Thinking of going into business? That’s wonderful news. Then you tell me you have a list of business partners that you are considering. I cringe in pain. Why is that you ask? It is very simple – you have not done your homework. Choosing a co-founder should not be overlooked or taken lightly, by just considering the first bloke that knows how to code. Let’s take a deep breath, and see what can be done to make sure that you are teaming up with only the best of the best.
1. Need – Do you really need a partner? Can you start off on your own, and then add someone later on in the game?
2. Motivation – Are the people you are considering motivated enough? From my short time in the world of entrepreneurship I have seen startups come and go, and partners come and go. One common factor in a lot of cases is a lack of motivation. If the potential partners don’t have the hunger that you have, then think twice.
3. Mental Strength – Are the people you are considering to make a co-founder mentally prepared to face the ups and downs of a new business? Do your really want someone that will crumble under the pressure?
4. Financial Position – Are the potential partners in a situation that they can go for a certain period of time without making the same income that they are used to? Can they offer the finances that you need? Money is not everything, but even motivation can’t help when you choose a partner that can’t keep pushing the tires because of financial issues.
5. Prior Knowledge – How much knowledge do your listed candidates have on the meat of the business? I like to think that motivation is the base and knowledge can be added on top of that if there is motivation. With that in mind, the knowledge or lack there of that one has on a certain topic cannot be overlooked. As I have seen time and time again – it’s the people behind the business that sell it, and not just the product. Take Y Combinator as an example.
“The fastest way to change yourself is to hang out with people who are already the way you want to be.” —Reid Hoffman, LinkedIn co-founder
6. Values – Do your values match like two peas in a pod? Like a married couple, values have to line up. You can’t have your partner and yourself sending opposite messages to customer service representatives.
7. Health – Do you want to start looking for another partner in the near future? I certainly hope not, so make sure that you are partnering up with someone that is healthy enough.
8. Motives – Do you and your partner have to have the same motives? Certainly not, however do make sure that your so-called partner does not have motives that could die off or be detrimental to your company in the long run.
9. Intuition – What does your gut tell you? There is a reason our gut sends us a certain way, and as we are told as students – tend to trust your first instinct. The same holds true in this type of instance. Try to balance intuition with your detective playing in choosing a partner.
10. Social Media – What do the people on your shortlist do on their social media? Do you really want to find yourself in a PR war a few months into your work? The impression you get from a candidate’s social profiles should not be overlooked in today’s digital world that revolves around social media.
Anyone that has ever been part of a startup or new business will give you some of the same tips and some very different ones – none of them are wrong. Experience via trial and error is a valuable teacher, so anyone with some feedback is worth at least listening to with one ear.
