Finding the right cofounder.
Find the right one for you.
Finding the right cofounder for a new venture or startup equally important as it is hard. Complimentary skillsets, relationship dynamics, common purpose, vision and outcomes are all in play. Here are Nine tests an entrepreneur can reflect on. This will help the entrepreneur to establish who is right for them.
These nine tests examine many different elements important for a new venture.
The importance of the relationship between cofounders can not be understated. Additionally, this strikes at the very foundation of risk mitigation for the venture itself.
Additional Sources: https://www.ycombinator.com/library/8h-how-to-find-the-right-co-founder
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More information can be found here for aspirational entrepreneurs:
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New Ventures and the dynamics of the most important entrepreneurship relationship.
6. Follow up with associates from prior job assignments.
If you were impressed with someone’s drive and capabilities in a prior work role, now is the time to connect again to check their interest and availability, or recommendations they may offer. Use caution to avoid employer conflicts of interest and non-compete clauses.
7. Relocate to a more likely geography.
Finding a high-tech co-founder in the middle of Kansas may be a long search. There’s a reason that Silicon Valley and Boston are hubs for high-tech startups. These areas may have not just your co-founder, but also the robust ecosystem your startup needs for investors, programmers and customers.
8. Finding the right cofounder: Explore candidate common interests outside of work.
Co-founder chemistry and interest matches are best explored outside the office. Find some common hobbies or sports to get acquainted before giving away half your company. Business partnerships are long-term relationships, so take your time getting acquainted before closing the deal.
9. Finding the right cofounder: Jointly define major milestones and key metrics for the startup.
This process is the ultimate test of a true shared vision and working style. Building a startup is hard and unpredictable work, and people get busy, so now is the time to jointly commit. If you can’t work as a team now and easily agree, it probably won’t happen at all in the future.
10. Finding the right cofounder: Negotiate and document roles early, including who is the boss.
No matter how equal you all are, there is only room for one at the top to make the final decision on hard issues. Especially when everything feels good today, don’t be hesitant to ask the hard questions of each other. There can be only one chief executive officer.
For the success of your startup, finding the right co-founder is one of the most important things that a new entrepreneur needs to do. There are so many challenges in a startup that no founder should try to go it alone. When you find someone that works, I’m betting you will be together on your next startup, and the one after that. Great teams persevere, and success breeds success.