Ever have an interaction with a business that had you talking to yourself; “Why in the world are they in business? That was an awful experience. If I ran that business this is what I would do.” As an entrepreneur you have the opportunity to make your business exactly how you want it. The first step to creating that great experience is to know why you chose to start your business.

As you read in the Coaching Entrepreneurs’ overview, I believe creating a business has two phases; the research phase and the action phase. This post will focus the details of “The Research Phase”. Think of this phase as researching how you are a fit for a particular business.

This phase has three elements; drivers, vision, and what business. Let’s exam each.

What is pushing you to start this business? Exploring the origin of this push is extremely important.

Some common reasons; a family history of entrepreneurship, being frustrated with a problem and having an innovative solution. The desire to create generational wealth, improve the community by creating jobs, the desire to apply a unique skill set, or turn a hobby into a money-making venture. These are all good reasons but, what is yours?

Your reason is tied to your values. Those principles of living, most important to you. Every day you seek to align your actions with your values. As a leader you work to create an environment that fulfills your values.

When we are out of alignment with our values we are stressed. It takes mental and physical energy to try to get aligned. As leaders we work to create an environment that fulfills our values. When aligned it is easy to progress towards a goal. Particularly when the entire team in aligned.

In a coaching engagement we will work to identify and define your top values. Why? Because this is what drives you and serves as the guide for your path forward.

A transitioning veteran was in the final stages of purchasing a franchise, when the franchisor dropped him for a larger investor. He learned money was the driver for the franchisor which was out of alignment with him. His focus was on starting small and building community. The veteran redoubled his efforts to find a franchisor aligned with his values of building relationships and creating community. He currently is running a successful gym.

You have a vision of your business; one, three and five years, in the future. As your coach, I help you define and refine that vision; revenue, customer base, impact, growth, and number of employees.

I challenge your assumptions and assist you in creating a realistic vision and path forward. Optimism and unrealistic expectations can abound in the early stages when thinking about your business. As a coach I help you create the range of possibilities and assists you to ask the right questions.

I was working with a client planning on a sole source vendor for critical supplies. Their great rapport and positive relationship gave her confidence. I worked on challenging her thinking, which proved beneficial when supply chain issues challenged every sector in 2020.

What Business
This is about assisting you to define your business. The match of your drivers, skills, and readiness influences your thinking on the business you are creating. Understanding the fit of all the elements is critical. You started this journey with a solid idea of your future business, this defines and refines it.

I was working with an individual wanting to transition from the corporate world into entrepreneurship in one leap. As we worked through her skill set, passions, and current market she changed her mind. Rather she decided to create her business as a side hustle and grow it while still maintaining her corporate position. This reduced her risk and allowed her to bootstrap her business. That came from building an understanding of how her passion and needs intersected.

We all want to jump right in and prove we can own and run a business. However, spending time in the research phase with a coach can be invaluable. Partnering with a coach to slow down and build clarity around your business has the potential to speed up your success.