What Happens After You Pick A Right Co-Founder?

KAJAL THARWANI

30th Nov'21

It takes years to convert an idea into a business. A successful business is the output of the entire team, not just the founder. Choosing the right co-founder is the most important decision for the entire company’s future. Co-founder helps to develop and succeed in a business.

Founders struggle a lot to find a perfect match for the company, given one of the most important positions. Many of the startups in an early stage fail because of the disputes between their holders. Choosing a co-founder is much more difficult than choosing a partner to marry. The relationship between a founder and a co-founder is a  strong long-term date. The founders do spend more time with the co-founder than the other in life. For choosing the right co-founder one should know how to identify a smart person in 3 minutes.

You must have read a lot of articles written about how to choose a perfect co-founder. But do you know how to manage a relationship with them over time? Or what happens when you choose the right co-founder for your company? Let’s know more in brief.

 

Who is a Co-Founder?

A founder is someone with an idea of a business but may not have enough finances, team, experience, or any lack of resources to start a business. That is where a co-founder enters. 

A co-founder helps to turn the idea into a business. The co-founder also takes the responsibility to help in making it successful. 

 

Co-founder success

 

How to Pick a Right Co-founder?

The co-founder is the other half of your business. Therefore, you must think before choosing the co-founder. Here are some points you must remember before choosing the right one.

  • The ideal person for the business must have similar work habits as you.

  • If you are a tech expert, then the co-founder must be the marketing expert. This is how your business will grow with different operational skills.

  • The co-founder must be self-sufficient and not depend on any other, of course apart from you, for the judgment.  

  • You must have a history of working together. It helps conversations to move quickly.

  • Must be trustworthy.

  • There should be no space for ego, fear, and insecurity. These things kill the relationship.’

  • Money matters must be clear.

  • Must have problem-solving skills.

  • Should know the risk management in finance.

 

Values in Co-founder Relationships 

Every relationship starts with shared values. The relationship with co-founders is unique and has three major foundational values.

 

Transparent Communication 

As discussed earlier, communication is the first thing to gain growth in the business, be sure to have good communication. It is important, to tell the truth, and sometimes it can be hard. But no matter if it is all about the company and the relationship. It is important to know how can communication make or break a leader

Not communicating will eventually break the relationship and the business has to suffer. Making things clear from the beginning will surely help to work together smoothly.

 

Clear Ownership

Make sure to have a clear spectrum of work and some to have clear ownership for each initiative. By giving clear ownership, you won’t interrupt each other’s work. It also helps to make tough decisions and to move fast. 
 

Same Vision 

It is important to have a clear vision of the work. Spend time,  build a shared vision and focus on it. The best teams that move forward have exactly the same vision that the founder has.  The co-founder working with you should have a clear idea of do’s and don’ts for the company’s benefit.

 

Co-founder success

Responsibilities of a Co-founder 

Being a co-founder is a tough job. One must have to monitor the progress and the deterioration of the business. The responsibilities keep on changing with respect to growth. Given below are some of the major responsibilities of a co-founder. 

 

Identifying Opportunities 

The founder is the brain behind the business, whereas the co-founder is responsible for exploring the market opportunities. The co-founder is responsible for the product’s market growth and to achieve the planned target of the product or services.
 

Guiding the Team

The co-founder is the one who guides the team and distributes their work role. It becomes the duty of the co-founder to balance the member with the insurance of clear communication. 

 

Financial Decisions 

All the financial decisions in the company go through the co-founder. While having a team to manage the accounts, it becomes important to go through them for reinsurance. 

 

Business Planning 

The co-founder needs to develop a business plan with the short and long-term goals for the business. The co-founder also needs to be prepared for the last-minute decision and the adverse condition of the company. 

 

The Recruitment 

Usually, it is the duty of the Human Resource department to help the organization with talented employees. But somewhere, a co-founder is required to hire talented and brilliant people at the workplace.

 

The KPI’s 

The co-founder takes a close look at Key performance indicators ( KPI) to assess the performance and the productivity of the company. 

 

Co-founder

 

The Failures in the relationship 

In the early stage of the business, the failure of the relationship with the co-founder can impact the business. The reason can be money, power, choices, or anything else. Following are the key points that majorly affect the relationship.

  • The desire for power and ego breaks the bond.

  • The lack of recognition in the company and market tends to have a jealous feeling. The feeling creates a lack of interest in working and breaks the bond.

  • Taking decisions without even telling the co-founder.

  • The money matrix plays a major role in breaking bonds.

  • The lack of communication and alignment creates a critical situation between the founder and the co-founder. 

  • The difference in thinking.

  • The best teams always have the same path for the destination. Differences in opinion and the path can break the relationship. 

 

Conclusion 

A good co-founder is an important asset for any organization. They must have multiple skill sets to make a small business big brand. Hence, they are considered the key person to establish a business. 

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

An explorer who takes risks and learns from her mistakes. An aspirational content writer, studying social work. Kajal loves trying her hands in different crafts.

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