What are the pros and cons of having a startup co-founder?

Check out the pros

#1: Genuine support

#2: Complementary skill sets

#3: Easier fundraising

#4: Effective leadership

#5: Easier to take time off

Now, look at the cons

#1: Different views on the work process

#2: Work inequities

Before you bring a co-founder on board

• Define your core values

  : When selecting a co-founder, start by laying down a solid set of core values. These will shape the goals, priorities and decisions you’re willing to make.

• Determine the tradeoffs you are willing to make

  : Tradeoffs are things you are willing to give up to achieve your goals. For instance, are you willing to give up security or privacy for the sake of transparency? Or are you prepared to work late and sacrifice your personal plans to meet tight deadlines? Being upfront about these choices will let your potential partner(s) know what your priorities are and what you’re willing to forgo.

• Determine what you want in your ideal co-founder

  : Look closely at your own strengths and weaknesses when it comes to your business, and list the skills and experiences that would best complement yours. You could also seek input from seasoned peers and investors. 

• Explore different avenues to find co-founder(s)

  : Just as you would use your networks to find investors for your business, you can check out many of the same avenues, including entrepreneur forums, industry conferences and local business organizations, to look for a co-founder. You can also join entrepreneur groups on such networks as LinkedIn, Twitter and Facebook, and interact with individuals who meet your criteria.

• Jointly define the roles, key metrics and milestones for your business

  : This process is a great test of the various working styles of all co-founders as well as a true shared vision. Building a business is tough and unpredictable, so now is the time to commit as a team. If you can’t easily agree on things now and work together, it probably won’t happen in the future. 

• Discuss how you will handle tough situations

  : Every business goes through difficult times, including cash flow shortfalls, fundraising difficulties, clients terminating contracts or employees leaving, and these are likely to put a strain on your relationship. If you and your co-founder have a strategy for dealing with challenging times, you’ll be able to weather the storm.

Author

Neha De

Neha De is a writer and editor with more than 13 years of experience. She has worked on a variety of genres and platforms, including books, magazine articles, blog posts and website copy. She is passionate about producing clear and concise content that is engaging and informative. In her spare time, Neha enjoys dancing, running and spending time with her family.