EP 4 of 40 - Business Mastery Series | By Sandeep Maheshwari | Hindi

Summary

The video script discusses the idea of establishing a consulting firm to cater to small and middle-sized businesses, which often lack access to professional consulting services. It emphasizes the potential of business coaching as a multi-billion dollar industry, highlighting the growth of entrepreneurship in India. The speaker shares insights on the importance of listening and questioning skills in coaching, the value of gaining certification, and the challenges of building trust and a network. The script also advises on starting with a clear specialization before diversifying and the significance of long-term vision and relationship building in business.

Takeaways

• 😀 There is a gap in the consulting industry where small and mid-sized businesses are not receiving the consulting services they need, unlike larger companies.
• 🤔 The speaker is considering starting an organization to provide affordable consulting services to small businesses, possibly after completing their MBA.
• 📚 The concept of 'Business Coaching' is introduced as a large and growing industry, especially with the rise of entrepreneurship in India.
• 🌟 The potential for business coaching is highlighted due to the increasing trend of entrepreneurship and the desire of individuals to take risks and start their ventures.
• 🗣️ Listening and talking skills are emphasized as crucial for business coaching, with the need to ask the right questions and provide clarity to entrepreneurs.
• 🎓 There are international courses available for short-term business coaching certifications, which can help in starting a career in this field.
• 💰 The business model for business coaching is discussed, suggesting starting with reasonable prices and gradually increasing as the client base grows.
• 🔄 The importance of building a network and gaining trust is underscored, as word-of-mouth can significantly impact the success of a business coach.
• 🤝 The challenge of establishing trust with clients is addressed, suggesting that a relationship needs to be built before clients will share their business ideas and challenges.
• 📈 The potential for growth in business coaching is mentioned, with the possibility of earning significant income for those who are skilled and dedicated.
• 🚫 A warning is given against overcommitting and spreading oneself too thin, emphasizing the importance of focusing on one's strengths and managing expectations.

Q & A

What is the main issue discussed regarding consulting firms for small businesses?

The main issue discussed is that large consulting firms often cater to big companies, leaving small and middle-sized businesses without access to consulting services at a reasonable price, which they desperately need.

What is the speaker's suggestion for small business owners who lack consulting services?

The speaker suggests that small business owners should consider business coaching as an alternative to traditional consulting services, which can be more accessible and affordable.

What is the speaker's advice on starting a business coaching venture?

The speaker advises to start the business coaching venture after completing an MBA, suggesting that the person is currently in their final year and should start after graduation.

What is the potential of the business coaching industry according to the speaker?

The speaker highlights that business coaching is a multi-billion dollar industry with a wide range of opportunities, especially in a growing entrepreneurial environment like India.

Why is the speaker emphasizing the importance of listening skills in business coaching?

The speaker emphasizes listening skills because in business coaching, it's crucial to understand the entrepreneur's goals, vision, problems, and challenges, which requires active and attentive listening.

What is the role of counter-questioning in the business coaching process as per the speaker?

Counter-questioning helps the coach to clarify the entrepreneur's statements, guide them to think more deeply, and ultimately help them find their own solutions or gain clarity on their issues.

What are the potential challenges a business coach might face according to the speaker?

Potential challenges include building trust with clients, finding the right clients, and managing expectations, especially when clients may not fully understand the benefits of business coaching.

How does the speaker describe the importance of networking for a business coach?

The speaker describes networking as crucial for building a client base and gaining referrals, which can significantly impact the growth and success of a business coaching practice.

What is the speaker's view on the importance of specialization in business coaching?

The speaker believes that specialization is important, suggesting that a coach should focus on a specific area they are knowledgeable and skilled in, rather than trying to be a generalist.

What advice does the speaker give regarding trust and confidentiality in business coaching?

The speaker advises that building trust takes time and multiple sessions, and coaches should not disclose client information or business ideas without confidence that it will not be misused.

How does the speaker suggest a business coach should approach adding new services or expanding their offerings?

The speaker suggests that a business coach should first establish themselves in one area before considering diversification, and only do so when they are confident in their ability to deliver on the new services.