Studies have shown that having two founders versus a single founder significantly increases chances of success. From the benefit of splitting workload to sharing the burden of searching for new markets and financing, finding the right partner can be a minefield.
But that’s not always the case. Some partnerships can be painful and that is why it is important to find just the right co-founder at the right time. Here are some tips on how to go about that.
1.Find Out The Gaps In Your Skills and Background
Let’s say you have a degree and have spent several years practicing as an accountant, but you have an idea of launching the next great app. It’s probably time to find someone who has a background in app development to help you handle the technical part of the business.
Are you a great product designer, but you’ve never thought about how to achieve rapid customer growth for your business? Try and find a co-founder that is a genius in marketing.
Another way of thinking about this is to understand which job functions you would like to be responsible for in the company – and then identify which functions you would like your partner to fulfill.
2.Think Beyond Your List Of Friends, Tap Into Your Networks
Now that you have a rough idea about what you are looking for, if you are lucky to live in an area with a large entrepreneurship ecosystem (think: Nairobi, Johannesburg etc.) you can start to explore out there and meet people that qualify on paper.
Go to events, attend lots of conferences and put yourself out there – by doing this you’ll meet all kinds of people, which only increases your likelihood of finding the right person.
You can also reach out to potential co-founders through your existing networks e.g. through your alma mater or your current company.
Finally, don’t ignore your close friends and family – but if you choose to take this option, do not enter into the relationship lightly. Many “experts” out there will advice you that this is a bad idea, but in our experience, if done careful and in a transparent way, it’s possible to find a perfect co-founder among your close circles.
3.Go With Your Gut
If you don’t trust someone intuitively, don’t enter into a long-term business relationship with them. Think LONG-TERM and remember that if all goes well, you will be managing a pretty large team together. Make sure your personalities complement each other and can provide a variety of perspectives as you grow.
If you are a visionary who prefers to provide big-picture direction, find someone who can execute around the details and so forth. Make sure he or she can acknowledge and laugh at mistakes. The worst kind of business partnerships are ones which someone isn’t willing to own up to their own errors, and can’t see the humor in the many bumps in the road.
Above all, look for someone who is willing to get in the weeds and do the dirty work alongside you. You don’t want to be the only one hustling.
Take Home
There is an old phrase that goes “Two is better than one”. The same principle applies to early stage small businesses. Find the right partner in crime, and you will start to have fun working together to build something that is going to be great. Make the wrong choice, and you will be dealing with the consequences for a long time. All the best.
