• iReport team

Finding a Co-Founder

Starting a business from scratch involves so many risks and can exhaust your time, money, and other resources. However, finding the right co-founder can help you launch and grow your startup successfully. To see the importance of getting one and help you find the right co-founder, check out our article below.

Why You Should Get the Right Co-Founder

Finding a co-founder can be one of the most crucial decisions you’ll make in your company. It offers benefits, such as increased productivity and a bigger network.

1. Higher Productivity

With the right co-founder, you can accomplish more things, which are necessary for the success of your startup, especially in its early stages.

These include:

● Brainstorming and arriving at better plans and ideas.

● Offering a different approach and solution that you may have failed to see.

● Keeping each other motivated.

● Distributing the burden.

● Taking advantage of different skill sets.

2. Networking

Whether it’s about getting potential clients, raising money, or forming lasting relationships with important people in the business world, networking is more doable if you have the right co-founder. With your co-founder’s network, you can double the possibilities for your startup.

3. Making Money

Launching a startup may involve spending a huge sum of money, but the goal is, of course, to make money. At the same time, you’ll want to find the right co-founder, so it’s easier to make money. However, in several startup partnerships, one person usually shells out more money.

Regardless of the path you’re taking, make sure you’re on the same page. Write it down to avoid possible damaging co-founder disputes later on.

4. Higher Chances for Success

Among the most successful startups are Google, Microsoft, Facebook, and Apple. We may know them as some of the biggest companies now, but all of them had co-founders when they were just starting.

It may be common to see just one person becoming the face of the company in the long run, like how we know Bill Gates from Microsoft, Mark Zuckerberg from Facebook, and Steve Jobs from Apple. However, during the early stages, all these founders had co-founders that helped them build and grow their businesses.

5. Balancing Out Strengths and Weaknesses

Your weakness can be your co-founder’s strength and vice versa. For instance, you may be good with marketing and finance, while your partner is an expert in technology. It’s better to find a partner that fills in the gaps rather than duplicates the areas that you’re already good in.

Moreover, find complementary qualities, such as the following:

● If you’re someone cautious, find a partner who’s more daring and charismatic.

● If you’re conservative, get someone who’s more of a risk-taker.

● If you’re too keen on the particulars and tend to get lost in the rabbit hole, find someone who lets you see the bigger picture.

The goal is to have someone who shares your vision but at the same time promotes innovation, presents a different mindset, and contributes more strengths to the business.

Final Thoughts

Given how challenging, risky, and draining launching a startup can be, finding the right co-founder will help you achieve business success. These include increasing your productivity, balancing out each other’s strengths and weaknesses, and expanding your network. Thus, take your time in finding the right co-founder for they can make or break your business.