Let us assume that you have a product that is ready to hit the market. But product development and marketing about the product are two different things. So, what will you do? You will work together with someone else so that you can distribute the workload and develop something stunning that customers will love to buy. Though finding the right co-founder for your start-up is a difficult task, it is important. Let us have a look at the steps to find a co-founder for your startup.
A founder is one who calls the shots alone in a start-up. Generally, a founder has a team working under him on a salary basis and nobody else shares the equity in the company.
Why a Start-up needs a Co-Founder?
In most of the cases, a solo entrepreneur will have a difficult time in bringing success for his start-up. He will require help from skilled and experienced people who will be able to handle different operations. For instance, one can good at management, whereas one can be good at product development. Similarly, one founder might be good at marketing, whereas the other can be great at programming. These are a few complementary skills and they play a significant role in developing and marketing a product successfully.
Qualities to look for in a Co-Founder
Once you have a correct idea about your own strengths and weaknesses, the next thing you need to do is make a rough sketch of qualities that you want in a co-founder.
- Someone who eases risk- The first and the foremost thing, look for a person who can ease risks. Investors are always looking for a co-founder for a start-up who is trustworthy. But even though you are not planning for an investment raise, the traits remain the same. Find a co-founder who owns a start-up and can communicate about his or her company’s shortcomings with confidence. It is suggested to search for co-founders from diverse backgrounds. Do not rely on single expertise like “management”, “programming” etc. Rather, look for one who has a proven record of success with start-ups.
- Someone who helps you build up- While you may want them to become a helping hand for your business, they are not one of your employees. Co-founders who can help you to bring new elements to your business would be great. Someone who is smart enough to suggest new ideas and pinpoint the current shortfall.
- Someone who helps you to be in two places at a time- Let us say you must attend a team meeting but at the same time, you gave an interview with a TV channel which cannot be missed. Both play a vital role for your product launch. In such a situation what do you do? That is where co-founders come into the picture. In simple words, one builds up, the other one sells. Instead of finding a co-founder who matches your skill set, find one who is just the opposite of your skill set. If you are a programmer, appoint a marketer as this way both of you can build and market your start-up faster and better.
Steps to find a Co-founder for your startup
Do not expect someone else to find a business partner for you, as it is very much like finding a life partner. Your version of the same values, right chemistry, and passion for your solution possibly would not match. Here are a few steps to find a co-founder for your startup.
Write a “Job Description” for that right partner
Your best friend, family member, or spouse is the least likely candidate, so do not start the search here. Look at your business strengths and weaknesses and note down what partner skills and experiences would complement yours in the best manner. You can take input from seasoned peers and investors.
Explain your core value
Whether it is appointing an employee, choosing a vendor, or selecting a co-founder, using a well-defined and solid set of core values is one of the most important steps to find aright co-founder for your startup. Your core values determine your goals, priorities, and the decisions that you are planning to make.
Are you a collaborative or a super competitive person? Do you want a perfect work-life balance, or do you think about business 24/7? Avoid values like integrity, quality, and honesty as these are the table stakes. Focus on those values that make you unique. They should know who you are, not who you want to be.
Join the network to find co-founders just like how you find investors
In fact, many of the similar venues, like industry conferences, local business organizations, and entrepreneur forms are useful. You can join entrepreneur groups on Facebook and LinkedIn and interact with people who meet your benchmarks.
Participate in local university entrepreneur activities
University professors and student leaders know several entrepreneurs, staff members, or alumni who are just waiting to find the right match for their skills and interests.
Search for a partner from a different background
In today’s global economy, your perfect partner maybe halfway across the world, from a different place and a business culture. Every startup infrastructure is flat with smart people from different cultures, many of whom may be read and can bring new creativity and energy to the startup.
Follow up with friends from prior job responsibilities
If you liked someone’s capabilities and drive in a prior role, now is the right time to connect with them to check their availability and interest, or recommendation that may provide. Be cautious to avoid employer conflicts of interest.
Relocate to a different place
Finding a high-tech co-founder in the middle of Kansas may be a long search process. There are reasons why Silicon Valley and Boston are regarded as the hub for high-tech startups. These areas may not only have your co-founder, but also the tough ecosystem that your startup needs from customers, programmers, and investors.
Explore candidate’s interests outside work
The chemistry and interest of a Co-founder matches can be best explored outside the office. Find some common hobbies and sports to get acquainted with the person before giving him or her the position. Business partnerships are long-term relations, so spend some time getting acquainted with the person before closing the deal.
Define milestones and a key metric for the startup jointly
This process is one of the most important steps to find a co-founder for your startup. Building a startup is difficult and unpredictable, and people get busy, so now is the right time to commit together. If you cannot work as a team or cannot agree on a certain thing, it possibly would not happen in the future also.
Negotiate and document the roles, including who will be the head
No matter how equal you both are, there is only space for one at the top who can take the final decision. Mainly when everything feels good today, do not be hesitant to ask the right questions about each other. Admit the fact that there can only be one boss.
For achieving success, finding the right co-founder is one of the most important things that a new businessman should do. There are many challenges in a startup that is hard for a founder to tackle alone. So, take your time and choose the right co-founder for your startup.