How to find co-founders for your new business

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To say the least, starting and running a business on your own can be scary. It’s always beneficial to have some aid to ensure that your business runs well. Having co-founders can assist you in bringing the talents and experience required for the startup to perform efficiently in several areas.

However, having co-founders is insufficient. It’s critical to have the appropriate co-founders on your team if you want your company to flourish in the long run. Finding a co-founder who is right for both your business and yourself as a co-founder is the challenge.

Your co-founder could be a close acquaintance or a former coworker. If you need co-founders, you should network. Attend entrepreneur-focused conferences or events. You can also find professionals with similar ambitions by joining entrepreneur groups on social media networks like LinkedIn and Facebook.

Consider what you can provide to the startup in terms of skills, expertise, and contacts before reaching out to a possible co-founder. Then consider what talents and experience you’ll require for your firm. Examine the overall talents required for your startup and compare your own skills to those required to identify any gaps. Co-founders should use their abilities to fill in the gaps. You should also consider how much equity and duties you want to provide your co-founders.

The abilities and expertise of co-founders must be complimentary. “If one of the co-founders is strong at presentations and the technology side of things, the other co-founders should be educated about other aspects of the business,” said Rafid Imran, co-founder and CEO of Thrive EdTech. Sketchboard Interactive’s co-founder and operations director, Khan Md. Ziaus Shams, agrees. “You might get along better with someone who does the same things you do, but having someone who gives something new is more vital.” You can always hire individuals to take care of many fundamental technical operations in the long run. However, partners are frequently obliged to do all of the labour individually in the early stages.”

Chemistry, on the other hand, is unquantifiable. You’ll have to collaborate with your co-founders for years. Spend time with your co-founders and cultivate the bonds you have with them. As Rafid Imran pointed out, “It is critical to have strong chemistry. When you examine successful co-founder partnerships, you’ll notice that many of them had previous relationships with their partners. You must be able to hold a discussion with the individual. You must understand what motivates and irritates them, as well as how to manage conflicts among yourselves. Otherwise, trying to resolve disagreements will eat up a lot of your bandwidth.”

The co-founder must also be willing to take chances. Failure is typical among startups, which is concerning given how many people leave their 9-to-5 employment and so forgo stability in order to create their businesses. It’s a high-risk endeavor that necessitates determined individuals who are willing to persevere through difficult times and take calculated risks.

Consider the person’s relationships in the industry and, if applicable, possible client base. If the possible co-founders have already worked at or established a business, they are more likely to have extensive networks of contacts and clients who trust them. These can help you gain people’s confidence in your startup.

The importance of trust is evident. You must be able to trust them to be there for you in both good and terrible times. It can be exhausting and even unproductive to work with someone you don’t trust.

It’s also critical to have agreed beliefs and objectives. These can assist you in navigating arguments and are necessary for effective teamwork. Talk about where you want to take the company in the following five years. Discuss how you and your coworkers prefer to work and how you prefer to manage personnel.

“One key element to examine, even more than technical talents, is whether your company beliefs fit together,” Khan Md. Ziaus Shams remarked. This includes questions such as if you have similar perspectives on business chances to pursue, opportunities to let go of, reinvesting returns vs extracting earnings, and ethical company practices.

“Finding the appropriate co-founder is almost like going into a relationship,” said Bijon Islam, co-founder and CEO of LightCastle Partners Ltd. You’ll be spending a lot of time with these people every day. Ascertain if the co-founders’ goals are aligned and that they have the same vision for the company. Make sure they’re willing to put in the effort and that their personal goals align with the company’s.”

Discuss each co-level founder’s of devotion to the startup after you’ve narrowed down your co-founding team to some extent. While many people leave their day jobs to pursue their passions, not everyone has the right atmosphere or financial resources to do so. Some people see starting your own businesses as a side hustle, while others put everything they have into it. If you fall into the second type and your co-founders fall into the first, you’re likely to be disappointed in the long run.

Finding the proper co-founder is one of the most challenging yet crucial jobs a new business owner must face. If you find a compatible partner, there’s a good chance you’ll work together again for your next startup—and the one after that.

The Daily Star’s Report

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