We have already discussed how your startup can benefit from having a co-founder and today we will focus on the process of choosing the right person and what do you need to look for in a co-founder. Choosing a co-founder is not like hiring your first employee, so it needs special attention and a lot of thought.
Choose someone that you have already crossed your roads with, someone that you have worked or studied with, someone whom you have known for a while and have seen them in action. When you are familiar with the person’s personality, vision and skills, it is easier to make your decision. It is a long term relationship, so you need to know your partner well before you make huge commitment. You don’t marry someone you have just met, right?
You must look at the same direction and share mutual business understanding. If you are leading your company to two (or more) different directions, the growth of the business will suffer, the employees and investors will be confused and the whole structure, which you are trying to build, will fall apart. Choose your co-founder wisely according to their vision and understanding of your idea and the purpose of the startup. They must share the same motivation level as you do in order to handle alongside you the challenges of the entrepreneurial world.
As an entrepreneur, you are familiar with your strengths and weaknesses. Find the skill set balance for your startup by choosing a person who can bring on what you lack of. If you are great at management, but lack technical skills, a tech person will be great co-founder for your startup. Look for complimentary skills which can be essential for the growth of the company.
Reliability and trustworthiness
Your business’ success is in your hands and soon to be in the hands of your co-founder as well. Feeling secure, especially in such an uncertain business atmosphere, is essential factor for your choice. Seek someone you can completely trust. You can feel confident in your choice only if you choose a reliable and trustworthy person to become the co-founder of your startup venture.
Flexible and open-minded
Choosing a partner for your business demands good view over the qualities of the person and his ability to match closely your vision, business mission and, last but not least, your personality. Look for open-mined sense-makers who know what empathy is. There is no place for Ego fights in business so choose your co-founder according to his ability to embrace the equal levels of both co-founders.
Take your time when choosing your co-founder because you are about to make big step and you will save yourself a lot of headaches in the future if you make the right decision now.