Mistakes founders make when looking for a co-founder
The search for a co-founder is no easy feat. It’s not just about finding someone to accompany you on your business journey or having someone to share the challenges that come with being a founder. It’s about finding someone who shares the vision you hold so passionately – someone who has that equal burning excitement within them to build your shared vision into the great product you know it can be. In a way, finding the right co-founder is a lot like dating; it requires a time commitment, and compatibility.
So, to avoid the detrimental mistake of partnering with the wrong co-founder, here are some words of wisdom on finding the right co-founder. All from my own personal experience of myself, and the other half of FoodLama, Damilare Ogunleye.
Partnering only to add a technical skill set
A common mistake non-technical co-founders make is the assumption that they must have a technical co-founder to succeed. In reality, this isn’t the case. Rather, just like in FoodLama, by ensuring both founders have complimentary skills, you can build a team around you to fill this skillset. Where one co-founder may, say, have a deeper understanding of the problem, the other being stronger on vision and monetisation is equally vital.
Co-founding a business with someone for their skillset alone is not enough for a sustainable, long-standing relationship. You ultimately need chemistry, a shared vision, and a lot of trust in one another.
Make sure you’re both excited
If you’re actively searching for a co-founder and find someone who you feel might be right to become your startup’s other half, it’s important to be sure. But equally, it’s important to understand that the decision is big for the both of you. Know that your idea isn’t unique, it’s probably been thought up dozens of times before, but it’s going to be the execution of you and your co-founder that make or break it.
Before you enrol in a founding partnership with someone, meet a few times and really get to know them, talk too about your own experience, why you’re suitable, and be sure to talk through all of your thoughts. Make sure your partner-to-be is excited about what lies ahead, and all the while think if this is the right person for the journey – both the smooth sailing and the rough patches.
Find that connection outside of business
Equally, key to that strong founding team is making sure you have bonds strong both in and outside of work. Find similarities, whether it be supporting the same football team, or a love for history, and really get to know your co-founder.
Uniting for access or ‘ways in’ to the industry
It’s normal to want to find co-founders who have some leverage within the industry. Whether that’s contacts, sources of funding or people who can provide valuable partnerships. But this should never be your sole reason for partnering with someone. Again, it’s all about their shared vision, mission and personal goals.
Valuable contacts and access to funding will come naturally when your business starts to succeed and granted it will take more work than if you knew someone who has those contacts, but that access will be futile with the wrong co-founder.
