Interim management advice on key areas to look for in a potential co-founder for your business idea.
Venture capitalists, interim management leaders, and startup accelerators are more likely to bet on budding companies with more than one founder. The reason they avoid solo founders is because the numbers are against them. Nine in ten startups are bound to fail because of anything ranging from lack of money, bad timing, tough market and so on. But when you’re on your own, those same factors seem so much more bigger.
Weigh the benefits
A co-founder can be greatly beneficial for an entrepreneur with a great idea. Having somebody work with you who is just as passionate about your idea helps reinforce your convictions and boost morale. You can use them as a sounding board to discuss strategy and ideas and somebody to share all the work with. With their talent and skills, you can achieve more than you can do on your own, as well as, weather any storm that comes your way with solid support.
Don’t partner just because you have to
Finding a co-founder is turning into the business version of online dating. Entrepreneurs are meeting people online or in meetups just to build a business with. This is extremely risky as you can’t gauge a personality fit from one or two meetings. Not even a couple months of coffee chats can fully tell you all you need to know.
Partner with someone who has been through hard times with you. Like a college roommate, an old friend, or a relative – somebody you share a bond with. Because when times get tough you want someone you can count on to stick by your side and have your back.