For any business, finding the right co-founder or business partner is one of the most important thing.
The reason why you need to have the right co-founder is not only that you are taking important decisions with them but also sharing an entrepreneurial journey with them. Choosing the right co-founder is in many ways like choosing your spouse.
Starting your business or venture with someone is always better than starting alone. Both the partners should share the same passion, long-term opportunities and must enjoy working together. Given all these scenarios, I feel below are the some of the key points one should keep in mind before choosing the right co-founder for yourself:
Spend a considerable amount of time
Before co-starting your venture, make sure that you have spent enough time with our business partner to know what works best for the both. Start discussing things like how to deal with adverse situations and what drives and motivates you both to do your best.
One should clearly discuss their values with each other as your core values will determine your priorities, goals and the decisions you will be taking in the future.
Everybody has their own set of strengths and weaknesses. As co-founders, you should know each other’s skills. You should leverage each other’s strength, and work on weaknesses together. Sometimes it is tempting to find a co-founder who is more like you, but it is better to find someone who compliments you in the right ways so that it can benefit your company.
Every start-up or business goes through both tough and happy times. Your co-founder should be able to stand by you in times of hardships and not just when everything is running smooth.
There will be fundraising difficulties, employee attrition, cash crunch, client termination etc. and these things should not put a strain on your co-founder’s commitment to the company. You should find somebody who will have your back and will not leave you halfway in any situation.
Trustworthy and Credible
It is always advisable to find somebody who is trustworthy and who you can trust blindly as that is the key to maintaining a long-lasting relationship with that person. Choose somebody who is credible and will work as your partner in crime for the longest run of your start-up.
Launching and growing a start-up is difficult and it is much better if you do not have to deal with unnecessary emotional and incompatible situations with your co-founder.
Someone you have worked with before
Starting a venture with someone who is a close friend or a colleague with whom you have worked in the past can be the most ideal situation for you. It is much easier to assign and bifurcate roles and responsibilities if you are already close with someone.
You will not have to go through the initial phase of knowing each other and understanding each other’s working style as you will already be familiar with it. Meaningful conversations will start from the beginning and you will understand what works with each other.
More important than the spouse in a lot of ways
As mentioned earlier, finding a co-founder is very similar to finding a life partner for yourself. You spend a lot of time with this person and you work around each other’s strength and weaknesses. Trust is the foundation of your partnership and you share and rely on them for major decisions concerning your start-up.
Incompatible co-founders make your life miserable and you end up frustrating and not focusing on your business. That is why; you should find a co-founder who you are comfortable with and someone who will be by your side during the bad patch as well as good times of your start-up.
Your co-founder should be like a better half to you, as you will be making life-changing professional decisions with them.