You've got a clever solution to a vexing problem, a capable team with something to prove, and a massive opportunity in an underserved market. Yet, when it’s time for investors, advisors, and even potential hires to commit, they all pass. What gives?
When investors decide whom to back and prestigious startup accelerators decide whom to admit, one attribute stands out: Coachability - the ability to consider and incorporate feedback thoughtfully.
But here's the twist: while coachability is crucial, it isn't everything. The stereotype of the hard-driving genius founder, like Steve Jobs or Elon Musk, has evolved. Today's leaders also need courage, resilience, and compassion. Yet, balancing coachability with conviction—sticking to one's vision despite doubts—is equally vital.
Building something truly novel means convincing the world of a vision it can’t yet see. Many won’t understand or will resist because it challenges their status quo. A founder who bends too often to critics risks losing their way. Valuable advice must be filtered through the founder’s unique lens, informed by their domain expertise and data.
Coachability along a Continuum
I view coachability on a spectrum, from overly coachable to staunchly convicted. When I consider working with a founding team, I assess where they fall on this spectrum and whether they have the curiosity and courage to navigate it.
Gender Dynamics
Gender can play a role in this dynamic. Female founders often excel in coachability, eagerly embracing feedback and new ideas, sometimes at the cost of decisiveness. Male founders, conversely, may reject valuable advice, favouring gut instincts and seeing unwavering commitment as a badge of honour.
Striking a Balance
The ideal founder balances coachability and conviction, leaning more towards conviction. Founders must weigh advice against their insights and expertise, using it to fill knowledge gaps rather than steer the ship entirely.
One final consideration: skin in the game. Advice from those invested in your success—through relationships, financial stakes, or vested interests—carries more weight than unsolicited opinions. Remember, talk is cheap; prioritize counsel from those with real stakes in your outcome.
In summary, while coachability can unlock blind spots and leverage external wisdom, conviction is what will drive you to realize your vision. Navigate this balance wisely to build a venture that investors and teams are excited to support.