Finding a co-founder is often compared to getting married. Some say it’s easier to find a life partner. After all, it involves the blood and sweat put into building a company from the foundation and the right partner will open new doors, scrutinize your ideas and be an integral part of the growth.
The challenge is finding the right person. A person who is as invested in the company as you are and supports the idea. He or she should visualize the potential, be honest and straightforward with his point of view, and many more. Sounds quite tough, doesn’t it?
It can be visualized as dating. Meeting people whom you think are compatible and then seeing if things work out for good until you find the right fit.
Where do you start looking?
Looking for people within your circle is a good start. Approach people who are already in the business but are not happy with their present scenarios.
Going to local university entrepreneurship cells or places where people with such a mindset hang out and projecting your idea will attract people who are interested. There are discussion portals and forums on the internet where you can find a lot of people with the same mindset.
Posting ads on professional sites like LinkedIn, Reddit can also be a good start for people who don’t have sufficient network to ask around.
What are you looking for?
While looking for your business partner or co-founder, it would be good to keep an open mind. As he or she is going to be around for a long time and you will be together in all the ups and downs of your journey.
You need to be on the same page as your partner. What can the other person do differently? Does he have the same level of commitment to the company? These are some questions that you need to ask yourself.
If your partner does not give priority to the company while you are working round the clock, It’s just not going to work out.
When you find a person who you might think is suitable for the role, take up a project with them and see if it is a good fit. You can evaluate the person by assigning tasks that simulate the day to day functioning of your company and how the person deals with pressure.
Skillset: The Right Fit
It is better to know what you’re good at and a co-founder with the same skill set will not bring anything new to the table. Having different backgrounds can solve this.
If one of the two founders is from sales and the other one is technical, then these two people will complement each other as one takes care of the product while the other sells it.
Ego is a grave concern in many fields like recruitment, management or flexibility. It’s important to have the same vision of where the business is going. Growing the company into a giant or just selling it out after making a decent profit.
Define the core values that you’re looking for in the beginning. Are you looking for an honest, sincere and hardworking person? Or a person who by any means will deliver his work?
Pitching the Idea: What sells it
The first thing you do is get your business idea ready. Many startups can’t afford to hire employees and function on freelance developers in the early stages of the company. Knowing what you’re working on, it’s functions and how it’s expected to grow in the coming years can help you get an idea about the market and attract the right people.
Facing reality is the best way to know where your startup stands in the market.
Having the right vocabulary can make your pitch to a potential co-founder or developer easier. If you’re from a non-technical background, then look for a person with the technical knowledge as you must make sure that your team has a rounded skill set.
The working relationship will also be a crucial factor in determining the future of your company. The way you figure out your differences, having lunch together or drinks after work.
The founders need to have free communication with each other. This happens when you have been working for a while, or you know each other very well.
Deciding on who’s the Boss is also important. It reduces the power struggle or confusion due to different perspectives. The role can be divided into parts for optimum operational efficiency.
Being honest with yourself will attract the right people as you are aware of your weaknesses. These weaknesses can be dealt with while setting up the company by allotting the right roles to each individual.
It is a good idea to always think in the long term as people often get hung up on their previous contributions, and the value of future contributions is at many occasions overlooked.
When we start a company, we need an attractive market and a quality team. A co-founder who is versatile can be very suitable in the initial stages of the company when the business model keeps failing and change is necessary to obtain the optimum model.
The founders might have to handle sales, big-picture, accounting, and day to day operations at different points in the company. So, having a person with experience in all these field or aptitude for it might be a good fit.
The co-founder is as essential for the company as you are. The work you do together will shape and define your company’s future. Looking for the right person can be tough. You need to approach people, keep an open mind and your skill sets must be complementary to each other. Evaluate them while simulating the work scenarios. Free communication with each other and being honest will help you build a quality team and find a person with a good fit.
Still confused? Then, you are in the right place. We at TetraNoodle are here to help you.
TetraNoodle provides technology consulting services in most of the cutting-edge technologies. We offer Fractional CTO Services, where we offer a wide spectrum of Software and Cloud Computing Consulting Services; Business-Technology Consulting, Internet and E-Business Consulting, System Integration, Custom Application Development, training & workshops from global software experts and application re-engineering. With a single-minded focus on bringing success to your product, we work collaboratively with you throughout your product’s lifecycle. Our expertise, experience & skills ensure that your idea or product would be validated, developed, tested & delivered to be an investor and market ready.