Why choosing the right co-founder is crucial to your business?

Putting together a jigsaw puzzle: how to find the right co-founder

Two heads are always better than one. Most of the illustrious businesses were founded by relationships between two (or more) people: Bill Gates and Paul Allen, Bill Gates and Melinda Gates (he’s good at this!), Sergey Brin and Larry Page, Steve Jobs, Steve Wozniak and Ronald Wayne etc.

Choosing the right co-founder for your startup is same to putting together a jigsaw puzzle – you can not make mistakes.

Going into business with someone is not unlike marriage—it’s (ideally) long-term, you have to see this person a lot, and if the relationship falls apart, it’s likely to be for financial reasons. 

Brett Crosby co-founder at PeerStreet 

Starting a business on your own can be devastating and challenging. Entrepreneurship is backing when the going gets tough can be a lifesaver.
If you are ready to become a team player and make your working life easier and more efficient find the right co-founder.
Here are some tips for you.


Who is a co-founder?

Before making efforts to find the co-founder for your startup, you should clearly understand who it should be. We consider such lists of must-have for your future co-founder.

Opposites attract
Find somebody who is same but not in 100% with you. Your future co-founder needs to fill a very big role in your business, that is why being same to you does not allow him/her to be defined and unique.
It is like in Formula: no two drivers, only one perfect driver (you), and perfect mechanic (co-founder).

Best time together
Be sure that this person is good to spend a lot of time with. You do not need to be the best friends, but you’ll be engaged in business 26 hours/ 8 days/week / 370 days/year.

 

Obviously, we like each other a lot. We have minds that work the same way to a great degree. We find the same things quite humorous and the things we deplore we agree on.

Warren Buffet and Charlie Munger
for CNBC interview

 

Disagree and make compromises
No agreements possible! Never choose a co-founder who will only agree with you. Best ideas emerge only in debates, and it means, that you can not be 100% right in your thinking every time.
Some of the biggest business breakups occur when co-founders can not resolve their debates and conflicts and make a compromise. Eduardo Saverin and Mark Zuckerberg’s high-profile breakup was filmed in The Social Network. Although it’s hard to determine how exactly Saverin and Zuckerberg’s relationship fell apart, what’s clear is that they were never able to resolve their numerous conflicts.

How to find a co-founder?

  1. Create perfect job description
    Think about it. Analyze yourself and develop your own vision of a perfect candidate. Write down all his must-haves and qualities. Read some success stories of other entrepreneurs. Seek input from seasoned investors and peers.
  2. Remember about networking
    Different expos, networks, social media – are your best-friends in choosing the right co-founder. Talk with people, learn their skills and experiences in real life, be attentive.
  3. Look for other backgrounds
    Look for different from yours skills and backgrounds. It can be a person who is not from your city, country, nationality, education. Such vision will give your startup more fresh ideas and better cooperation.Every startup infrastructure is flush with smart people from all cultures, many of whom may be ready and able to bring new energy and creativity to your startup.
  4. Remember your past
    Connect with your prior coworkers. Check their interest in your startup and use their inspiration and recommendations.
  5. Relocate
    Finding a high-tech co-founder in the middle of Kansas may be a long search. There’s a reason that Silicon Valley and Boston are hubs for high-tech startups. These areas may have not just your co-founder, but also the robust ecosystem your startup needs for investors, programmers and customers.
    Source: https://www.entrepreneur.com/article/244259
  6. Include who is the boss
    Negotiate and document who is the boss in your startup just on the first sight. Yes, it does not mean, that you will be the one decisionmaker, your co-founder will be equal to you, but you should make your expectations clear to the co-founder that it is a long-term commitment and hence the equity too would be vested likewise. It is also important to be clear of all the power dynamics. While co-founders have almost equal powers, when it comes to final decisions, there can be the only person at the top as there is only one CEO for every company. So all the terms related to responsibilities and powers should be clearly laid out.
    Source: https://www.feedough.com/how-to-find-the-perfect-co-founder/

 

Building a startup is not easy and fast process. But you will go faster to success if you find the best person to be your co-founder.
Contact us if you want to know more or if you have your success story in choosing the right co-founder.

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