How do I find my co-founder
All about how to find the perfect co-founder
Even as a child, we are taught that a marriage will last for the rest of life.
However, nobody tells you how to find the right co-founder and business partner for their start-up company.
There are business partners who have been friends for a long time and then set up a joint company. But there are also entrepreneurs who specifically choose their partners.
There are many different ways to find the right co-founder.
It is imperative that you give yourself enough thought about your new business partner before you jump into work.
Most startups have at least one or two co-founders. Almost 80% of the young companies have one or two equal business partners and 23% even have three or four founders.
But they all have one thing in common. You have to get along with your business partner.
If disputes keep coming up, your business will not be successful.
It's like a good marriage. If the couple do not get along, they divorce.
In this article I want to give you some good advice so that you can find the right business partner for your start-up company. You can learn from the mistakes of other entrepreneurs.
build up trust
I know. This point should actually be a matter of course.
If you can't trust your business partner, you can leave it the same. A strained relationship is bad for business.
But a trustworthy partner is not that easy to find. Our trust in other people has diminished quite a bit over time, as can be seen from this study.
If you already have a bad gut feeling at the first meeting, then the business partner may not be the right choice. Better get out of the dust quickly.
Once you've found the right person, you need to get to know each other better and build mutual trust.
Make no compromises - the search for perfection
You wouldn't marry anyone, would you? You shouldn't start a business with just anyone.
Finding the right business partner may take a bit of time, but that's still better than a problematic breakup if something should go wrong.
Once you've found a potential co-founder, you need to take a close look at their potential weaknesses and weigh all the pros and cons.
You should have an open and honest conversation and also address any problems and the corresponding solutions to these problems.
If the conversation goes well, you can move on to the next step and deepen your business relationship.
You should always be on the lookout for the perfect business partner and have an honest conversation with the appropriate candidate before making your decision.
Skills that complement each other
Of course, business partners must always get along well and be able to work well together.
However, it is even more important that their skills and expertise complement each other perfectly in order to compensate for the weaknesses of the other.
These skills must therefore complement each other.
If you're the one who always has great new ideas, you need to find someone who can take care of the practicalities of marketing, selling, and taking care of the investors.
If you are a talented programmer but not very good with people, you should find someone who can take care of recruiting and networking.
Each co-founder should have their strengths and specific expertise so that they don't get in each other's way later.
Each strength should offset the other's weaknesses.
Starting a start-up is stressful.
No matter how well you get on with your business partner, sooner or later there will always be a certain amount of friction. When that happens, you need to be insightful and able to show empathy.
Not every entrepreneur has empathy, so you have to work all the harder on this skill. But it's worth it.
Your business partner is only human and people make mistakes. Nobody is perfect. With empathy you can recognize and accept that.
There are people who consider empathy to be a weakness, but this is not the case, because with empathy you can gain the trust of your counterpart much faster.
Your business partner will quickly realize that people are also important to you, not just your company.
Prevent disagreement with a plan
You need to come up with a plan to resolve disagreements as quickly as possible. You have to prepare yourself well for potential problems, because this has two decisive advantages:
1. You can react quickly and purposefully if there is a difference of opinion.
2. There are less disagreements because you have a plan.
This is an old cliché, but there is still some truth to it.
You have to find a partner who complements your own abilities and can do things that are not suitable for you.
An entrepreneur must have many skills, but there may be certain things that just don't suit you.
If you are a young entrepreneur, you should find a business partner with experience to benefit from their existing network.
If you can find a business partner who is opposite to you, it could be the perfect co-founder.
Have similar work habits
Of course, you and your business partner should also have something in common.
For example, you should have the same work ethic, work similar hours, and be able to communicate well with one another.
If you don't want to work overtime to have enough time with your family, you probably can't find a co-founder to do your work for you and push overtime for you.
Entrepreneurs work overtime. That is just part of it. You have to find a business partner who is willing to put the time into the work.
You should always discuss your ideas with your business partner in advance if you want to start a company.
If you can't come to an agreement, you are probably not suitable as a business partner.
Clear communication is the key
If you don't communicate with your business partner, you won't make any progress.
To ensure good and flawless communication, you should have a similar style of communication.
Some people prefer face-to-face conversations, others prefer to communicate via email or messenger apps.
Everyone has their own preferences.
If your partner's preferences are too different from your own preferences, it can quickly lead to problems.
In addition, everyone expresses himself in his own way.
There are people who are very direct and a lot of people feel offended by this.
Some people prefer to ask lots of questions in order to slowly get to the bottom of things.
You have to find a business partner with whom you can communicate well.
At the first meeting, you should address the difficult questions immediately in order to get these problems out of the way as quickly as possible and to test your communication.
If you have problems the first time you meet because communication is wrong, starting a business together is probably not a good idea.
You can of course have different opinions, but you should be able to discuss these opinions in a civilized manner.
Financial and emotional stability
This point is very personal and sensitive. However, it is good training for all of the difficult conversations that will come your way as an entrepreneur.
You have to know and be able to assess the life and emotional situation of your future business partner.
You have to find out how quickly he expects a steady income in order to be on the safe side financially.
Many entrepreneurs are successful and earn a lot of money - but not all of them.
This conversation is uncomfortable, but you should also ask your co-founder about his family background.
Of course, you also have to openly explain your own financial situation and your own emotional world.
One should always be honest, because relationships must be built on mutual trust.
That brings me to the next point.
You should always be honest with your business partner and co-founder.
Honesty is an important quality of leadership.
You have to be able to have difficult and honest conversations if you want to rely on your partner.
You can't always by the bush in order not to hurt the other person's feelings.
You and your partner should be honest with each other right from the start in order to be able to eliminate potential problems immediately.
The right traits
When looking for a co-founder for your business, you need to find someone you get on well with.
Expertise is important, but if you hate your business partner, you can't work together.
In my opinion, a business partner's morals and intrinsic values are even more important than their specialist knowledge.
Skills can be acquired. Good character is innate.
If you've already worked with the potential partner, all the better. In this case, you already know it and can remove potential obstacles more quickly.
A good business partner is like a good roommate, but unfortunately many friendships break this way.
So be careful when starting a business with your best friend.
I want to be brief.
Good enough is just not good enough when it comes to finding a business partner. That's just not enough.
If the candidate isn't a perfect match for you, you'd better keep looking until you find the right co-founder.
You definitely need a contract.
One of the reasons startups fail is having the wrong business partner.
With a contract you can protect yourself and you won't lose any money in the event of a dispute.
The business agreement should clearly state the investment and involvement of each co-founder.
The agreement also includes a possible liquidation if this should occur.
You shouldn't delay this option too long if you really have a problem.
The sooner you admit to yourself that problems cannot be overcome, the less chaos you will face.
Learn new skills
If you want to find a business partner, you have to know a bit about their subject areas so that you can communicate with each other.
If you are well versed in technology and want to find a partner who should let your company grow, you have to be at least superficially familiar with the topic of company growth in order not to lose touch.
You should learn the basics and then let your business partner question you.
Don't be afraid to ask questions, because that's the only way to get clear answers.
Your business partner must of course be self-employed. If not, he would just be another employee.
Of course, you have to be able to trust your business partner enough that he can make important decisions on his own.
You don't need an assistant, you need an equal partner who can make decisions for the company.
There are many reasons why startups fail, but incompetence shouldn't be one of them.
If you repeatedly have to give your business partner a helping hand because he can't get anything baked on his own, he is not the right co-founder.
How to find the right business partner
Now you know what to look out for. But how do you find the right business partner? I can give you some valuable advice here too!
New businesses are churned out, so you need to find someone who can make your business a success.
And it is not that easy to find a business partner who is willing to take the risk of starting a business.
There are a few things to keep in mind when starting your search for the perfect co-founder.
1. Write a job description.
If you write a detailed job description, you can better emphasize the skills and expertise that your business partner should bring.
You can then share this information with your friends and acquaintances. Maybe you know a suitable candidate.
2. Use business contacts.
When finding a suitable business partner, vitamin B is particularly important. You have to fall back on existing contacts and your network.
You should ask old business partners. Maybe they know a suitable co-founder for your company.
You never know. Perhaps one of your old business partners knows the perfect business partner for you.
3. The bulletin board in universities.
Many professors and lecturers work on their own projects on the side and many have already gained their own experience with start-ups.
In addition, they have a large network and can perhaps recommend you to others.
4. Professional networks.
There are professional networks for finding business partners.
You can create a profile for yourself and your company in order to find a suitable partner. Just like a dating network.
You can look at the profiles of suitable candidates to better assess their skills and personality.
Look for certain key information, e.g. B. old job titles, look out.
5. The fixed distribution of roles.
When you have found your business partner, you have to assign fixed roles so that your company can grow.
You have to come to an agreement before you jump headlong into the action.
6. Consider moving.
Unfortunately, when founding a start-up, you always have to consider certain location aspects.
There are regions that are better suited to starting a new business.
If you live in an unsuitable location, consider moving to get a better network.
7. Find a lawyer.
When you are in agreement, you need to draw up a contract.
You need to find a lawyer who can write this contract and then notarize it.
Now I've given you an overview of the basics of how to find a suitable business partner, you can follow these steps to start your own business.
You have to get on well with your business partner and be able to trust them.
Expertise and a broad network cannot save a company from collapse if the co-founders hate each other.
Finding the perfect business partner is no walk in the park, but you can use the advice in this article to make the process a little easier.
Have you already found the perfect business partner?
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