Starting a new business is a complex process. With a co-founder, you can maximise your efficiency. Before committing, weigh the benefits and drawbacks of having a co-founder.
Following are some suggestions from business professionals on how to choose a co-founder for young entrepreneurs:
BENEFITS OF HAVING A CO-FOUNDER
- Collaboration of Diverse Abilities
To find a co-founder, look for someone with a different set of skills than you. Because “teamwork makes the dream work”, your co-founder may be an expert in a different field than you, such as technology.
- New Perspective
You’ll need a co-founder because we all tend to live in our own little worlds and only take advice from people we know well. This advice is often filtered and formed in a vacuum, so it’s vital. Your co-founder will give you unfiltered advice and show you things you hadn’t considered.
- The Positives and Negatives
Along with a diversified skill set, a business partner will help offset your strengths and limitations. Your co-founder’s strength might be your weakness and vice versa. You may tend to get bogged down in the minutiae, while your co-founder is more focused on the bigger picture.
- Builds Your Network
Networking is vital for early-stage entrepreneurs. A sole founder may struggle to make business connections, whether to raise capital, meet new customers or form long-term commercial partnerships. How about doubling your chances by using your co-founder’s? Founders of co-networks may open previously closed doors.
5 THINGS TO CONSIDER WHEN CHOOSING A CO-FOUNDER
How do you choose the right person? This decision may be the most critical in your company’s history.
What to look for in your entrepreneurial partner:
- A balanced temperament
If you get heated under duress, find a partner with a cooler head. Most importantly, that person needs to complement your personality for the benefit of your coworkers, partners and investors. A diverse founding team will help.
- Same work habits
Find someone who values work-life balance as much as you do. Inconsistencies in hours or effort lead to frustration. You don’t have to be at the office at the same time unless your company needs it (as, for example, in a securities trading house). But you must agree on how much work you will accomplish.
Your co-founder isn’t like other coworkers. He or she must be completely dependable and self-sufficient, requiring little or no involvement from you. Of course, anybody in your firm should fit this criterion. But as a co-founder, this is a must.
You and your companion must be dedicated to always sharing the truth, even if it hurts. This takes time and effort. You can’t select a person who won’t give you the truth.
A relationship may be destroyed by insecurity and ego. People who are confident in their own skin make the greatest co-founders. Then you won’t have to argue over duties and responsibilities as much.
All of these perks help you grow your company. Because early-stage businesses are still in pre-seed, it might be daunting for one entrepreneur. A co-founder might provide skills, ideas, networks, and potentially even emotional and mental support. Running a company isn’t simple, but there are solutions.