Why Do Founders Need a Coach?

It is tough out there, global venture funding slumped 35% in 2022 and halved again in the first 6 months of 2023, there is global tension and consumer pessimism.

So if you are trying to get your idea started, raising money, make your funding last, or just have a specific operational, leadership or transformational challenge it is a harder vocation than it used to be so now more than ever founders need coaches.

It is also lonely out there, in the high-stakes world of enterprise, founders are the trailblazers, the risk-takers, and the visionaries. However who do you turn to when you have a challenge ? It is not always the best course of action to be vulnerable to your team or worry your family - which is where a coach comes in - practical support without the conflict.

Founders are the architects of innovation, building businesses and dreaming big. But even the most fearless founders can benefit from a secret weapon in their arsenal: a coach. Here's why founders need a coach now more than ever.

Navigating the ride

Starting a business is like an actual roller coaster. It's exciting, but it can also leave you feeling sick and dizzy! A coach serves as your guide through the countless challenges you will inevitably face, offering insights and strategies to help you. Having been part of the founding team for over a dozen start-ups, this is the part I love. I have learned a considerable amount over 2 decades about what to do and equally what not to do - coaches help you make better decisions and fewer mistakes.

Context and Experience

There is a no challenge you are going through that has not been encountered before. However it is what the founder does now, next week and in the coming months that will determine the success of their business, and although we all learn from out mistakes, the benefit of hindsight can be very very useful. No one told me this in 2006, I am not sure if it was less prevalent or if it was the ignorance of youth but I did not hire a coach until 2018, and it changed my output immeasurably and I have been actively seeking guidance since.

Maintaining Founder Power

Having worked with 100’s of founders over 20 years I have noticed the best have a special sauce that drives them through walls. It is an irrational belief that the world needs their product or service. However founder power can wane, it is the job of the coach to maintain that power, provide an oasis of calm and to shine a mirror back at the founder and to remind them of the power they possess.

A Sounding Board for Ideas

Founders have a whirlwind of ideas, but not all of them are gems. A coach acts as a sounding board, helping you sift through your concepts, refine them, and identify the ones with the most potential. They provide valuable perspectives and keep you grounded in reality. I like to work in a collaborative fashion and sometime our sessions will seem more like consulting or mentoring, which I sign-post before doing.

Accountability, Growth and Focus

Founders are accountable not only to themselves but also to their teams and investors. A coach holds you accountable for your commitments, ensuring you stay on track and meet your goals. They foster personal and professional growth, helping you become a better leader and decision-maker. This is a huge component to my house coaching style - for me coaching without accountability is just a chat about your aspirations.

Balancing Act

Balancing work, life, and well-being can be a Herculean task for founders. A coach assists you in achieving equilibrium, preventing burnout, and ensuring that you don't sacrifice your health and happiness on the altar of success. I believe it is about staying in the game as long as you want to, and then leaving gracefully. From founder to founder timeframes and goals can differ hugely. For me I have resigned myself to fact I like the process too much to leave it for good.

Networking and Connections

Coaches have vast networks and can introduce you to valuable contacts, potential partners, and mentors. They open doors that you might not have been able to access otherwise, enriching your journey. A good coach will open their network for the right introduction and opportunity, this should not be the sole reason to employ a coach

Proven to Improve Performance

Click here to see the research that actually proves coaching improves goal attainment, resilience, self-confidence and work-place well-being.

In the dynamic world of modern business, a coach is not a luxury; it's a necessity. They're the compass that keeps you on course, the support that keeps you going, and the secret weapon in touch trading conditions.

So, if you're a founder with dreams of sustained success, ask yourself: "Why wouldn't I want a coach?"