Research Paper on Educating Entrepreneurs

Abstract

This proposal aims to establish the broadness to which business activity coaching is a driving force of growth in SMEs, small-to-medium enterprises. Business coaching is defined as a collaborative relationship between experienced coaches and entrepreneurial leaders, focusing on business goals, entrepreneur development, and contribution to firm growth. Notably, Incorporating four inter-related studies using quantitative and qualitative techniques, this thesis addresses four questions: How does business coaching contribute to entrepreneurs' performance and firm growth? What difference, if any, does a structured program perform to entrepreneurs' views of business coaching? What significance, if any, does the activity coaching indirectly or directly make to straight growth? What has already been the values and experiences of fast-growth entrepreneurs when relocating business coaching?

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Literature Review

A well-comprehended review of the literature on coaching, mentoring, business management, consulting, and psychology reveals that these disciplines have a significant influence on, or have been adopted by, business coaching (Abdullah, M.A., 2020 p. 33). However, there is a shortage of empirical research on business coaching, with extant investigations being mainly cased studies involving limited controls to rule out competing factors (ABRAHAM, J. 2011 p. 45). Moreover, research to measure the effect of business coaching on performance change, effectiveness, goal achievement, or entrepreneur efficacy systematically has not been undertaken.

Introduction

Over the past few years, women in Malaysia have been reported to contribute a great deal to the entrepreneurial growth of small businesses within the country. With these contributions, there has been an improvement of the Gross Domestic Product of Malaysia even though indirectly (Ajuna et al. 2018 p. 49). The desire for self-employment and push for industrialization has seen many women invest in small businesses to cater to their life demands over the past years and the number keeps growing. Their interests are reportedly stimulated by the growth in economic sectors of the country such as food manufacturing, finance and banking, education and public services among others (Alam et al. 2019 p. 54). For this very reason, the Malaysian government has been educating women to venture into small businesses with related training and mentorship programs to emphasize. The project for a future that has a standard economy; hence they value the contribution such ventures make to the Gross Domestic Product of the country (Alexander et al 2019 p. 57).

Study 1

The first study was conducted involving interviews with two business coaches and two entrepreneurs from lifestyle and growth firms to explore the plausibility and classifications of assumptions related to business coaching. From the interviews, relevant information related to coaching was obtained. Coaching can be defined as a partnership contract with a client that results from in-depth creative thinking and is intended to help the client maximize their potential on a personal and professional basis (International Federation of Coaches). Professional coaching involves goal-setting, awareness creation, defining outcomes as wells management of change on personal and enterprise basis. Coaching uses the power of asking more than telling (BREWER et al. 2014 p. 64). It seeks to support, enable, explore options and develop new mindsets and behaviors for change.

Findings showed that assumptions related to business coaching could be grouped into three. First is the skill-based coaching in which the coach prioritizes the abilities of his clients. In this case, the coach will put first the business skills that a woman or group of women possess before the start of the coaching process. The coach assumes that since the group is interested in business, they have related skills and all he or she needs is to nurture and sharpen the business skills in his clients (BRYMAN et al 2014 p. 69). The second assumption is based on the performance of the individual. It stretches to the business experience that the clients have and how familiar they are with business ventures and tactics. The third assumption is based on the developmental desire in business. Here it relates to the interests of the clientele to grow in business. The coach helps stimulate this desire by helping the clients' project positive outcomes if they invest more.

Some of the interview questions were as follows:

• Coaching Need Q1: What prompted you to get a business coach?
• Training/ Peer Group Q2: If business coaching was part of the training/peer group, could you tell me about that?
• Growth Contribution Q3: What was it about the business coaching that contributed to your growth?
• Coach's Style Q4: How would you describe your business coach's style?
• Tools/ Frameworks Q5: What tools, models or frameworks did the business coach use during your sessions?
• Measurement Q6: How did you measure the effectiveness of business coaching?
• Memorable Coaching Q7: What was, is it about the business coaching that stands out for you?
• Other Q8: Is there anything else you would like to tell me about business coaching

Study 2

This study aimed to establish measures for business coaching, and answer a question relating to start-up entrepreneurs' perception of business coaching when coupled with a structured training program (Chaudhuri et al. 2018 p. 72). Findings show that the business coaching and structured training program positively influenced experiences of entrepreneurs who had previously received business coaching, with an essential ingredient appearing to be the appropriate matching between business coaches and entrepreneurs.

The first measure of business coaching is the perception of people around. It involves a 360 degrees pre and posts examination in which the people around the coachee are interrogated before and after the coaching process to help give feedback about the positive change in the coach (Chikweche et al. 2018 p. 76). The second measure involves a psychological assessment of the client before and after the coaching process to help them improve on their weak areas. The third measure involves engaging the support team of the client which could be the financers of her business, family, and friends or business partners. They are essential in giving valuable information about the changes made by the client after the coaching session. The fourth measure in business coaching is engaging subordinates in the coaching process (Doktoralina et al. 2018 p. 84). They may be peers or fellow business people that form groups and learn among each other with the supervision of the coach. Peer learning can be useful in making business coaching helpful to women intending to venture into small enterprises. The fifth measure in business coaching is team coaching where the subordinates are encouraged to give feedback as soon as possible (GLIDDON et al. 2018 p. 89). The last measure in business coaching involves team measurement of productivity and positivity where the coach and all participants in the process are allowed to give their views concerning changes made during and after the process. The results are achieved by all and not necessarily the coach alone.

The findings obtained showed that if all the above measures are taken into consideration, then the coaching process will bear fruits as the women (clients) will develop in business. The research conducted in Malaysia showed that the women that had undertaken business coaching were doing exceptionally well in their entrepreneurship ventures (Khalid et al 2018 p. 93).

Study 3

In this study, a sample of 200 fast-growth entrepreneurs was taken. Of the 200, 100 of them had undergone business coaching and mentoring. Business coaching elements that were used included coaching styles, entrepreneurial level of confidence and firm growth (Mamman et al. 2019 p. 102). The hypothesized model revealed that business coaches acting as sounding boards and active listeners, tend to focus on vision, goals, strategy, customers, and production, thereby empowering entrepreneur' self-efficacy and ultimately leading to firm growth.

Study 4

In this study, 39 fast-growth entrepreneurs identified that rather than focusing on bottom-line scores, they seek majorly to absorb business coaches' knowledge and experience, develop business skills and leadership, share points of ideas, and get new approaches on various perspectives (MACHADO et al 2014 p. 112). While confident that particular coaching techniques appeal to different entrepreneurs, having trusting relationships appropriate for their stage of substantial growth, leadership need, and personal development is considered paramount.

Discussion

From the studies above, a few thing s came out linking business coaching with entrepreneurial growth and development to women in Malaysia. First, the need for coaching was found to have various benefits to the growth of small businesses. Coaching was found to help increase skills and knowledge of the entrepreneur in handling their businesses effectively. It also came out that coaching is essential making the entrepreneur accountable for whatever the challenges that they face in their ventures (MANOLOVA et al. 2017 p. 123). These findings are in line with Megginson et al. (2006) where entrepreneurs seek experienced business coaches to work with them to attain milestones, reach market performance indicators, and achieve business goals (MATTONE, J. 2012 p. 136). The responses also align with Leonard and Swap (2005) where entrepreneurs look for appropriate business coaches to effectively pass on skills, experience, and knowledge. Inconsistent with the assertion of Cooper and Quick (2003), a lesser percentage of participants engaged business coaches because they felt isolated, lonely, and wanted someone to act as a sounding board and give feedback (Mokhtar et al.2019 p. 142).

Secondly, it came out that the contribution of coaching to the growth and development of small businesses was positive by more than 50 %. Coaching and mentoring helped add wisdom, experience, and guidance to the entrepreneurs. It is essential in assisting women to have a broad understanding of business and grow further as business managers (MOSES, M. 2016 p. 154).

Concerning the measurement frameworks, it came out clearly that the effectiveness of coaching is measurable on various factors. It came out clearly that business coaching proved effective in improving business profits, winning contracts and personal achievements. It was proved useful in creating a peaceful mind and performance of personal goals. Increased business confidence also came out as a product of business coaching (POFELDT, E. 2018 p. 163).

Research Significance

It is essential for the government to take responsibility in educating entrepreneurs through a better understanding of the critical factors which determine their business growth in general. Also, this paper provides a guideline to the women entrepreneurs in understanding what the pre-requisites to be successful in their business ventures (Rekarti et al 2018 p. 175). In a nutshell, the women entrepreneurs should be able to have a good understanding of the financial assistance available to them. Additionally, they must also understand the importance of social and business networking to their business success. They must take the initiatives to participate in any training programs organized for them (RIES, E. 2017 p. 186). Finally, the women entrepreneurs should realize the opportunities brought about by E-commerce as a virtual outlet and therefore make efforts to employ them in their busi...