Launching any new business venture can be a challenge, but with a co-founder on board, the way ahead can be smoother and easier. Nevertheless, you need to ensure you have chosen the right person to co-found your company, otherwise, the entire project could end up as a disaster.
You must avoid anyone who could tarnish your reputation, set different goals to yours, or have a differing work ethic. Also, since choosing a co-found will mean not only sharing the responsibilities of running the business, but also dividing up the rewards, it’s vital to ensure that you’re making the right selection. So, with this in mind, here are some expert tips to get you started.
Key features of a co-founder
Many people launching an enterprise choose a co-found that they’re already familiar with and with whom they know they can work successfully. Having good chemistry means it’s possible to focus all your energies on your customers instead of on your company’s internal dynamics.
Your ideal co-founder should usually be working in the same sector as you or at the very least know your market and if they have already launched a business in the past, this is a bonus. However, their skills should complement your own as this will allow you to cover several bases.
Values and professional drive also matter. You need a co-founder with similar work ethics to you or you’re set for disaster. Both founders must share their passion for the business as this will ensure they can overcome adversity successfully.
What should be avoided in your Co-Founder?
If your potential co-founder has previously broken unfavourably with their business partners, this is a red flag. You should also avoid anyone who seeks the solo -spotlight, who may be liberal with the truth or does not consider the long-term impacts of their actions. Integrity and trust are crucial elements.
A co-founder who lacks depth of knowledge when it comes to your start-up’s industry should also be avoided. Ideally, they should be investing their money and time in a business they’re passionate about – if they prefer to remain uninvolved financially, this suggests they’ll take risks with your money.
Where can a co-founder be located?
Try to find your co-founder from amongst your existing business network. If you don’t already have a suitable candidate within your contacts, get networking. Join events, get introduced to new people, and post on social media platforms. There are many ways to find suitable potential co-founders when you know where to look for them. Don’t be afraid to consider people with different strategic visions and diverse backgrounds. Diversity makes your business strong, so pay it some attention.
Getting the decision right
Although it can be difficult to choose a suitable co-founder for your new enterprise, when you get that choice right, you can set your business on the course for great success. Follow these expert tips and you’ll be sure to give your company the best possible chance to thrive and to become the success story that you always dreamed that it could be.