Recently came across a message quoting some research that 50% of businesses which work with a mentor/ coach survive 5 years longer than those that don’t. Coupled with this data, is also a data which suggests that most businesses start-ups die within 2 years of operation.
What is probably the reason which allows new businesses to grow ,& prosper & sustain ?
In my view the success of business begins with Business education of the entrepreneur/founder. It goes beyond the textbook theories and move in to the realms of challenges and opportunities as they unfold while they plan the path and trajectory of the enterprise.
This view is validated by what is being attempted in Hyderabad (India) – called the start-up capital of India. by Founders institute (FI), Hyderabad chapter. The FI program assignments put the founders in challenging situations with all the business assignments and pressure to complete it in one week. The assignments helps to focus on the startup idea and accelerate the growth from an idea stage into a validated company in just 4 months time and teaches key practical aspects of building a successful business. I recommend that you go to the Founder Institute website at www.fi.co and read more.
Here I would like to quote from my friend Mr Diyanat Ali Blog. He is the first of the 4 graduates of FI program out of 26 who enrolled. He says “At the Institute I learnt why a company road map is crucial, how and when to approach investors and partners, how to hire and fire people, How to develop sales traction and Outreach. This is not an inclusive list and I could talk about hours about all the great advantages the Institute gives to the founders.” He further says “Another important lesson was to realize that working with good and talented people can only make your company successful in the long run. So make sure to hire the right people because Good Employees are expensive, Average Employees are very expensive and nobody can afford bad employees. The biggest lesson for me was to witness the difference between having a viable idea and making a successful company. Execution is much more important than just a viable idea and the FI curriculum helps one focus on the execution”.
Many entrepreneurs may not have access to such a program. Some others may think that they do not need such a program as either they or their business could do well without. Realistically such programs as conceived currently are more oriented towards IT / ITES start-ups. So, most businessmen / entrepreneurs, in other sectors tend to gravitate towards people who have done similar businesses & can perhaps guide & mentor them. Trade bodies & associations create programs and conduct trainings to help entrepreneurs of their respective sectors too. They do help but perhaps not as holistically as they should to help entrepreneurs succeed. I must state here that even mentoring is a specific discipline and requires the mentors to be trained and qualified to be effective.
Of late, there is a growing knowledge of the term business coach. Not many years back, very few people were familiar with the term or exactly what they did. Terms such as business advisors and business consultants were heard more often. Even though these terms are often put in the same category as coaching, they are not the same. When you think of a coach generally a sports coach comes to mind. There is soccer, football, softball, baseball, basketball, to name a few. Professional sports people are very familiar with the benefits of coaching.
What are some benefits of hiring a coach?
1. Coaches through encouragement and accountability get their players or clients to work harder for peak performance. Entrepreneurs are lonely & therefore a coach works with them to provide that safe environment.
2. Coaches enhance performance through more effective methods or skills they learned or figured out for themselves.
3. Coaches offer realistic assessment of where you are and how to improve. Coaches are not judgmental. They are also aware & respect that you know your business & hence provide a sounding board & different perspectives when you are challenged to think out of box, differently.
4. Coaches help to identify personal strengths and weaknesses and help you focus on what you do best. My experience suggests that over a period our beliefs & assumptions start holding us back. Coaches help you, challenge you when they sense it and help change thinking and behaviors towards a new constructive and winning belief.
5. Coaches help you brainstorm for ideas for needed changes and help you plan how to make the change. Coaches are sounding boards. Use them well for getting perspectives & you certainly will have a better view of the situation.
The coach works with just one goal; to help you reach the greatest potential in the area of focus. The most successful people today either have had a coach or a mentor in their life. Having someone to guide in the direction of your goals and give guidance is one of the greatest decisions a person can take for self-improvement & success.
Coaches work with clients, respect his knowledge and facilitate positive changes though improved thinking. The positive changes are brought about by the transformational journey taken to reach the goals – business, life, personal.
Most coaches offer a free introductory session to help people understand coaching, the process & the way it works. Take advantage of the offer and seize the opportunity to see if you are ready to be coached to reaching your ultimate goals of success.
What is probably the reason which allows new businesses to grow ,& prosper & sustain ?
In my view the success of business begins with Business education of the entrepreneur/founder. It goes beyond the textbook theories and move in to the realms of challenges and opportunities as they unfold while they plan the path and trajectory of the enterprise.
This view is validated by what is being attempted in Hyderabad (India) – called the start-up capital of India. by Founders institute (FI), Hyderabad chapter. The FI program assignments put the founders in challenging situations with all the business assignments and pressure to complete it in one week. The assignments helps to focus on the startup idea and accelerate the growth from an idea stage into a validated company in just 4 months time and teaches key practical aspects of building a successful business. I recommend that you go to the Founder Institute website at www.fi.co and read more.
Here I would like to quote from my friend Mr Diyanat Ali Blog. He is the first of the 4 graduates of FI program out of 26 who enrolled. He says “At the Institute I learnt why a company road map is crucial, how and when to approach investors and partners, how to hire and fire people, How to develop sales traction and Outreach. This is not an inclusive list and I could talk about hours about all the great advantages the Institute gives to the founders.” He further says “Another important lesson was to realize that working with good and talented people can only make your company successful in the long run. So make sure to hire the right people because Good Employees are expensive, Average Employees are very expensive and nobody can afford bad employees. The biggest lesson for me was to witness the difference between having a viable idea and making a successful company. Execution is much more important than just a viable idea and the FI curriculum helps one focus on the execution”.
Many entrepreneurs may not have access to such a program. Some others may think that they do not need such a program as either they or their business could do well without. Realistically such programs as conceived currently are more oriented towards IT / ITES start-ups. So, most businessmen / entrepreneurs, in other sectors tend to gravitate towards people who have done similar businesses & can perhaps guide & mentor them. Trade bodies & associations create programs and conduct trainings to help entrepreneurs of their respective sectors too. They do help but perhaps not as holistically as they should to help entrepreneurs succeed. I must state here that even mentoring is a specific discipline and requires the mentors to be trained and qualified to be effective.
Of late, there is a growing knowledge of the term business coach. Not many years back, very few people were familiar with the term or exactly what they did. Terms such as business advisors and business consultants were heard more often. Even though these terms are often put in the same category as coaching, they are not the same. When you think of a coach generally a sports coach comes to mind. There is soccer, football, softball, baseball, basketball, to name a few. Professional sports people are very familiar with the benefits of coaching.
What are some benefits of hiring a coach?
1. Coaches through encouragement and accountability get their players or clients to work harder for peak performance. Entrepreneurs are lonely & therefore a coach works with them to provide that safe environment.
2. Coaches enhance performance through more effective methods or skills they learned or figured out for themselves.
3. Coaches offer realistic assessment of where you are and how to improve. Coaches are not judgmental. They are also aware & respect that you know your business & hence provide a sounding board & different perspectives when you are challenged to think out of box, differently.
4. Coaches help to identify personal strengths and weaknesses and help you focus on what you do best. My experience suggests that over a period our beliefs & assumptions start holding us back. Coaches help you, challenge you when they sense it and help change thinking and behaviors towards a new constructive and winning belief.
5. Coaches help you brainstorm for ideas for needed changes and help you plan how to make the change. Coaches are sounding boards. Use them well for getting perspectives & you certainly will have a better view of the situation.
The coach works with just one goal; to help you reach the greatest potential in the area of focus. The most successful people today either have had a coach or a mentor in their life. Having someone to guide in the direction of your goals and give guidance is one of the greatest decisions a person can take for self-improvement & success.
Coaches work with clients, respect his knowledge and facilitate positive changes though improved thinking. The positive changes are brought about by the transformational journey taken to reach the goals – business, life, personal.
Most coaches offer a free introductory session to help people understand coaching, the process & the way it works. Take advantage of the offer and seize the opportunity to see if you are ready to be coached to reaching your ultimate goals of success.
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