Getting into bed with a co-founder
Building a startup on your own can be very lonely, but that should not be the reason you should get into bed with a co-founder, or a number of them for that matter! You can fly solo if you wish, although in my most recent startup having a co-founder has been all part of the fun. And remember it does have to be fun sometimes.
It works both ways
So I’ve done both, founder and co-founder. Both have their advantages and disadvantages and I think it’s important to figure out why you want a co-founder. If it’s just to keep you company, then download a dating app. Remember that everything you do, decide and spend money on, is for the benefit of your startup to grow, that’s it. With a 90% failure rate for startups you will need every bit of help you can get and in some cases that comes with a co-founder.
Don’t just be open from the outset
If you’re joining forces with a co-founder then you have to agree the desired outcome from the beginning. If you are pushing to build a huge enterprise but your co-founder is in it for a good salary and some perks then it isn’t going to work. I’ve been there before and it’s a waste of time.
It would be like going to a job interview and when they ask you if you can do the job, you say “No, of course I can’t!”
The trouble is that if you ask most co-founders what they are looking to do then of course they will say they are going to join you on building the next Amazon. Why? Because if they didn’t, it would be like going to a job interview and when they ask you if you can do the job you say “No, of course I can’t!”
As things start moving things will get hairy, you will win clients, lose clients and the same applies for your team. It will get stressful and exciting very often all in the same day. I’ve found that regularly talking about the future plans can help you figure out if your co-founder is on the same page. That said, the more of that you can do in the early days the better. So ask questions like where do you want this startup to be in 1, 3 and 5 years. If they are simply blagging it then there is only so long they will be able to do that for especially when things get tough and they always do.
Ultimately it’s about being transparent and encouraging that, because anything can change. Even your own ambitions will change and there is nothing worse than hiding the truth of how you are feeling from your co-founders otherwise you’re cheating them.
Don’t find a twin
The best co-founders are the ones that compliment eachother. In my case my co-founder Nargis is good at things that I’m not so good at which is why we work so well together, but we both have the same values. Smart work, honesty, transparency and the same end goal.
If you are rubbish at sales, don’t join forces with a co-founder who is equally rubbish at sales because surprise surprise, you won’t get any sales! OK, so you think you will hire a salesperson from the outset? Wrong! Selling is not just about generating revenue for your startup, it’s about selling your vision and selling to a salesperson when you can’t sell? Well you know how that ends right!?
You will be selling to everyone. Your team, to your investors (when you’re ready) and even your family as you’re burning the midnight oil working on things. So if you can’t sell, then find a co-founder that can sell but also do other things you can’t do.
If you fly solo then hire, but properly
You don’t have to get a co-founder though if you have some great skills and if you genuinely can’t find the right person, however you really will have to hire the right people who can see your vision. Finding those people does take great skill too. It’s so easy to get this wrong and it’s often very costly when it does go wrong. Again I’ve been there before and it can hurt. Feel free to take a chance on someone but always be clear from the outset what the goals and milestones will be. If they are not reached then call it a day and save yourselves the pain. If you have a dodgy leg, it will only get worse if you don’t get it sorted. The same applies with your team.
Whats worked for me
One of the best businesses I built was without a co-founder but that was a different type of business. It was very, very niche but being a sole founder was equally very stressful. If I had know Nargis in those days we probably would have joint forces but that wasn’t meant to be.
Finding a good co-founder can be hard, but once you’ve found one, work hard at it and it will reward both of you just like any relationship. Business, personal or otherwise.
If you do have any resources to find co-founders then drop it in the comments below. It could be helpful to others.
