Going into business is a big step. It is an exciting step to take and one that is best taken with a partner at your side. In general businesses with lone founders struggle more than those businesses started with two founders. It is possible to have 3, 4 or 5 co-founders but the politics become difficult as the size of the group increases.
There is an argument that if you are a lone founder you have not managed to convince anybody else to come onboard and that can make investors nervous. It is unlikely you have all the skills yourself and having a pair of co-founders with different skills (technical & business say) is not a bad setup. Finding out what part of the startup work you like and what suits you best is essential to success and to making the partnership work.
What are the most important things to take into consideration when looking for a co-founder?
Trust
Your company will be your baby, your life. It is what will keep you up at night, what you think about in the shower and what can bring you down if you don’t achieve the goals you need to achieve. It is essential the person at your side is fighting the battles with you. You have to be able to completely and totally trust your co-founder. I have been very lucky in that with all the battles fought I have never once had to doubt the integrity of my co-founder or the fact that he wanted the company to be a success for both of us.
Disagreement
You want disagreement. Quite a lot of it actually. In fact you will have to learn to live with disagreement. Constant discussion and debate is how you together figure out the best approach to selling, the best route to product development and what role each of you will play in the company as it develops. You do not want constant agreement as that reduces analysis and turns to group think way to easily. Of course, if you are always fighting you are unlikely to go far. The fundamentals need to be understood and agreed upon.
Energy
You want somebody with the energy and determination to make a startup happen. This is not an easy job and it takes great resilience and persistence to make it happen. The last thing you want is for your co-founder to bail out just as things are getting tight or difficult.
In short, the best bet is to start up with somebody you have known for some time. Maybe a fellow student you have worked with or a colleague with whom you have shared some aspirations over a few drinks after work on Friday night. Take your time and work through the business planning process together. Find out if there are stress points. Do you share the same ambition? Does one of you want to build a global empire and the other want a lifestyle company? Get it discussed in the open.
There are many questions to consider on how to setup and run a business together. These issues range from investment, cash, to salaries and share structure. Ask around, talk about it openly and enjoy the process. Life is about to get exciting!
And a blog you need to read regularly if you are an entrepreneur or thinking of setting up your business is www.bothsidesofhtetable.com by Mark Suster.
http://venturehacks.com/articles/pick-cofounder
http://jasonlbaptiste.com/startups/what-to-look-for-in-a-business-co-founder
http://onstartups.com/tabid/3339/bid/99/Important-Questions-Startup-Co-Founders-Should-Ask-Each-Other.aspx
