Few decisions in the life are very hard to make and same in the business as well. We have 7 Reasons why you need a co-founder.
Why do I need a co-founder, can’t I drive alone? Can’t I succeed alone? Yes, you can but my
Recommendation is: No
Honest answer: No
Possibility to succeed: Yes
Have you ever enjoyed a cruise journey? Traveled in a flight? Traveled on a train? Overnight journey in a Volvo bus? I believe you could have traveled at least one of them or in all.
Can you imagine the journey without a co-pilot/driver/captain etc.? Why? It is risky not to have a backup; it is tedious for one guy, it is boring for one guy. When we take this much care of journey which has few hours how can you drive millions of hours journey alone? Imagine a flight journey without a copilot over the sea. Ha…ha..ha 🙂 of course, it is not my wish to see you in risk. Consequently, that is the reality.
1.Do you have all the skills which the business demands?
A business needs various skills to drive, you should manage the show as a whole but can be a master in one or two. I would suggest finding a guy who has a different skill set then you so the journey would be more contented.
2.Nothing can be predicted:
If you are sick for some time who takes care? Employees are just employees as they work for a salary not for you. A person can take rest but the idea should not take rest.
3.Dilute the risk:
Risk which includes time, money, age and the most valuable thing is health so get a guy on boarded who is as crazy as you share the success and risk as well.
Diluting stake to a right person makes you enjoyable, a wrong person makes you miserable.
by Narasimha Mohan
There is a limit for the ownership of your core team, and I would suggest don’t expect 100% from them eventually you need a person who can take the property. For instance, you need to buy a machine. An employee finds a source which is easy and near, the owner would find a source which is good in quality and less in cost. However, few employees will have the ownership don’t lose them.
5.Dilute the stress:
Start-up will have a ton of activities and each activity need a good amount of bandwidth. Imagine switching ten different activities in a day and each activity is no way related to other it is very tedious right? The human mind can’t be productive for long hours it needs a good amount of rest so dilute the stress and success to a person who is ready to take it up.
The most important part of a start-up is funding. no venture capitalist will come forward to fund you when you don’t have a back up eventually their money is at more risk. VC always consider the co-founder as a top priority in the checklist. of course, it is easy for them to play the game either :).
Finally, you need a good friend in the journey who is same accountable as you so you can share your thoughts, praise each other, brainstorm to make a decision, enjoy the success.
How to find a co-founder?
A million dollar question usually, people would find a co-founder from their friends, relatives, family, neighbors, colleagues, etc. my honest answer is it depends on your mindset and the way you pick up, apparently the majority of the times a stranger can be a good partner.
I would describe the qualities that a co-founder should have to consider rather how to find a co-founder in my next article.
‘Enjoy the partnership not equity.’