Why Coachability is Key to Backability
As a founder, being coachable is about much more than taking notes and following up—it’s about recognizing where you have gaps that could benefit from other perspectives. By being open to feedback, willing to experiment, and committed to learning, healthcare founders can navigate industry complexities more effectively and build a foundation for long-term success. “Coachability is a personal trait characterized by a flexible mindset where the founder is receptive to feedback, constructive criticism, and information that she or he will use to improve their startup,” explains Health2047 Managing Director M. Christine Stock, MD. “Importantly, coachability is completely in control of the founder.”
Take Headspace Health’s successful pivot in 2022 to providing mental health care and coaching. Merging its business with fellow startup Ginger was a considered process based on feedback and a willingness to recognize shortcomings, notes Karan Singh, COO and Co-Founder of Headspace Health. “As a founder, you are not your company. They’re two different things, and you can conflate your identity [but] it’s not who you are,” he explained on a podcast shortly after the merger. “Those two things make it really hard at times if you need to step away or to bring in the leadership or to go in a different direction.”
More than growth, however, coachability is also about risk mitigation. Healthcare investors look for founders who can adjust their strategies based on market feedback to meet regulatory standards and improve patient outcomes. “The healthcare startup environment is ever-changing, whether due to regulatory, billing or market forces,” says Dr. Stock. “Founders will likely find that they need to assess new developments, information, and data and then decide where to pivot/change course or not—on limited information. Advisors who have been ‘through it before’ are invaluable to new founders’ decision-making. Founders who are coachable and have a flexible mindset are more likely to take the wisdom of experienced advisors into account, increasing the likelihood of making good decisions with limited data, and ultimately are more likely to succeed.”
So, how do you determine if you have a coachable mindset? Here are 10 questions to consider.
- When was the last time you openly admitted you were wrong?
- Do you recognize the contradictions or conflicting messages you sometimes send?
- Do you evaluate feedback based on its content or the person giving it?
- Can you quiet your inner dialogue to actively listen to others?
- When receiving feedback, do you delve into your feelings and seek clarity, or do you keep it surface-level and brief?
- When did you last listen to a differing opinion on something you felt strongly about and then change your stance?
- Have you sought feedback about yourself in the last month?
- Do you collaborate with others for personal development, or prefer to handle it alone?
- Do people feel comfortable giving you difficult feedback? How do you know?
- Do you prioritize optics or actual results in your performance? How would your team answer this about you?
How can you get started? Reflect on these questions and identify areas where you can improve your coachability. Set aside time each week to seek feedback, engage with mentors, or participate in peer review sessions. By actively working on being more coachable, you'll not only enhance your ability to lead your company, but also increase your attractiveness to potential investors.
