Finding the Right Co-Founder for Your Startup

Finding the right co-founder for your start up is a gamble you either strike lucky or you don’t. But you are not going to leave things to chance not when you have poured all yours into achieving your dreams. A few basic elements when taken into account will help find the right co-founder.

Why are you looking for a co-founder?

Skills

Is it as technical support, managing or marketing or financial support? Study thoroughly your needs and then make a choice. Are you sure you cannot multitask and manage by yourself. Do you need help in the areas you are weak. Nature of your business is it likely to grow fast or slow.

Check that your co-founder has skills that will enhance and add to your organization. Starting up is time consuming and expensive, if your resources are limited then a co-founder who can contribute time and money is most welcome.

Co-operation

Does your co-founder share your dream and your convictions? It is important you get along together. Are both of you prepared to work as a team? Be prepared to be a little more accommodating and respect each other’s point of view and skills. Difference in opinions has often parted partners.

Sharing control

You have to share control and decision making power in your start up. However if  you are a control freak find a co-founder who is content to play a passive role. Or be very clear about the role each has in the organization to avoid future misunderstandings.

Finance

As already mentioned you need money to start. If you are convinced your idea is really good and will work, but lack sufficient finance, look for an investing partner or preferably someone with skills and finance.

Personal equation

Both of you should share a positive personal equation based on mutual respect and appreciation of each other’s skills and attributes.

Where to look for a co-founder

Ideally it would be someone you have known for some time, studied together or worked together etc. This means you are each aware of each other’s potential and strengths are more likely to be comfortable working together.

Your local business community is one of the best places, likeminded people getting together so tap into this pool. There are also a number of website like www.startuplinkup.com, www.mysocialventure.com etc. that can help you link up with potential partners.

Ultimately it is not the question do you or do you not need a co-founder, it is it right for your start up. The goal is a successful start up.

Republished with Permission from Everything Small Business Journal – http://esbjournal.com.