Co-founding a business with anyone is not an easy task. A partnership is entirely different from founding a company on your own and comes with a unique set of challenges and considerations. One of the biggest challenges is finding the right business partner as a co-founder. Since this is your livelihood it is advisable to take it slow despite your initial excitement of setting up a new business. There are numerous factors to consider such as, ‘What are the qualities of a good co-founder? How do I choose the right co-founder? What should I ask a potential co-founder? And what co-founder traits should I be on the lookout for?
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How do I choose the right co-founder?
Once you are sure about proceeding with your startup idea, you should bear in mind the following co-founder traits when on the hunt for the perfect business partner.
Identify complementary strengths: As with any relationship, you are at your best when both partners bring to the table something that supports and complements the other. A partnership works best when the strengths of one, complement the weaknesses of the other. Being able to recognize your strengths makes it easy to define your respective roles in a partnership and this, in turn, makes it easier to hold one another accountable as the business grows. Having that other perspective when you run into difficulties is usually a great thing and being able to see things that you wouldn’t normally see on your own is a great help in making sound business decisions.
Thirst for knowledge: A good founder acknowledges that learning is a continuous process and that they must continue to learn as they go along. Recognising the fact that one has a lot to learn coupled with the willingness to learn can help the business grow in the right direction. Sometimes it is beneficial to look for a business partner with these qualities but from a different background and business culture so that they can bring new energy and creativity to your business startup.
A common passion: Finding someone to invest in your business in terms of finance is not that hard to do but finding someone who shares your passion and recognises your drive and commitment to the startup is difficult. Explore possible co-founder chemistry and interests outside the office. Find some common hobbies or sports to help you get acquainted with the individual before deciding to give away half of your company. It is advisable and in the best interest of the company that the co-founder be someone with whom you have had shared experiences. Through shared experiences, the true nature and motivations of the individual are revealed and help you determine whether the individual is a good fit for your company or not.
Adaptability: A business partner who is able to think on their feet and adapt to changing situations is an asset. Every new business encounters a number of unwarranted surprises and uncalled for setbacks; find a partner who is flexible and will not get unnerved and sweat over the minor problems but will rise to the occasion when the going is rough and difficult decisions need to be made. A good partner isn’t afraid to go the extra mile and answer phones or take out the trash if need be even though it might not be in their job description. Remember humility goes a long way on the road to success.
Serious energy: When considering what are the qualities of a good co-founder you should consider the fact that your prospective partner should possess some serious energy to back you up and help to propel the business forward and get it off the ground. Growth, scaling and survival can eat into your energy reserves and can be extremely stressful; you want a business partner with energy who can pick you up and provide the motivation to keep going even when the going gets tough.
Honesty and Integrity: When you are involved at the ownership level you must be aware that there are so many ways for money to disappear and for people to be dishonest. At the onset be upfront and let the other person know you are looking not just for skills but for the character as well. Leave no room for doubt as far as this is concerned. You do not want them doing something that can bring the ethics of the company into question at a later stage and live to regret your decision to co-found the company with them.
Emotional stability: Every owner needs to be able to stay calm and balanced when things are rough as they often will be in a startup. Emotional stability means being able to manage one’s own emotions and the emotions of others. Losing one’s temper and venting at customers, vendors and suppliers is detrimental to any business and adds a lot of unnecessary stress. Such behaviour can ruin relationships and make employees want to quit as they do not find the work environment to be stable and good for their mental wellbeing.
Conclusion
It’s challenging to find a co-founder who shares your personality, values, and goals. Coffeemug.ai helps you connect with some of the best co-founders in the industry and have a meaningful conversation. The platform also helps you in determining product-market fit, identifying feasible and scalable marketing strategies, and preparing for your next round of funding. Subscribe now and meet influential people from truly diverse backgrounds and explore various opportunities to grow your business.
FAQs
Q. Who is a co-founder?
A. A co-founder is a member of the leadership team who contributed to the company’s founding. This person usually collaborates with other founders to develop and launch a company. Responsibilities are usually shared between the founders.
Q. What is the difference between a founder and a co-founder?
A. A founder is a person who comes up with the initial concept and launches a company. A co-founder is someone who agrees with the founder’s concepts and helps the new business succeed.
Q. What are the roles of a co-founder?
A. A co-founder mainly focuses on identifying market opportunities, managing product development, directing marketing and promotion, developing financial estimates, creating business plans and documents and building teams.
Q. Is a co-founder an employee?
A. You are a co-founder if you received equity when the company was founded. Anyone hired after day one and before 180 days of starting the company is considered an early employee.
