The Coach Approach

The Coach

Put on a coaching hat to look inward at your own capabilities as a way of identifying potential paths to pursue.

 

When deciding what problem to address with a startup venture, understanding your own capabilities and resources is an important part of the equation. When you cook for guests, you probably think about at least three things: your guests’ preferences, your own cooking skills, and what ingredients are readily available. Just because you suspect that your guests would love a truffle-infused sauteed liver pate doesn’t mean that’s what you whip up. Similarly, determining a market opportunity that you’re positioned to capitalize on requires more than simply identifying an existing need or disharmony.  You also have to take a look at your own strengths and weaknesses and the resources you have available.

 

The lack of a particular strength or resource doesn’t necessarily mean you have to rule out an opportunity. It might mean, though, that you take the circumstance into account when doing your analysis about next steps. You may need to think carefully about finding teammates with particular skills, or identifying partners that could help with essential resources. Or you might need to gain additional experience or further strengthen your network or know-how.

 

A useful model for thinking this through is the “Effectual Entrepreneurship” approach (Sarasvathy, What Makes Entrepreneurs Entrepreneurial, page 3), which notes that all of us have three sets of means we can apply to the entrepreneurial process: who we are, what we know and whom we know.

Who You Are: Traits and Tastes

You may love crunching spreadsheet numbers in a vibrant urban environment. Or maybe you prefer painting in a quiet rural hometown. Maybe in meetings you tend to be in listening mode, quietly weighing the merits of others’ ideas and sharing input one-on-one afterwards. Or perhaps you’re more likely to be leading the conversation. Whatever your particular traits, tastes and abilities might be, chances are they’ll have an impact on how you proceed with your venture. Understanding who you are might help match you to a particular opportunity in the market you’ve identified. Or it may help break a tie between two opportunities you’re exploring.

What You Know:  Education, Expertise and Experience

 

It’s possible for a veterinarian to have ideas about the information challenges faced by patent lawyers, but it’s more likely that her expertise and experience give her ready insight into people’s passions around their pets. She is probably well-positioned to understand the market opportunity for a pet-related newsletter and may have a lot of useful knowledge about relevant content and resources of value for her potential audience.

 

Ignoring our own knowledge and experience while focusing exclusively on the needs of an opportunity we’re exploring means missing out on an important part of the equation. The eventual success of a solution won’t rest exclusively on the salience or significance of the problem we’ve identified. It will depend also on the extent to which we’re able to understand the nuances of the community we’re serving and the subtleties of the opportunity, and the means we have to help provide a suitable solution.   

Whom You Know: Network

Creating a successful startup requires teamwork and partnerships. Your network of contacts will be valuable in each phase of your venture’s development. In the early phase, as you’re just thinking about possible opportunities, your trusted contacts will be among the ones providing candid early feedback, steering you away from dead ends and urging you on when you hit on something meaningful. As you progress and reach out to your first potential clients or customers, your contacts will be valuable in identifying leads and marketing partners. And when you’re struggling to balance personal obligations with the pressing demands of entrepreneurship, your circle of support will be crucial in helping you through the most challenging days.