2016-07-19 00:00:00 Starting a Business English https://d3hrajprm8dqcv.cloudfront.net/wp-content/uploads/2017/05/08194814/Finance-and-Funding-Choosing-the-right-co-founder.png Finding the Right Co-Founder

Finding the Right Co-Founder

2 min read

Starting a business on your own can be a daunting endeavour, therefore more and more entrepreneurs look for a co-founder. The co-founder acts as a partner to the business owner, typically owns as much of the business as they do and equally weighs in when it comes to the big decisions.   The situation of finding the right co-founder is often likened to finding a spouse. It takes work and effort but there is also a bit of serendipity involved. So, if you are looking to startup and are trying to find a co-founder, then let this post be your guide to finding the perfect match.

How to find the right co-founder:

Choose someone you have a history with:

While there may be many unknowns you need to consider when starting a business, a co-founder should not be one of them. You need to select someone you have a history with and with whom you enjoy a good relationship with. To take the spouse analogy further, you wouldn’t marry someone after the first date, in the same way, you need to establish a business with someone you have known for a decent period of time. If you have worked with this person before in any capacity, it will be an additional insight into making the right decision.

Find someone who has a complimentary skill set:

As the founder of any business, you may have a certain set of skills. Whether in ideation, marketing, business development or sales, your co-founder must have skills that compliment your skillset. If you both have the same set of skills then your organisation will lack the tools to move forward and may need external help. A typical founder-co-founder relationship involves the one partner building the business- either in terms of the product or services, while the other is able to find clients, take care of marketing and see to it that the bottom line is met every quarter.

Your partner should have similar motivations:

The way a business is run, how employees are valued comes straight from the top i.e. from you and your cofounder. Therefore you both need to have a clear and shared vision of where your business is going and how it is run. The values you share and the goals you hope to reach need to be similar in order for you both to have a fruitful partnership.

Drive and Learning:

The first phase of any startup can be challenging. You both need to have the drive to succeed. It is important that you are able to drive each other to reach the next level of any challenge while also learning from each other. In any successful business, there is constant evolution. If you are able to learn to together, learn different things to innovate your business then your organisation and the relationship between you will blossom.

Honesty:

Last but not least, the most vital quality to look for in a co-founder is trust and honesty. You will need to trust this person implicitly in order to have a successful business that grows to great heights over the years.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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