What Is A Co-Founder?
A co-founder is a person that is involved in the foundation of a startup company or any other business venture with equal participation and is responsible for the execution of the idea into reality from scratch.
Co-founders usually help each other to bring their ideas into reality. A co-founder is very similar to a founder, the only difference is that when the role of a founder is divided among individuals for better execution of things, the individual/s are known as co-founders.
There are various responsibilities that a co-founder has to wear for better outcomes and the future of the company.
The role of a co-founder is not limited only to the initial development stage of the company.
A company or a business is like a child for the co-founder. They need to take care of every little thing in the initial stage of the business development activities.
Many big companies like Google and Facebook started from scratch by the hard work and dedication of the co-founders in the beginning period.
A co-founder is expected to take active engagement in all the activities going on in the company at a respective time.
The various inputs and the zeal to take any work to perfect execution can help in developing a better environment and amazing future prospects for a company.
Some of the common responsibilities of a co-founder in a company are listed below
- A co-founder is expected to be skilled in a particular niche like computer programming, technology, marketing, management, accounting, or any other skill. Every work of that particular niche is expected to go under his eyes. He can add his insights and work on the projects to help in achieving better results.
- The co-founder also takes active participation in the hiring process to create a team of skilled and professional people for the company. A co-founder with better hiring skills can create a fearless and highly efficient team for your business.
- Co-founders are also responsible for creating bootstrap ideas and creative plans to raise funds for various projects. Their contacts and connections can become highly valued assets for your business in times of need.
- Co-founders are actively involved in decision-making. They need to be spot on when it comes to making the right decisions under adverse conditions for the betterment of the business.
- Responsibility of resource management both human resource and non-human resource is also taken care of by co-founders.
- Apart from these roles any other work/ responsibility which involves decision-making or taking a call is always done with the help of a co-founder.
It is very important to understand the clear-cut difference between a founder and a co-founder before starting to search to find a perfect co-founder.
Generally, a founder is the mother of a startup. The founder usually comes up with an idea that can be executed in a startup.
On the other hand, co-founders are individuals that help the founder to make his/her idea into a reality by working on different aspects of executing the work.
Highly skilled co-founders can maximize the idea into something bigger by using their skill sets and amazing work ethics.
The founder may lack expertise in many domains required to fulfill his/her dream of building a startup but with the help of the right co-founders, his weakness can be converted into strengths.
In this way, a startup can reach greater heights if the founder and co-founder work in sync and complement each other to build a powerful team.
Importance Of Co-founder For A Startup
A co-founder is essentially important for any startup. Co-founder and founders act like wheels of a car where the role of every individual is important for the proper functioning of the car. A co-founder is as important as a founder.
A perfect team of co-founders for your startup must be a unit that covers individuals who can build designs and frameworks for the company, somebody who can understand the designs and plans to bring them from paper into reality, and somebody who knows how to bring the product into the market to increase the selling of the product.
The importance of co-founder is in the fact that it is nearly impossible to give life to your startup without the right mix of co-founders. The co-founders are like pillars to a company that complement each other’s skills to run the startup efficiently and with high efficiency and profit.
It is observed from 2010 onwards that startups with bad teams of co-founders eventually end up getting closed or suffering from huge losses. For the past 5 years, 70 % of successful startups credit their co-founding team for their successful hunt.
Popular YouTuber turned businessman Ranveer Allahbadia, co-founder of Monk-E gives all credit to the success of the startup to the hard work and creativity of the co-founding team. According to him, the real asset of any startup is the co-founders. Co-founders with the zeal to work hard and not to lose hope easily can turn the tables for any startup.
It is very important to find the perfect co-founder for your startup. Some of the common traits that you should look for when finding a co-founder are mentioned below.
- One of the most essential components that are a must-have in any co-founding team is the trust between the people. Co-founder works together for many years to make a startup play big games and without trust, in each other, they can not run for a longer duration.
- Second thing is that all co-founders must understand their roles and have the same vision regarding the future of the startup. There must be a keenness to listen to the perspective of each and every individual before making a plan. A perfect co-founder must be a good listener and should respect each and every individual’s ideas and plans.
- Your co-founders should complement each other in their skill sets to bring out the best of your startup. You must keep in mind to look for individuals who will complement each other’s skills while building a co-founding team. A team of co-founders with complementary skills and the right knowledge in their domains can bring magic to your startup.
- Last but not least is proper work ethics. You cannot run a startup with lazy individuals, lookout for persons who are ready to give their everything to bring success to your startup. People with an amazing work ethic can be given more priority than talented people with poor work ethics while selecting a co-founder. It is the number of hours given to the company that will make all the difference.
Finding a perfect co-founder for your startup or business is a crucial decision and should be taken with proper care. A co-founder can turn the fortune of your company and plays a major role in various aspects of the company. Some of the ways to find a co-founder are listed below-
- The first step is to write a perfect job description for an ideal co-founder. It is important to assess the requirements of your business and your strengths. Write the description accordingly so that your co-founder can compliment you in the areas where you lack the excellence. Before writing the job description, studying other companies and taking feedback from experienced people will help you to create a powerful job description.
- The second and most powerful thing that can help you to find a perfect co-founder is your network. Start networking with new people who are engaged in different works and are looking for newer and exciting opportunities.
- Talk to skilled people and share your vision. Networking plays a major role in building connections and making things happen. You can attend seminars, talk shows, and online programs of other industry specialist people to get to know them.
- Using online platforms like StartupWeekend and CoFoundersLab and other such programs allows you to connect with other people looking for co-founders in different industries and can help to find a perfect co-founder.
- Visiting college campuses and startup meets also increases the chances of meeting like-minded people with similar visions and sharp ethics. These meetups can increase the chances of meeting a person who is ideal for the role of a co-founder. Look out for the desired skillset and work ethic in youngsters and college students to access them in a better way.
- Do not limit your search for a perfect co-founder in your family connections or your network. Go and hunt out of your comfort zone, getting a person who is different from you and has a different perspective can help in different ways to bring creative ideas and out-of-the-box thinking. It is totally fine to partner with someone who is from a different country or belongs to a different field.
- Look out for people from your previous work profiles and jobs. If you met someone in the past and he/she impressed you with their creative thinking and working mindset, pitch your offer to them. This can open doors for a new relationship with your old friends or colleagues into something more creative and better.
- Look out for people with similar creative skills that you need for your company. If you are opening a business related to information technology, search for individuals having expertise in information technology and cold email them about your idea. This can help you in meeting up with different people with expertise in the domain and you may learn a lot from them. These meetups can also help you in finding your co-founder.
- Visit successful companies and businesses in your niche and talk to people working in these industries. Talk to them, learn from them, and if you can offer better pay and facilities ask them to join your endeavor as a co-founder. There are high chances these people can join you if your idea has some potential.
- Take online courses from business professionals and learn the art of networking to improve your connections over time. Practicing these lessons in real life and proper execution can help you in finding the right co-founder for your startup.
Where To Find A Co-Founder – Useful Resources
Some useful resources that can help you in finding a team of perfect co-founders are mentioned below-
Social Media sites like Facebook, Instagram, and LinkedIn can help you in finding individuals from different companies and domains. These platforms allow you to not only connect with individuals but make it easier to initiate conversations.
LinkedIn has changed the games completely in recent years. You can find many individuals with specific skill sets from their respective fields working at different companies and having tons of experience. Connecting with them can pave new roads for you.
Attending seminars and joining various forums related to different business and startup ideas can help you in finding the right individual for your startup.
There are many people like you looking for co-founders who join these seminars and forums. Meeting with them can help you in finding a co-founder.
Using Your Network And Connections
Spread the news in your connections and ask them to spread the same in their networks. This can help in finding somebody who is interested to work as a co-founder.
Let us know if we missed out on anything in this article how to find a co-founder for a startup and share your thoughts in the comment section.