Some of you have enough of a go-getter attitude to make a business run successfully from the ground up on your own. However, those of you just getting started know that it’s not always a one-person show. You need a team to back you up. This could mean that you need help creating a company right from the get-go. That’s where relying on a quality co-founder comes in.
A co-founder that has an equal amount of cash as you, and just as much motivation. Someone that wants to see it succeed just as much as you, if maybe not a little more.
But there are traits that you’ll need to look for in finding the right quality co-founder. Without that, like a bad marriage, it can be doomed to fail. And then you’re left trying to run the business on your own while they try to make a new one. No one needs that.
Your Quality Co-founder Doesn’t Need to Be Perfect, but It’s Best to Know Everything About Them
When it comes to a good quality cofounder, you need to have trust. That said, it helps to go into business with someone you know. Not like a life-long friend, but someone whose positives and negatives are present by now.
You could hold a discussion or two and get everything out in the open in terms of needs and desires with the startup. No matter, certainly the best way to go about it is going in with someone you already have an established relationship.
This not only helps on the trust side of things but also knowledge. Going in with a complete stranger is a big risk because they could potentially steal, or cause many other disruptions. With someone you know, this is less likely, especially if you know their family or someone close to them. Having that connection can make a big difference.
If it is someone new, have conversations and get to know your quality co-founder better. Your startup will thank you in the long run.
Stay Equal Partners If You Can
The key to keeping good control along with a quality co-founder with a business is finding that perfect balance. With that, you’ll want to try to keep it 50/50.
That can be tough, depending on how much you have for investment. But the balance with control is vital. Because, that way, if there is a disagreement, you have equal say. Otherwise, one partner could overpower the other. Then you have something that could create a rift or a shakeup within the company.
By keeping it balanced, with equal money, shares, and ideas within the company, there’s not much danger. You work together, manage together, come up with decisions together, etc. This is why we noted earlier that it’s vital to have someone you know and trust if at all possible.
Your Quality Cofounder Sees the Same Goals as You
Having a good starting point with your partner is excellent. But what about a long-term goal? They may have a different endgame in mind than you. That’s why it’s important to iron these out before the future unfolds.
Take some time to sit down with your quality co-founder and find out what they want from the company. Once you have a game plan, work out what you have in mind. If they’re the same, you should be good to go. But if something’s different, like benefits, investment, stock values, anything, then you should discuss it further.
There are bound to be disagreements. However, with the right quality co-founder, there’s no reason you can’t iron out the kinks and work ahead towards a common goal. Otherwise, you may have division down the road. Again, that’s the furthest thing from what you want.
No Business Relationship Has to Be Perfect, but It Should Be Understanding
Finally, just remember that you don’t have to agree all the time. People and ideas are going to be different. They just are. This also goes for you and that quality co-founder you have in your business.
That’s why it’s a good process to talk to them. Again, you’ll have disagreements. This is in any relationship. Friends, family, loved ones – they all have disagreements. But they don’t hate each other. Instead, most of the time, they sit down and work the disagreements out. The same could easily be said for a startup business.
Again, it’s about communication, common goals, and making sure you have an equal amount of power. That’s how you know you’ve got the right quality co-founder to establish something with. Think deep, but also keep those feelings open for possible changes. Find the right road to take, and you’ll get there!