Having a co-founder is like having someone who shares and speaks your language. Someone who would brainstorm with the founder and at the same time challenges them. They would collaborate with the founder at every stage to resolve the primary issue at the foundation of your business offer.
A few characteristics that are required as a parameter when one is looking for a co- founder are firstly, complementary temperament. If the founder is of reserved or introvert then the co-founder should be someone who is charismatic. Finding someone to fill in the gaps surrounding one’s personality traits will enable the partners, clients and investors to notice the balance and gain from it. Therefore, having a diverse founding staff is the key to finding the right co-founder.
The second feature is Self-sufficiency. Unlike the co-worker or employee, the co-founder is unique. They must be completely trustworthy and independent. They must be someone who runs almost entirely without your participation. Of course, anyone in the organisation would fit the bill for this perfect description. However, this is a must for the co-founder.
The third feature is shared motivation and vision. The passion, vision and values as an entrepreneur drive every choice the founder makes since they are the cornerstones of your everyday life. Therefore, it is essential that the co-founder be as committed to the cause as the founder is.
It’s crucial to collaborate with a person the founder knows and can trust. A long-term connection may assist in jumping ahead of the learning curve of the tight partnership, which can occasionally take years to create. Familiarity makes talks go more swiftly and facilitates trustworthy cooperation. The next feature is to adhere to complete honesty. It is crucial to be able to communicate honestly with your co-founder. The founder should be able to discuss difficult topics openly with one another, such as money, failure in career, mental stability, and so on. Therefore, having an honest, professional companion as a co-founder is very important.
The fifth feature is risk distribution. VCs prefer to invest in low-risk businesses. When considering potential co-founders, it is important to consider how each one will specifically increase or decrease the financial risk of business. Additionally with risk distribution having multiple co-founders seem to have worked efficiently. Some of the successful companies such as Twitter has had four co-founders.
Therefore, these are some of the characteristics and traits that are seen in a co-founder.
Done By: Sruthi Saravanan, Law student – University of Birmingham.