those without because they can look at the big picture.
From adapting to market trends to innovative technologies and improving customer service to competing with disruptors, entrepreneurs need to have great anticipation and decision-making skills to lead the business towards sustainability. A coach supports the entrepreneur in aligning organisational resources with the organisation’s goals, facilitating change, and creating an actionable blueprint for the entrepreneur.
Entrepreneurial coaching enables founders to become aware of their hidden strengths and qualities, and promote a knowledge-driven culture in the organisation. The coach hones entrepreneurs’ managerial and leadership skills, which are indispensable to achieve sustainability goals. Hence, coaches are as essential in the business ecosystem as professors in a university. Their absence is an easy entry to untoward threats and challenges.
Source: Business World
