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It’s hard to find the right co-founder that you will share your business with, and share your lose and benefice too, but you should have the idea how to choose the right one
I think that many founders feel the same way as I do. When I was 19 I found my first co-founders, Paul and Michael. We still work together with a lot of fun every day.
They have been by my side for eight years. In the meantime, partners have come and gone. The partners who left cost me money and time. Bringing a partner on board means “marrying” him. Separation is complicated, similar to divorce because there are formalities and severance payments to be observed. The ” worst-case scenario “: the shareholder stays in society, does nothing and cannot be paid out.
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As on the first date, you shouldn’t marry the woman right away and have children. The key to a successful partnership is mutual trust – and that takes time. As founders, we are an important institution in Germany. In a country without resources, ideas matter. Successful business models contribute to the wellbeing of society as a whole. Establishing means moving permanently in an environment of extreme uncertainty.
You still don’t know if your product or idea will be successful. You can run out of money at any moment. You must have someone at your side who has this responsibility with you. I often ran out of money in the start-up phase. Michael and Paul stood by my side as I stand by them at all times. All for one and one for all. This connection is part of the success of each startup today. Here is a step-by-step guide to the perfect co-founder:
- Where can I find potential business partners?
- How do I choose the right business partner?
- How do I bind the business partner to me?
Where You Can Find The Right Co-Founder:
Before you get a business partner on board, you should create a requirement profile. What should the optimal co-founder bring? Define which properties are necessary for the profile. The “egg-laying wool milk sow” does not exist – in the end, it is important to make compromises.
You can start with these questions to build the potential partner profile:
- Has the person ever founded a startup?
- Does the person have other projects?
- In which area does your company still need skills?
- What competencies does your future partner bring?
- What are the financial circumstances?
It is helpful if your business partner has already been through a startup’s roller coaster ride. Building a startup is a full-time job. You can achieve nothing with 99% energy and focus. It is 100% that is required of you. The one percent is the difference between success and failure.
It is necessary to be very selective when choosing a co-founder because you want to take a long strike with your start-up and not fail after months, while there are several ways to find co-founders. In my view, I want to introduce the best three ways.
1. Start-up Co-Founding Platforms
founderio.com is the largest portal of this kind. You can find co-founders and create profiles in different regions. The user guidance is simple and the portal is free.
Startupsucht.com is not only specialized in finding co-founders. The platform also offers you jobs and much more. The search function and the creation of profiles are easier at founderio.
Founderdating.com This is an English site where you log in with your Linkedin profile. Here too, the setup process is much more complex
2. Events and Seminars
You can get to know like-minded people at events and seminars. Seminars in the area in which you are looking for your founder are particularly suitable. You can find events at the start-up scene, Betahaus, and the late shift. Visit the startup weekend and develop your idea with other founders, consultants and investors.
3. Social Media
Post on your network via Xing and Facebook that you are looking for a business partner. Talk to customers, partners, and friends about it. This is often the most effective option. We are looking for people who are not looking for a job. These people are successful employees and entrepreneurs. Be persistent and convince them of your idea.
How do You Choose The Right Partner?
Conduct interviews with suitable candidates. In Silicon Valley, most people go hiking, sailing, and more with potential candidates. At this level, you get to know your co-founders properly. Can the co-founder empathize with your vision? Does the person fit into the team? Give yourself a fixed period by getting to know each other better.
Talk about shares as early as possible. This is not a taboo subject. What do the individual candidates imagine? What are your expectations and what are your expectations? Does the co-founder believe in your idea? When the gut feeling is right at the end – get it on board with all your strength.
How Do You Bind With The Business Partner?
The business partner is ready to take the risk. Nothing is certain. This is the difference to the employee who exchanges time for money. The fun factor must be right for this risk.
Build up an atmosphere in which you feel comfortable and enjoy going to the office. Weekly feedback in which you address conflicts is important. Give yourself the chance to improve your performance through constructive criticism. Praise, recognition, and respect are very important. Praise is particularly rare at the top of the ladder. It succeeds with courage and perseverance.