If you decide you wish a co-founder, the following step is finding one. Look within your own network first. Selecting somebody you already know, or whom your connections can vouch for, is much less risky than a stranger. So this article will help you to find a co founder.
This concept works in reverse as well: you have also got a far better shot of convincing them to join you if they are a first or second-degree connection.
You can also attend local entrepreneurship events to find potential partners.
Conventional knowledge says you must explore for a co-founder once beginning a new business. There are three main benefits to having a co-founder.
Itís easier to get funding. Whether or not multiple founders truly contribute to a companyís success, several venture capitalist investors believe it will. They are reluctant to back solo founders.
Where to find a co-founder
You have emotional support. Running a corporation could be a stressful, exciting, and unique experience. If you are riding the emotional roller coaster by yourself, you will not have anyone to celebrate with during the ups ó or survive the downs. A co-founder understands exactly what you are going through and causes you to feel less alone.
They can totally different completely different skills, knowledge, and connections. Perhaps you are good at marketing, whereas your co-founder is more technical. You have lots of connections, and theyíve really started a business before. Choosing a co-founder with a complimentary resume is an excellent way to boost your odds of success.
There also drawbacks to having a co-founder.
Thereís conflict. You and your partner can inevitably disagree. a bit healthy disagreement is productive, however if you do not notice a solution relatively quickly, you will waste valuable time and energy. Plus, you may hurt your teamís morale.
Youíll have to split the equity. If you are the sole owner of your company, you begin with 100% equity. As time goes on and you hire additional people and/or receive funding, you will distribute that equity ó however you will probably be giving 0.005% to 35th to a single entity, looking on who theyíre. If youíve got a co-founder, you are automatically abandoning 40-60% of your company in a single swoop.
Lastly, youíve got to search out a co-founder. It may be extremely hard to find somebody with a similar business ethics, work habits, and complementary personality. Additionally, they have to believe in your vision, contribute the proper skills, and have a desire to be your co-founder in the first place. That is a large order.
Its value noting that an analysis of thousands of successful startups showed that more than 46th had only one founder. Make a decision based on your vision, not traditional advice.