Finding a co-founder is as difficult as working on your start-up idea. We tell you a few ways to find the perfect co-founder for your start-up.
A budding entrepreneur is supposed to take care of a number of things before launching his start-up.
Be it a million dollar idea or something that appeals to people from most age groups, most businesses begin with a laptop and some cash in hand.
However, there are times when entrepreneurs feel lost at some point during the start of their business. That is when a co-founder comes into picture.
While experimental evidence suggests that having a co-founder for your organization can help your business succeed faster and in a better way, finding a co-founder is as difficult as working on your start-up idea.
We tell you a few ways to find the perfect co-founder for your start-up.
Scope your needs
The first thing you need to do is to make a list of skills and qualifications you’d want in your co-founder. If you’ve planned to look after the operations and other details of the management, look for someone with skill sets that suits best for a marketing profile. As there are two major things you need, for your start-up to be successful- unique idea and impeccable marketing. Figure out what role your desired co-founder can fill.
Compatibility check
No two people are the same, and nor are their thinking. There would be a number of potential areas where the two of you might disagree, and a number of things that can go wrong in your partnership. Yet compatibility is one of the most important attributes required while looking for a co-founder. One of the ways to see if you are compatible with each other, is to work on small projects and analyse each other’s skills, before you get into signing an equity bond.
Equity share
You might have come up with the idea, and the setup, and logistics and every minor thing that’s required for an early phase start-up. However, that should not stop you from being just and giving a proportionate part of the company to your co-founder. There is no single applicable formula for determining how much of equity you would like to share with your co-founder. Be honest and frank in these decisions. Think upon and consider your partners’ perspective as well.
Connections
If you’re based in a major city, especially one with a entrepreneurship growing community, chances are high that you might find your co-founder in one of the regular events for start-ups. Look for someone who has a wide network and good number of connections on professional linking websites. Not only will this help you get the perfect partner for your business, but may also fetch you an investor.
Passive Job seekers
Know that the person you’re looking forward to share your responsibilities is not actively looking for jobs, and certainly not looking forward to be a co-founder. It could be someone who has spent years in the corporate world, and would not look forward to anything that offers him/her something extraordinary. You’re looking for someone who shares the same interest as you and your goal is to convince that person to join your start-up as a co-founder, rather than continuing his/her job at that corporate.
Finding a partner for your business is as difficult as finding a partner for your life. You need to put in a lot of effort and should be good at convincing.
So whatever you do, make sure that you’ve thoroughly done your homework and then make a decision.
