How An Executive Coach Can Become Integral Part Of A Startup
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For some years now, start-ups have been the buzzword in the market. Unorthodox ideas, high offices, availability of Angel investors are some of the factors that make start-ups so lucrative. So much so that they are fast becoming “Dream Companies” to work. However, behind the curtains of this glittery stardom filled start-up market is a dark reality where hundreds of start-ups shut down before they can even break even. As per a report by data analytics company Tracxn, the year 2016 saw 212 start-ups shutting down in India. When compared to 2015, this number is 50% higher. As per Traxcn, the following are Top 10 Shutdowns in 2017.
Reasons Behind Shutdowns – How a Coach can save the Shut Down
“The difference in thinking or vision of the founders and the employees can be due to many reasons. Maybe the employees don’t have a sense of belonging to the business.”
One of the significant factors behind the unplanned closure of start-ups is the difference in the ideologies or working styles of the founders and other employees. This is where these companies need an Executive Coach who can bring the team on the same page and convince them to work in harmony.
The difference in thinking or vision of the founders and the employees can be due to many reasons. Maybe the employees don’t have a sense of belonging to the business or they don’t agree with the founder’s ideas of taking the company forward.
While a part of the dissatisfaction is due to the founder’s choice of not taking input from the team while forming future policies, the team also didn’t see a long-term future within the company, thus leading to their disinterested behaviour.
How to Handle Such Situations
Things with the problem – they always seem daunting. As a kid, not being able to reach the kitchen shelf was a formidable problem; in school, getting those maths problems right was a daunting task and now as an executive, finding solutions to specific situations seems like a daunting order. But like always, right through your life, the answer to these problems lie either within you or at a hand’s length. All you need is a guide to help you introspect and look for that elusive solution. At this stage of your life, as an Entrepreneur that guide can be in the form of an Executive Coach.
An executive coach breaks the conservative culture where it is considered shameful to ask for help after you reach a certain level. An executive coach aims to correct your shortcomings through corrective feedback. It is aimed at helping you let go of the fear of failure or flaws.
As against the previous perceptions that you are in need of help when you hire a coach, hiring a coach is now a mark of prestige. It indicates that you are progressing swiftly in your journey as an Entrepreneur and want a confidant by your side. Leaders at some of the most prominent organizations in the world, including Google and Microsoft subscribe to this thought.
An executive coach asks you to look inside and not outside
You have reached a certain level in your life by gaining experience, coming good at crucial times and fulfilling your responsibilities. An executive coach reminds you of those times and compels you to find the solutions within you since you are more than capable of it. As a leader in the world of start-ups, you would be faced with problems which might not directly impact you but would be of significance for your team. In such situations, you would need to find out for the solution within you.
As easy as it may sound, it requires tremendous wisdom and leadership skills to offer solutions to others’ problems. You are at a position where the world is watching your every move, where the stakes are high, and the people are ready to jump onto every mistake that you make. The best support that you can offer yourself is to hire an executive coach who calms your nerves and gets you looking in the direction where solutions to your problems await you.
As an executive coach, my two cents to the founder, Entrepreneur is the answer to any problems lies either within you or at a hand’s length. All you need is a guide to help you introspect and look for that elusive solution. A good coach can pass on the feedback to the founder by interacting with the team and help the founder in mending ways before it ends up being one of those start-ups which didn’t live to see the light of the next day.