If you want to go long in your entrepreneurial journey, it is suggested that you share it with the right people.
And by sharing it with the right people means finding the right co-founder for your startup business. Almost all the leaders of the biggest companies in the world are backed by strong, will powered co-founders who believe in them. Apple, Google, Twitter and Microsoft are some of the best examples. Here are some tips to help you find the right co-founder for your startup Business.
You and your partner should share the same objective. Your objective will manifest itself in decisions that you make, the way you prioritize opportunities to put you both on the right track to success.
Resist the urge to be hasty when selecting a co-founder. If you were dating, you would get to know each other before deciding to get married. While you may not have this much time to vet your co-founder, take time to get to know them and their vision. Working sessions are a great way to see how somebody else works, thinks, and communicates.
A mistake that you would definitely not want to make is: finding a co-founder who had skills that were too similar to your own. The overlap in your skills and experience will let you be confused about how to divide the tasks you both could do well and leave a big gap in areas of expertise that you could have used. Opt for a partner that has because has a different personality and a complimenting skill set for eg. If one is passionate about trying something unconventional, the other wants to know how we will quantify the project’s success and then scale it if the data supports the idea. It’s good to have the balance.
Studies show that companies with unequal co-founder equity are more likely to succeed. Dividing equally isn’t always what’s best for the team or the company. Having one person at the helm, with an equity stake that reflects the pivotal role. Hire a lawyer and talk with other companies and investors to share practices and help you determine how best to divide equity.
Everything is good until it isn’t good. Sometimes, even with the most thorough vetting process, co-founder relationships don’t work out. Let’s take an example for instance, two friends decided to bring their business to an end. Once they came to a mutual decision they instantly wanted to get done with all the formalities of winding up their business relationship. They told their investors and had a plan in to cover their job responsibilities. By acting swiftly and with a clear plan their business continued to prosper and was never shut down.
We understand that the process of selecting the right co-founder may look daunting but it carries the same level of importance all the other key factors require in running a successful startup. A co-founder can either make your business or break your business. It all comes down to how seriously you take it into account.