Blog—Will the entrepreneur be coachable?
I have been challenged more than once in working with young entrepreneurs, whenever I use the word ‘coachable’ and they always ask me to explain what that means. I used to tell them, every investor has a different feeling about the word coachable, and I believe it is based on their individual experience, with entrepreneurs.
When I ask other investors like myself, I often get the same response, but the one thing that does turn many investors off is the entrepreneur being arrogant. Confidence is very different from arrogance, and I think in a 24-minute presentation and question session, arrogance is easy to pick out when it's there.
After I kept thinking about it, I made a list of things that I've been looking for in trying to determine in the initial relationship, to go on.
Here are my thoughts with questions:
- Will they communicate well?
- Will utilize their staff and Board properly?
- Do they have the energy needed for the task at hand?
- Will they hire people that are better than those in place, when needed?
- Will they set up the proper controls and delegate as they grow?
- We'll they have a good reporting system and follow-up program?
- Are they willing to take risks?
- Will they set up attainable goals?
- Will they have a mindset for the proper priorities
Of course, a lot of this refers to communications so the investor needs to get a feel for this. At the same time, are they good listeners and will they be open minder to coaches and mentors.