Starting a new venture is exciting, but finding the right person to join you can be challenging. The good news is that you don’t have to go through the entire process alone. In fact, having a partner or two can make things easier.
Finding a co-founder can be tough. There are lots of reasons why you might want to start a company with someone else. Maybe you share similar values and goals, or maybe you both have complementary skillsets. Whatever the reason, you should consider working together before starting a company.
You can find a co-founder with complementary skills by asking friends, family members, or even strangers. If you’re looking for a specific type of person, try using online dating sites. Or, you can also look at social media platforms like Facebook or LinkedIn.
You may not know what type of person you need until you meet them in real life. That’s why it’s important to get out there and talk to people about your ideas. You could ask your friends if they would be interested in joining you on a startup journey
Where to Find the Right Cofounder?
The best place to find cofounders is through meetups, hackathons, and events. If you don't know how to build a business, then go to a university and study entrepreneurship.
If you're looking for a technical cofounder, then you could attend tech conferences, seek advice from mentors, and participate in technology competitions.
Start asking People About Their Interests
When you first start talking to people about your idea, you will probably hear some interest or excitement. This isn’t always enough to determine whether someone is willing to work on your project. But it does give you an initial indication as to whether this person has a passion for your idea.
If you notice that everyone who talks to you seems enthusiastic, then you can assume that they share similar interests. It's likely that these people will be more open to discussing your idea than others. So, when you approach them, you'll have a better chance of getting their support.
How to Find to Your Potential Co-Founder?
Once you've decided that you want to talk to someone about your idea, here are 10 tips to help ensure success on finding a potential Co-founders:
1. Tell Them Why They Should Be Involved.
It's easy to think “I just want to do this because I believe in my idea.” However, most people want to see a clear value proposition. For instance, if you want to create a platform where users can connect with each other based on shared interests, you should explain why this is valuable to them.
2. Make Sure That You're Clear On What You Want To Achieve Together.
It's possible that you haven't thought much about what you want your company to become. If so, take time to develop a vision statement. A vision statement describes what you want your company or product to achieve.
3. Get Specific.
When chatting with potential partners, make sure that you're very specific about your desired outcome. For example, "We want to create a platform that connects businesses and consumers" is too broad. Instead, say something like, "We want to launch a website that allows businesses to advertise to customers."
4. Ask Open Questions.
Try to avoid questions such as "What do you think?" or "Why do you think that?". These types of statements put pressure on your partner to respond immediately. Instead, use open questions like, "Tell me more about your experience building XYZ", "Do you have any thoughts on...?", or "Can you tell me more about...?"
5. Listen More Than You Speak.
Your goal is to learn about your partner. Don't try to speak before you understand what your partner wants. Instead, focus your attention on learning everything you can about them. Then, you can decide whether you want to pursue a partnership.
6. Learn From Each Other.
After two or three meetings, you might realize that you have different strengths and weaknesses. In order to succeed together, you need to work hard to balance the things you bring to the table.
7. Find Out How They Like To Work.
You may not know how your partner likes to get things done. Therefore, ask them directly about their preferred method of working. For instance, you could ask, "How would you prefer to communicate with me?" Or, "How often should we meet?"
8. Understand Their Priorities.
Asking about their priorities is important because you don't want to waste your time pursuing projects that aren't aligned with theirs. For instance, if one of you is looking to build an MVP (minimum viable product) while the other prefers to spend his time writing a business plan, it's best to clarify this early on. In some cases their priority can be a high level of productivity, therefore it will be a great idea to use time management software to achieve that.
9. Create Value For Your Partner.
Finally, when talking to your partner, be sure to show that you'll add value by demonstrating that you understand their goals. This gives them confidence that they will benefit from partnering with you.
10. Be Honest With Them.
Don't lie about what you really want out of a relationship. No matter how good your intentions are, you won't win over anyone by being dishonest. Instead, be honest about your motivations for wanting to partner.
How many co-founders is too many?
There is no right answer for how many co-founders should be in a startup, but the most common number of co-founders is two. However, having multiple founders can help reduce risk and increase chances of success. Having multiple founders also helps when one founder leaves the company.
The benefits of having multiple founders include:
1. It reduces risk. If one person quits, there is still someone else who has been through similar experiences and knows the ropes.
2. It increases chances of success. The team is larger, which means more people to spread the workload.
3. It makes the company easier to manage. There are fewer decision makers, so everyone
How much equity should I give my co founder?
You started a business and you want to compensate your early employees. Or you've joined a startup and were offered stock options as part of your compensation. How do those work?
We have written several time about this. It's a more complex topic and the answer always depends on your startup situation and plans for the future. Our recommendation is to go and read more about it on this article on stock options.
So, how do you go about finding the right co-founder? It can be tricky at times, but luckily, there are some resources out there to help you. One great choice is Slidebean. We're a platform that helps entrepreneurs get started and grow their business. And we know that finding a good co-founder is essential for that. So, we're creating different spaces every week so that you can meet other like-minded people who might become your cofounders.