Fantastic Co-Founders and Where to Find Them
55% out of 7400 successful startups (more than $10m in funding) listed on Crunchbase have two or more founders. So while not mandatory, having a co-founder is definitely worth considering. Paul Graham, co-founder of Y Combinator, mentions that having a single founder is one of the main mistakes startups make.
Finding your co-founder is a lot like dating. You’re looking for someone like-minded, with similar goals and approaches, who you can get along with in difficult times to build a long lasting business. So it’s only natural that searching for that perfect candidate can be a long and exhausting process. But what traits make a co-founder worth having, more exactly? And where should you look for such a co-founder?
Ideally, once you find your best fit, you’ll keep trying new startups together even if the first one fails. We’ll first analyze how, and then where to find your most suited partner.
Working with a clone of yourself brings no additional value when it comes to decision making, and your core weaknesses will remain the same. It’s easier to connect with someone who has a similar skillset and background, but working with someone who complements you instead greatly increases your chances of success.
One popular approach for choosing co-founders is “one builds, one sells”.
An ideal co-founder recognizes your drive, mission and passion, and shares it. True motivations are revealed, not declared. Your partner will keep working hard in spite of hurdles, hardships and failures, if he/she is driven by the desire to create a quality product. And seeing your co-founder’s passion daily will also motivate you on your mission.
You are likely to pivot. A lot. In fact, 73% of start-ups must pivot to another market over time as their initial market did not provide the fertile ground for the product or service that the founders had hoped for.
So your partner should also be able to pivot, if you’re planning long term. Your startup will face some challenges you can’t possibly predict early, and being adaptable is sometimes critical.
Like in every serious relationship, disagreement will happen, sooner or later. In fact, 62% percent of all startups fail due to co-founder conflict. And you should always test the waters. You don’t want to see your startup disbanded later on due to issues which could have been solved.
It’s often disregarded as a non serious issue. But data shows entrepreneurs are more likely to be depressed. And rightfully so, startups are tough. There’s tons of challenges and educational failures which are waiting ahead. Sometimes, you can do everything right, and still fail.
Having a therapist as a co-founder is unrealistic. But working 10 hours a day with a friend offers more emotional support than a weekly therapist visit ever could. And forming a great team leads into an even greater friendship.
Being good friends before starting your business can greatly help, but is not mandatory. Sometimes it might become hard to abandon a bad team/idea if your best friend is part of it.
Your desired business partner can come from anywhere. So the obvious approach is to look everywhere. The one you’re looking for is probably doing the same. He/she might be even reading this blog too, right now. The only thing keeping you from doing business together might be you not searching hard enough. Remember that guy that gave up? Neither does anybody else.
And always keep looking. You wouldn’t settle for marrying someone who wasn’t “the one”, would you? Don’t settle when choosing your co-founder, either.
They are a great. But which events to attend is dictated by what you’re looking for in a business partner. So you must first define your co-founder’s profile, before actively searching for him. Looking for a tech co-founder? Attend some tech talks or even hackathons.
Some accelerators like to attract great entrepreneurs and pair them in teams of 2. You‘re given few weeks to meet and test the waters with as many potential co-founders as possible. It feels like speed dating, but instead of eating out, you’re brainstorming together your business plan.
There’s many online platforms designed for business networking. Either by connecting entrepreneurs, mentoring or just talking groups, these platforms help you stay productive in an otherwise wasted time, like waiting for the subway.
Finding your best co-founder can feel overwhelming, but so does founding a great company all by yourself. Both paths are fine, depending on what type of person you are and as long as you keep grinding.
I’m a software engineer and CTO at Nethex, a matching app for founders which aims to simulate the feeling of meeting other entrepreneurs at local events. Once every X minutes, you’ll get connected with the most relevant person to you based on skills, interests and location. You then have some time to interact with each other to decide if you want to stay connected.
Fantastic Co-Founders and Where to Find Them
Research & References of Fantastic Co-Founders and Where to Find Them|A&C Accounting And Tax Services
Source
0 Comments