India has more than 30,000 startups, making it one of the leading startup ecosystems in the world. A key common factor in all the startups is that they have two or more co-founders. While many amateur entrepreneurs feel that this is the ground rule to go about it, there are many solopreneurs like Paytm`s Vijay Shekhar Sharma, SHEROES` Sairee Chahal, CRED`s Kunal Shah, and Chai Point`s Amuleek Singh Bijral who are doing well, while riding solo.
Apart from selecting a brilliant startup business idea, another factor that often confuses Indian entrepreneurs is—choosing the right cofounder!
Choosing the right co-founder is like choosing the right partner for marriage. It is one of the important decisions you have to make not just for your startup but also for your overall startup journey. It is not a surprise that people spend more time together with their cofounder than with their actual spouse.
However, just as a lot of marriages end in divorce, the interpersonal conflict between the partners is the second or third most common reason for startup failure.
Even though the decision to find or not to find a co-founder is tough, making a startup work on your own is much more difficult.
So, if you are a budding entrepreneur and in a dilemma, whether you should go solo or choose a cofounder, let us help you out. According to a report by startup investment fund First Round, “teams that have cofounders performed better than the solo founders by a whopping 163%.”
Finding a co-founder has three major benefits:
- When you have a partner who is equally focused on the same goal, the overwhelming workload gets divided which is required to make a new venture successful.
- Motivation and accountability to each other.
- Two heads are always better than one as it provides a unique point-of-view from a person who is equally invested in the project.
But how should you find the right partner for your startup business? Here are two major rules you should follow to find the right person for your venture:
1. Ensure That Your Values & Expectations Are Aligned
The best person to start your venture with could be your ex-colleague because you already have experience working together. However, if your skills match with your college friends, they could be your ideal co-founder.
If you do not have people in your immediate circle who would like to embark on the journey with you, don`t lose hope. You should let everyone in your network that you are looking for people who can help you turn your startup business ideas into a full flourishing venture.
If this too does not work out, you can start working upon a fantastic startup business plan on your own. Be active in your group of networking, and always keep your eyes wide open to look for people who could be a good fit. There might be a possibility that co-founders will join you at a later stage.
Once you do, make sure that you get to know each other as fast as possible. Don`t just share and discuss ideas, but also talk about ideologies and values. Ensure that you both are on the same page when it comes to working. Clarity is the power! Hence, it is best to discuss and share these things as quickly as possible to avoid major problems that could arise in the future.
2. Make Sure your Skills Complement Each Other
There is a cliché that each startup tech needs at least a hacker and a hustler. So whether you are looking for an employee or a co-founder, the key is to find one of the two if you are the other. For instance, if you are a marketing team, make sure that you attract high-quality technical talent to your venture. You can also hire consultants if you can afford to.
Or if you are a technical person, then you must realize that you will need someone to sell your product and idea to have a chance of success. One of you will have to stay in contact with the stakeholders all the time.
In short, always look for someone who complements your skills and aligns with your values and long-term business planning goals.
Owing a business is incredibly rewarding, but to keep it up and running needs professional expertise if you are an amateur. To know how to build a startup from the scratch, you can take the ‘Entrepreneurship Course’ to gain in-depth knowledge about different aspects of the business.