5 Practical Tips to Find the Right Co-Founder for your Startup

You have finally got a brilliant idea to build your startup. In order to get this idea, you have gone through different procedures such as brainstorming, researching, and testing. Great!

So, you have got a plan, a way, a desire, and energy to start, so that you can achieve your goals. But don’t you think you are missing something? Even though you are done with the selection of your business idea, and location, you are still lagging behind one area that needs your attention.

It is the area of the momentous decision of picking a co-founder for your startup business. Someone who can complement your skills acts as a sounding board or a voice of reason, and even help out to lift your startup idea into reality.

If you are new to the startup world, then there can be chances that you are low on connections. In short, you are broke in the case of finding the right co-partners for your business.

What can you do? Where can you find co-founders?

Having two founders on the team, rather than one, considerably maximize the chances of your business success. It has been stated in the Startup Genome report that if companies have two or more co-founders, then startups can raise their capital investment to 30%.

Moreover, the company will also grow its customers three times as fast and will be less likely to scale too quickly. It is clear that two fully invested founders are greater than the sum of their parts.

If you want to start a business, and looking for the best tips to find out the right co-founder, then you’re actually in a perfect place. This article will give you important tips and tricks for choosing the perfect co-founder for your business. That way, you don’t have to make the same mistakes that others have made before.

5 Practical Tips to Find the Right Co-Founder for your Startup

Below shared are five proven ways to find a co-founder for your startup.

Let’s get started.

  • Find the Right Combination of Co-founders

The first and foremost tip for finding out the best co-founder for your startup is to look for the right combination of co-founders. When a startup has two balanced partners, then there are more likely lots to be more successful in the competitive business world.

Several founders misinterpret the decision of finding a co-founder; they believe that co-founder should have exactly the same skills as they have. But this is just a myth! One should always look for someone with complementary skills. Ideally, startups should have a mixture of skills.

Let’s take an example to understand this point in a better way!

Suppose you are setting up a tech company in Hong Kong because you are well-versed with every sector of this field. So, now you want to look for a co-founder who will help you to scale your business. Which co-founder do you want to approach? In short, what kind of skills do you want to have for your startup?

Tech-focused skills, or the skills related to the business or marketing elements of running a startup? Obviously, you will wish to hire the co-founder who has the business acumen to complement the other.

Just as a startup should mix skill sets while looking for the co-founders for your startup, they should also focus on personality traits.

Suppose you decide to launch with a co-founder who is afraid of public speaking. Do you think he would be able to benefit the startup? Obviously, No! If he does not make the pitch to investors, speak to the customers, and present in front of accelerators, then there is nothing that can help you.

When one of your co-founders is shy, then it’s best to have another person who is more outgoing and has confidence in speaking in front of people. After all, each of the co-founders strengths will support the other.

  • Communication is Key

Communication is the key to success. If you can’t converse well with your co-founders, then you are going to sue your business. Believe it or not, you can’t scale your business all alone in this business world. While looking for the right co-founder for your startup, you need to know if you have similar communication styles and preferences.

Take an example of modes of communication-

Some people like to have face-to-face meetings, while others are fine enough to communicate over messaging service or even emails. Everyone is different. Therefore, not everyone prefers the same mode of communication. If you and your co-partner strongly prefer different channels for communication, it might be challenging to get all the things on time.

Since every person has their own style of communication and tone, some people like to have direct contact, which sometimes feels to be harsh. While others will pay attention to asking numerous questions, and then gets around to the point very slowly.

Even though there is no right or wrong style to communicate with your co-workers, you need to make sure that your co-founder communicates easily and get along well.

While having the very first meeting with your founders, go straight for the tough questions.

Figure out the answers to those questions so that you can build a comfort zone with each other. If you can’t communicate your ideas clearly to one another, likely, this isn’t the right business relationship for either of you. Even if you and your co-founder don’t agree, you should be able to discuss and communicate.

  • Don’t settle for anything, instead, look for perfection

Sometimes, finding the perfect co-founder for your startup can take more than your expected time, but that does not mean that you should stop your search. And just select any person in your way, in fact, you should find “the one” than to go through a messy break-up later on.

It means the one who can understand your ambitions, and values, then work really hard with you so that you both can scale your business. When you found your co-founder, then be real with yourself while assessing their drawbacks, and their potential faults working with that person.

It is always better to have a conversation about where you foresee potential pitfalls, and how can you deal with that, if it occurs. And when you and your co-founder get through these challenging talks, then it would be best to move forward and start your process.

But still, get as close to the perfection level as you can. In this way, at least you will fill the pits in between your conversation in a better way. The odds of success will be drained out over time.

  • Find a Partner You Can Trust

Another connected tip is to look for that partner with whom you can put your trust. In addition to balancing personality traits, founders must find a partner they can trust. There is no denying the fact that running a business presents several opportunities for people to indulge in dishonest things.

Your co-founder might fall in the false trap while finding out the short cute for your business success. Eventually, it can question the ethics of your company or even permanently damage the company reputation.

While looking for co-founders for your business, it is really pertinent to remember and vital to search for that candidate who is trustworthy and honest when handles responsibility.

Undoubtedly, you will come across several people who have different personalities; there are certain traits that startups should not tolerate and avoid altogether. Instead of settling down any personality trait, respect once who are trustworthy. The one who is sincere, dedicated, optimistic, passionate and go-getter attitude. Always avoid people who abuse the power of their roles to exert control.

Whether it is about getting agreement without any discussions from other team members or by manipulation, this type of person will do whatever it takes to get their way. In short, your company will be sued! Therefore look for that person who will help you to make your business, irrespective of breaking it away!

  • Check Financial and Emotional Stability

And last but not least, the tip for finding the right business partner for your startup is that always check their financial and emotional stability. Believe it; this will not be an easy conversation with your potential co-founder. In order to get the perfect business partner, you need to practice for all of the other difficult conversations you’ll have down the line.

If you are going to work with any person closely, you need to know what’s going on in their lives and how stable they are. Ask them when they need a paycheck to become financially stable. Running a business is like moving in a labyrinth, there are very few people who become successful and gain name and fame, but not all of them. That’s why it is said that it will be an uncomfortable conversation, but you must also find out what their home and family situation is like.

Moreover, you have to be honest with your potential partner and yourself about your own financial and emotional stability. Operating a business with your co-partner is like walking in a two-way street. In order to cross this road, you have to be honest with yourselves and each other if this relationship is going to work.

Conclusion

Now that you should have a better idea about finding the right co-founder for your startup, and why they are important for the success of your business. It is one of the most challenging aspects of founding a startup. However, if you do it well, there is nothing that can halt your startup to grow.

Just spending your crucial time to search for the perfect co-founder, but don’t get settled with anyone. Skills and the best network in the world will not save your business if you simply can’t stand to be in the same room as your co-founder.

Great teams persevere, and success breeds success. Good luck!

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