How to Choose a Co-Founder – 4 Tips for Entrepreneurs
There’s power in numbers say some people and that might be something an entrepreneur chooses to believe in. While co-founders lighten the burden of striking out on your own, zeroing in on a suitable co-founder can be tricky. If you fall out, the costs could be much more than you think. If you are looking to set up a venture and looking for a co-founder then here are 4 tips to help you find one…
When two people come together to establish a business or forge a relationship there is a need for balance. They should balance each other’s strengths and weaknesses. What one lacks the other should ideally have, be it marketing skills, writing, communicating, patience, it could be any of these qualities. If one is quick tempered the other should have the ability to step back and think things through instead of losing it.
This might sound like a lofty ideal but a shared vision among co-founders is important simply because without that it would be like getting on to a train but wanting to go different places. Two or more co-founders must be clear about where they want their business to go in the long run. They must be clear about aspects like social responsibility, investments, transparency, plough back of profits, in fact, all pertinent issues relating to business.
Common Ethical Ground
This I believe is a critical factor in a team staying together. Common ground as far as ethics and moral values go is important. It could be a deal breaker if one partner is honest and transparent while the other doesn’t blink when breaking the law.
Listening to your partner is an important factor in cementing the relationship you will share or already share. Listening to each other’s ideas or criticisms as and when the occasion demands is important otherwise as in any other relationship; the opposite person will feel violated at some point of time. Exchanging ideas, listening instead of brushing aside is the thing to do in any partnership.
Listening does not mean accepting and agreeing with everything the other person says. It is essentially about giving that other person the opportunity to speak his or her mind. Agree to disagree but don’t brush aside!
Finding the right co-founder is a little like looking for the right partner, business and relationships are different but not all that different after all.
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