Finding The Right Co-Founder
1. Start from your circle:
If your friends, families or ex-colleagues already have the skills and talents you’re looking for to kick-start your business, consider reaching out to them. Since trust is a key element in a long-lasting working relationship, starting a business with someone you already know would reap this obvious benefit. Take note, however, that a business relationship is much more formal than a pure friendship. If you want to protect your friendship and still grow your business, set expectations early. Be frank to each other about your definitions of “business success”, be clear about each others work scope and responsibilities, be specific about the amount of time you each have to devote to this venture, and so on.
2. Test the relationship
If you’ve met someone who has expressed enthusiasm in your business idea, don’t be too quick to jump the gun. Spend at least a few months getting to your potential partner without making a commitment. Go on “work dates” to discover your work chemistry – solve complicated word puzzles together, or demystify and discuss case studies related to your industry. Do you both share similar values? Observe how they respond to tricky situations or ethical dilemmas, and how they react to your conflicting statements or opinions. Understanding your potential partner’s thought processes and working styles will help you anticipate their behavior once they’ve entered your company.
3. Two is better than four?
U.S. based entrepreneur Neil Patel, who has been hailed as one of the top influencers on the web by The Wall Street Journal, posits that two (including yourself) is the ideal number of co-founders for a startup. Bigger numbers, especially four, puts “too many cooks in the kitchen”, and increases the chance of the founders disagreeing over minor issues, which in turn slows downs the decision-making process. If you simply need extra manpower to carry out day-to-day tasks, you can always hire employees.
4. One “builds”, one “sells”
Ideally, your business partner should possess skills or traits that you lack, or aren’t the best at. You could be an engineer looking for a proven graphic designer, or a website developer looking for a marketing and public relations specialist. The “builder” in your company can work on developing the product/service, while the “seller” can work on marketing it to potential customers. Having a co-founder with complementary skill sets will allow you to concentrate on your strengths without letting other aspects of the business fall behind.
5. Know when to break up, or how to handle one
Even the best businessmen pick a few bad partners along the way. If you’re going to fall out with your co-founder, do it early, and recruit somebody qualified as soon as possible to fill the void. Before you even begin your business and split your company’s shares, consider the vesting of founders’ shares. This will provide a clear agreement on what happens to your company’s shares when somebody leaves. You don’t want the breakup to be messy – after all, in business, you never know when you and your (ex) co-founder will cross paths again.