Starting a company solo and starting a company with a partner is different as the dynamics of management as well as finances are completely different. However, if you have a idea and think that to materialize the same you need a help from an expert in another sub-niche of the same business, a partner can be of a great help. It helps in streamlining the setting up of a startup without any hassle and with equal contribution and dedication from a person, who shares the same vision – the success of the company. And, hence the load gets divided and ideas to find solutions to the obstacles that surfaces from time to time gets multiplied. But, one might come across various difficulties in finding that one right partner or a co-founder for the business and that are –
· It is difficult to find a co-founder who more or less shares the same point of view about the startup you are going to be venturing in with him/her. If the mentality of handling, managing and starting a business doesn’t go hand in hand of both the partners, it is going to be increasingly difficult in the long run to work together.
· Finding the co-founder with the qualities you need might be easy but you have to see that he/she is easy to work with and seconds your idea of the business. An honest and modest person with the right mix of qualities and integrity are not easy to find these days and you always have the chances to come across people who might have all it needs but just might be too shrewd for you, if you know what it means.
· Do not jump in to partner with the first person you come across as a potential co-founder. Give yourself time with him/her to discover his/her abilities and how he/she is as a person. You get to know more about him/her as you spend more time and it helps in answering questions like – will I be able to work with him/her forever or for a long time?
· You must define in a very precise manner what your project is all about, what your motivations are and what are the real and core objectives of the business you are starting and then look at him/her as to what his/her take on it is. Staying on the same page at all times is not possible but the differences should be constructive and pointing towards the long term vision, rather than personal differences, adamancy or selfishness.
· One of the most important qualities that you need to search in the person who would be your co-founder is whether that person is trustworthy or not. Because, you would be sharing a bulk load of confidential information with him/her and you do not want to risk a leak.
· Keeping financial patterns, shares and management on the plate very clearly from the very beginning is necessary to ensure that there are basically no differences as to who gets what later on, when the business is in full flow and the cash in-flow is supposedly on the higher side.
· Knowing the motivations of your co-founder like what does he like – fame, money, good lifestyle, accolades, time or just about anything can help in knowing how it is going to be for you while working with him/her and whether there are any side-effects of the same that can hamper the business in the long run. Similarly, knowing the strengths and the weaknesses of the person is also very necessary and this can only be done when you spend good enough time with him/her.
· Be clear from the very start as to what challenges you are facing, whether it is the investment or technicalities or just about anything. Also, make sure that you put forward your perspective and vision forward as to what excites you about this business and what are the realities as well as the long standing statistics, that are life changing in nature.
· From the very start, make sure you are clear as to what you are good at and what your role would be and what do you expect from your co-founder or what his/her role would be. There would definitely be a friendly aroma of helping each other out and taking the advice and suggestions from each other but designating the roles from the very beginning helps in ensuring that there are no differences or roles overlapping afterwards.
There are many other factors that needs to be considered but these are the few major challenges one has to face before one can actually find a good co-founder who would work in collaboration with the vision and the long term goals of the business and who at the same time, will prove be your good friend, personally and professionally.
Read also: How to ask for departure if your co-founder is not competent
Article contributed by Startup Jobs Asia‘s Team.
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