by Carmen
If you’re considering finding a
co-founder to help you start your business, you already know that you’re not making
an easy decision. People have, after all, compared business partnerships
to marriage, and everybody knows marriages take work. Still, there’s no
denying that co-founders and partners can be a vital part of a healthy business
strategy. Here are a few tips to help you choose the right co-founder.
Don’t
partner up with someone who is just like you
Ideally, each partner brings
something different to the table. One partner might have 15 years in the
industry while the other partner might have a great deal of marketing
talent. Overlapping strengths can become a point of contention between
co-founders. They can also rob your business of the vital expertise that
it needs to survive. Find someone who knows things you don’t know and
figure out how to partner with that person. Find someone who compliments
your strengths.
Find
someone who shares your vision
You believe in buying fair trade,
your partner believes in buying cheap. You believe in serving only fresh,
local food, your partner believes that it’s better to import food. Your
partner wants the latest and greatest technology; you’re content to use 5 year
old PCs. These sorts of conflicts aren’t just about how things are
done. These are conflicts that touch on the very heart of the brand and
identity of the businesses they describe.
Craft a vision statement for your
business, and make it meaningful in concrete terms. Find a partner who
shares that vision. Then, whenever conflicts come up you can go back to
the central question: “Does this course of action fit with our vision, or not?”
Ideally, both of you should be excited about the direction your company
is headed in.
Find
someone you can communicate with
You need to find a co-founder who
you can talk to—even when you don’t agree. You can’t afford to let
conflicts and resentments fester. You also can’t afford a scenario where
both partners aren’t aware of what’s going on in the business. You both
should feel comfortable expressing your opinions. You both need to feel
like you’re in an open, respectful relationship. Only then will your
partnership—and the business you are building—flourish.
Find
someone with a thick skin
A big part of going into business
with a co-founder is developing an exit strategy. You don’t want a
partner who is going to be offended by the thought that you don’t want to stay
with him forever and ever. This is especially true if you are using the
partnership as a springboard into 100% ownership of your own business or
location, or if you’ve got visions of selling your share of the business in the
future in order to turn a profit.
Find
someone with integrity
Watch how your potential co-founder
treats other people. If your potential partner is willing to cheat other
people, lie to them, or treat them disrespectfully then he’s willing to do the
same to you. Furthermore, misbehavior on your partner’s part may tarnish
your own business reputation. In the business world, your reputation and your
integrity are worth far more than the checks you’re capable of writing. If
you and your co-founder are going to build a successful business you want
someone who shares your values.
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