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

Business Mastery Series

13 Oct 202314:44

Summary

TLDRThe 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.

Outlines

00:00

🤔 The Need for Small Business Consulting

The speaker discusses the gap in the consulting market where large firms cater to even larger companies, often neglecting small and medium-sized businesses. They express the idea of starting an organization to provide affordable consulting services to these smaller businesses. The speaker is considering this venture and is in the final year of an MBA program, planning to start the business after completion. They introduce the concept of business coaching as a significant industry, a multi-billion-dollar sector with numerous coaches interacting with small entrepreneurs and startups. The speaker emphasizes the growing interest in entrepreneurship in India and the shift from seeking secure jobs to taking risks and starting one's ventures. They also talk about their personal experience with a business coach who provided clarity through counter-questioning rather than direct advice.

05:01

📚 Developing Business Coaching Skills

The speaker delves into the skills required for business coaching, highlighting the importance of listening and understanding over talking. They share insights into the process of becoming a business coach, suggesting short-term courses and certifications that can provide credibility. The speaker also touches on the challenges of starting a business coaching practice, such as building a network and gaining clients' trust. They advise on setting reasonable charges for coaching sessions and emphasize the importance of clear communication about one's expertise and services. The speaker also discusses the potential for growth in this field, especially when combined with other specializations like marketing or finance, and the importance of trust in building long-term relationships with clients.

10:02

🚫 Avoiding Common Pitfalls in Business Expansion

The speaker warns against the common mistake of overextending oneself by taking on too many roles or services without having the necessary expertise. They recount personal experiences and lessons learned from others who have suffered setbacks due to poor commitments or abandoning projects midway. The speaker stresses the importance of focusing on one's strengths and managing what one can effectively deliver. They advise against making commitments that one cannot fulfill and emphasize the need for a clear understanding of one's capabilities before introducing new services or partners. The speaker also discusses the importance of valuing long-term relationships and the potential damage that can be done to one's reputation and career by neglecting trust and quality in the pursuit of short-term gains.

Mindmap

Keywords

💡Consulting

Consulting refers to the practice of providing expert advice to individuals, businesses, or organizations. In the context of the video, it discusses the lack of consulting services for small and medium-sized businesses compared to large corporations. The script mentions the need for a firm or organization that provides consulting at an affordable price for smaller businesses.

💡Small Businessmen

Small businessmen, or 'small entrepreneurs' as mentioned in the script, are individuals who own and operate businesses that are not large in scale. The video emphasizes the gap in consulting services available to these individuals, suggesting that they operate based on their own ideas, skills, and knowledge without external expert advice.

💡Business Coaching

Business coaching is a type of consulting where a coach supports and guides entrepreneurs to achieve their business goals. The script describes it as a large industry and suggests that the speaker is considering entering this field after completing their MBA, highlighting the potential for growth and the importance of listening and questioning skills in this role.

💡Entrepreneurship

Entrepreneurship is the process of designing, launching, and running a new business. The script discusses the rapid growth of entrepreneurship in India, indicating a shift from seeking secure jobs to starting one's own ventures, which is creating a demand for business coaching and consulting services.

💡Certified Business Coach

A certified business coach is a professional who has completed a formal training program and possesses a certification in business coaching. The script suggests that obtaining such certification can provide credibility and open up opportunities in the business coaching industry.

💡Networking

Networking refers to the cultivation of professional relationships to exchange information and access opportunities. The video mentions joining organizations and attending conferences as a way to build a network, which is essential for business coaches to find clients and grow their practice.

💡Affordable Price

The term 'affordable price' in the script refers to the cost at which services are provided to small businesses. It is a key factor for these businesses to access consulting and coaching services, as they may not have the budget that larger companies do.

💡Listening Skills

Listening skills are crucial in business coaching, as they allow the coach to understand the client's needs and provide appropriate guidance. The script emphasizes the importance of these skills over talking skills, as coaches need to ask the right questions and listen carefully to their clients' responses.

💡Trust

Trust is a fundamental aspect of the client-coach relationship. The script discusses building trust as a process that involves several sessions and clear communication. Without trust, clients are unlikely to share their business ideas and challenges openly.

💡Marketing Ideas

Marketing ideas refer to strategies and concepts used to promote a business. The script suggests that small business owners may lack specialized knowledge in marketing, and providing such expertise could be a growth opportunity for a business coach.

💡Long-term Vision

Long-term vision in the context of the script refers to thinking beyond immediate gains and considering the future impact of one's actions. It is contrasted with short-term thinking, which can lead to damaging relationships and opportunities for growth.

Highlights

There is a need for a consulting firm that provides affordable consulting services to small and medium-sized businesses.

Business coaching is a large industry, a multi-billion dollar industry worldwide.

Entrepreneurship is growing rapidly in India, leading to a shift in mindset from seeking secure jobs to starting one's own ventures.

Business coaches interact with small entrepreneurs and startups, asking questions to understand their businesses better.

The future of business coaching in India is promising due to the growing interest in entrepreneurship.

Business coaching can provide clarity to entrepreneurs by asking counter-questions and not just providing answers.

There are many international courses available for short-term business coaching, leading to certification.

Starting as a business coach can be challenging, but it's a good business with potential for high earnings.

Networking is crucial in the business coaching industry, and joining organizations can help build a network.

The biggest challenge in business coaching is trust-building with clients.

Listening skills are more important than talking skills in business coaching.

Business coaches should have a basic understanding of psychology to help entrepreneurs manage their minds.

The speaker shares personal experiences of business coaching and how it helped bring clarity to their goals and challenges.

Specialization in a specific area can be beneficial for business coaches to establish expertise and trust.

Diversification in business should be considered with caution and only when there is confidence in the ability to deliver.

Building long-term relationships and trust is more important than short-term gains in business coaching.

The importance of not overcommitting and ensuring that commitments can be fulfilled is emphasized.

The speaker warns against the dangers of short-term thinking and the potential long-term damage to one's reputation and career.