Launching a new business single-handedly is a tedious job. So to make this tedious job a fun and enjoying journey, you need a Co-Founder for your new business. Let us explore the top 5 expert tips on how to choose the right Co-Founder for your new business.
Benefits of having a Co-Founder VS going solo
“One and one make eleven.” So it’s always fun to work with a partner because he will fill the gaps in your skills areas and can be the best alternative to have a second thought/ opinion before finalising any business decision.
Traits of the Co-Founder you should look for?
Partner with someone who fulfils the personality void of yours, so that when you both work, you complement one another. If you’re a blind optimist, look for a co-founder who’s a bit of a pessimist,” says Rose. “If you’re a visionary, partner up with someone who is more operational.” Working with your opposite can ensure you’re planning and progress isn’t lopsided.
What not to find in a Co-Founder?
If you already know that the Co-Founder lacks integrity, or had broken partnerships in past, or lack temperament and required education or research in the field is not there, it is possibly not the right partner for you. Search more!!
Where to find your ideal Co-Founder?
If you are finding a Co-Founder for your new business, probably he/she is within your network. If you are vigilant enough, your partner could already be under your nose. Apart from searching in your network, do consider people who are out of your range, maybe rude to you, but are highly skilful and can give best results in your business.
Seal the deal with the Co-Founder for your new business
Seal the deal with the Co-Founder for your new business by negotiating on the shares he wanted to be the Co-Founder for your business. Dorr believes an equal allocation is best “unless someone is making a significant financial investment.” That is, if one of you has more money invested in the company, think carefully about proportional equity. So it’s better to consider the Co-Founder’s contribution, skills, education, experience, investment and responsibilities before determining the ratio of equity distribution.