Partners In Crime
Two Heads Better Than One
bla bla bla … hearing them may make you feel good as they are classy sayings but these quotes very much relates to those entrepreneurs who want somebody skilled and knowledgeable to come on-board — Co-Founders …pitiable entrepreneurs!!!
Recent surveys showed that more than 85% start-up have more than one founder. Alas!! You are not one of them. That’s okay. “Someday will be my day”, this is how you have made up your mind every day and try to remain positive and hopeful. Of course, positive attitude will work, but there is a fear of losing more is pulling you in, than gaining more confidence keeping you upright.
Finding The Right Co-Founder Is Good …. Naaahh, It’s A Big Deal (And I mean it)
The percentage figure than we just discussed in the above is not an arbitrary number, it is a number every start-up entrepreneur should get into his/her head. Even though you think that you can reach goals on your own, the fact is that you will have a better chance of making your business successful with at least one co-founder on board.
We will understand this in a simplistic way!
Why you think that co-founders are important in any startup development?Any great answers other than just injecting money purpose? Will it do if he/she is not enough knowledgeable and doesn’t gives a damn about your startup other than just investing his/her money into it? No I guess, your startup needs more than just an investor — A Co-founder who is skilled, disciplined, go-getter and the right person who knows how to talk business. (It make sense right).
Choosing someone to start a business with is a lot like choosing who you want to marry. You’re going to spend countless hours together and there will often be disagreements, but ultimately you know that you are both working toward a common goal — whether that is a successful business venture or a happy marriage.
Starting a business is undoubtedly exciting, and it is easy to get caught up in the glamour of finally being your own boss. However, when it comes down to choosing your co-founder, it is important to make an informed and level-headed decision.
So how you identify the perfect co-founder that will help your vision turn into reality? Well…there’s no angel coming on the earth to help you but keeping your eyes and ears will surely help . . . hahahahaha . . . kidding — Let’s talk about this and let you find a right co-founder.
Why Having A Co-founder Is Crucial?
This is a common challenge that I too have faced. It’s not that startup entrepreneurs are dumbos- they do have all skills, intelligence, interest and bandwidth to move their startup to the next level, but there is less of time to accomplish by one person. Of course, outsourcing could be the right thing to do but startups have to see the budget as well hence outsourcing entire thing won’t be possible. The right answer to this dilemma is to find that “Mr. Right” for your start-up.
A skilled and knowledgeable co-founder working alongside you will maximize the productivity, helping to create a sustainable business.
Some of the few significant reasons to include like:
It’s a practical thing to do: To start a business is tough and building it successful even more so. If you have more than one co-founder will not only save your time, but the efforts will put to good practice.
Lightens your expenses: You might have paid for your initial phase, until you connect with the right co-founder. It eases your money matters, dividing your costs.
It helps to alleviate your stress: To start a new business is no kid game, and to get it going is even tougher. While worrying about the tasks that requires being accomplished on time, along with seeing the financial health of the company is equally important. To have a co-founder share a burden helps alleviate the stress.
Get more investors: When you have more than one co-founder on board, it makes it beneficial for your start-up to attract investors. The investors sees your business as a low risk investment, hence good funding which means more business and more business to more success.
How To Identify The Right One
No, it won’t have a tail or horns on his/her head. We are talking about real co-founders not some Hollywood Millionaire, comes in its charter plane and signs the agreement, seal the deal types …… it would really be awesomely good if that happens. However, let’s turn back to reality. It has been conveyed that about 65% of the start-ups fail because of conflict, disagreements and arguments between different co-founders. I am sure you don’t want to list your start-up into this 65% category.
The most effective co-founders should be:
- Experienced — with complementary skill sets
- Showing respect to other’s opinion
- High spirit, go-getters when it comes to business
- Supportive and collaborative mentality
- Together further with unified vision
- Have skin in the game
- Inspiring leadership skills
- Passion for the venture
- Lastly, very amiable
Remember Great teams persevere, and success breeds success.
As always, let me know your thoughts on the topic. I’d love to hear your ideas and views in the comments below.