A founder of a startup is the one who generates the idea or the niche surrounding which the startup works. But, only the idea isn’t enough. There are many other skills that are required to make the startup a success that the founder may not be able to provide. That’s when the co-founder steps in.
The co-founder assists the founder in various decisions regarding the startup and together, they can make it a success.
Index:
Why do startups need cofounders?
Startups are not an easy thing. So, while starting it, it always feels good to have someone who can accompany you through both the thicks and the thins of it. Let’s see one by one the benefits of having a co-founder in your startup:
Investors:
Finding an investor for your business is difficult. It is even more difficult when you are the only one who is the founding member. It really helps in finding an investor if your company is run by a team. So having a co-founder by your side can in fact make this tedious process of funding easier.
Emotional support:
Starting a business is hard enough but having a partner in distress makes the work easier and a bit less stressful. You know that you have someone you can lean on when things get tough. A co-founder is someone you can share stress with and he/she may even come up with solutions regarding the situations.
Decision analyzing:
When a problem arises in your business, you will want someone with whom you can discuss solutions. Your partner may reveal to you the mistakes in your decisions and vice versa. Besides, having a different perspective in that matter may help you make the perfect decision for the company.
Assistance:
In case you are absent due to any reasons, you will have no one to run your company during that time. Things can become complicated if you have no one to be there running the company in your absence. A co-founder is extremely useful in times like those.
Complementary skills:
No one is skilled in everything. There are some things which are your weak points. But those same things may be the strongest points of your cofounder. So together you’ll make the perfect pair.
Dividing responsibility:
Managing a startup is a strenuous task and it is even harder when you yourself have to do all the work. Having a partner helps in dividing responsibilities, thus reducing workload and giving you a better work-life balance.
Economic balance:
Starting a startup may prove to be expensive, a bit beyond your budget. Besides, it is difficult to find investors when you have just started. With a co-founder, this problem can be solved. You can split the expenses required initially and start your business smoothly.
Where to find them?
Finding a co-founder is very much like finding a life partner. Your passion and visions for the company
should match and you both should complement each other’s skills. Following are some ways that might help you find your perfect startup partner.
1. The help of websites:
Nowadays in the era of the internet, there are many websites that might actually help create a match and find the perfect co-founder for you. Some of those websites are YC, StartupWeekend, StartupAgents, CoFoundersLab, AngelList. You can also look for a cofounder on our website here.
2. Network more
Try interacting with people in entrepreneur groups and seminars. Also, in online platforms try joining entrepreneur groups on LinkedIn and Facebook and associate with like-minded people on Twitter as well.
3. Talk to someone from a prior work office
If you found someone’s work impressive in your prior office and might want to work with them, don’t walk away from giving them a call and check if they may be interested.
4. Craft a precise job description
Analyze your strengths and weaknesses and what you are looking for in a confounder. Figure out what traits you want your co-founder to have. Draft a job description accordingly.
How to look for the perfect co-founder?
Can anyone become the co-founder of your startup? The answer is No.
You should choose a person to be the co-founder only if they share the same passion and dreams about that very startup as you. It becomes difficult in the long run if your visions for the business are different. In addition to that, your partner’s strengths should complement yours. You should share an emotional connection too. Finding a startup partner is nearly the same as finding a life partner so you must be careful while choosing one.
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