Top Business Coach Shares Tips on How to Turn an Idea into a Successful Venture
What is a rational investment and how does it affect your business? What is the perfect mindset you need in order to to succeed? In this episode of Enlightened Entrepreneur Podcast, London-based business coach, Andy Sharma, shares what every business owner should know about how to turn great ideas into successful ventures.
Key Questions Asked:
- What prompted Andy Sharma to decide to move from the corporate world into starting his own business?
- What is the first skill that every business owner needs to have?
- What is the second skill that needs to be mastered?
- Why are these particular skills are very important?
- How do you go about picking the right coach?
- How does clear, written down plans and goals play a significant role in one’s journey to success
- Why does ability to prioritize business matters and actions extremely important?
- How to act and engage in the ‘value proposition’ habit?
- What should be the perfect mindset of a business owner when seeking assistance of a coach?
Highlights of the Lessons Learned:
A. Importance of a Business Coach
- Coach is a business owner’s confidant in terms of the status of a venture.
- Someone whom you can talk about external views that will open up new ideas.
- A counsel who helps business owners get all the transitions.
- A mentor who takes accountability for your success no matter what it takes.
- Somebody who is better than you to take you forward.
Hence, a business coach should be one of the investments that every business owner needs to engage at.
B. Winning Habits to Develop for Long-term Growth
Another essential investment that every business owners need to maintain are the winning habits such as below:
- Have a clear written down plans and goals.
Every business owner needs to have clarity on what they are looking to achieve – both in their business and personal life. With this, they will be able to execute things in a timely-based as it would be easy for them to break it down into action points.
This means translating the vision and the mission into a workable action plan with timelines.
- Work time efficiently.
Business owners should invest more time in most valuable and most profitable activities of the business such as marketing, value proposition, etc.
Employ Skilling Metrics (eg. high-skill or low-skill, high-fun or low-fun) – in order to figure out which tasks or activities that a business owner needs to focus on or to be hands-on at.
When taking this into perspective, tasks that do not require a personal touch can be allocated to the team members or outsourcing service providers for optimal costs.
- Focus on value proposition.
Business owners need to establish the value of the product or services the business provides; and they need to resolve the challenges that caused pain in the market.
With this, pricing would be competitive in the market – thus generating more revenues of the business.
- Know the numbers inside out.
They need to calculate how much money they make and how much they are working. This basically considers the simple formula: Revenue = Sales – (Labor cost + Time cost).
- Develop leadership goals and employ the right people for the team.
This promotes engagement of business owner and employee. Also, this aligns vision, mission and objectives of the business – as what a coaching relatively does.
- Create systems and process to improve the efficiency and productivity.
This can be achieved by application of KPIs which serves as the balance check.
C. Perfect mindset and Comfort Zone Administration
Mindset and comfort zone are said to be the biggest challenges that every business owners need to manage accordingly.
- According to Andy Sharma, when initiating a business, the mindset has to be shifted as a boss – who assumes responsibility for the business and to the people working with you.
- As a business owner, you don’t only need to be better at your skill, you need to learn new skills relevant to the business instead, so you can train other people.
Furthermore, in order to attain success, a business owner needs personality fit with the coach – and so does the coach; and willingness to participate and satisfy every exercise given in the workshops.
AVA Business Coaching London 9, Hayes Business Studios Damson Dr
Hayes – London, United Kingdom UB3 3DY
phone: +44 (0) 20 88488656
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