One of the most common questions a Startup founder faces is whether to hire a co-founder or do everything single-handedly. While you can share the work and responsibilities with a co founder, it also comes at the cost of sharing control over your startup. Whether you are in favor of doing everything by yourself or hiring a co-founder, always remember that choosing a co-founder is a major part and it has the power to mar or make your dream start-up. So, a lot of thought should be put into choosing the partner in business. Here are some tips on making the decision:
- Well Defined Role: Always make sure that you and your co-founder have well defined roles and responsibilities towards the startup so as to avoid any conflicts. Define your focus areas as per your experience and always make sure you are communicating well.
- Team work: It is very important that you and your co-founder work as a team for your new venture and the smooth execution of it. Your co-founder should know how to work in a team. Of course, he has to be a leader but not too bossy and harsh on the team. He should know when to get work done and when to party with the team.
- Comfort and Reliability: You should be able to rely on them to reinforce your leadership with the rest of the team and you should never feel that your being undermined by them at any point.
- Similar Passion: As you are working on your dream, it’s very important to pair with a person who has the same passion, the same zeal and the dedication to turn the dream into a reality. There should be a fine tuning present between the two of you and a strong sense of understanding. Having a wrong co-founder will suck your energy and lower your zeal and productivity. Also, you should be able to trust the person and have faith in his abilities.
- Challenge each other: A co-founder should also challenge your assumptions and raise concerns / start conversations with you that no other employee in your business can.
- Don’t be tempted by convenience. Although, it’s always nice and convenient to work with a friend. But make sure that the friend shares the same ideals, the same inclination and the same passion as yours. Professionalism and friendship should have their own space and time. In business matters, don’t let emotions get the better of you. So, tread carefully and wisely.
- Make the position clear: It is very important to clear things in the very beginning itself. The % of stake and the share should be decided upon beforehand to avoid problems and conflicts later. The role of the person should also be discussed and the amount of input required from his/her side be clearly conveyed.
One of the most critical decisions that co-founders need to make is who will be the CEO of the company. It is very important to decide who will be the captain of the team before you become co-founders with anyone.