Before you think about going solo on your startup journey, you need to know that building and maintaining a business all on your own is tough work. From making important business decisions, taking care of the daily operations, crafting marketing strategies, and everything else in between, it’s a hefty amount of work to go through single-handedly.
While the appeal of starting a business venture alone still stands, some founders find themselves leaning towards practicality and seeking out additional help in the form of a co-founder.
Starting a business with a co-founder presents a plethora of opportunities for growth and shared responsibility. In fact, finding others to share the journey with you can be even more rewarding than venturing out on your own.
Before diving straight into the shortlisting process, it’s helpful to know what you’re looking for in the first place. To ensure that they are the right fit for your business and the ideal partner, here are 6 essential traits to look out for in a co-founder!
Good communication between co-founders plays a pivotal role in the growth of your business and is the foundation of a successful startup. When searching for a business partner, most people get caught up looking for individuals who have many years of experience, possess a certain skill set, and other technical qualifications, without factoring in communication skills.
Regardless of which stage you are in your business growth, running a startup will come with its unique set of challenges. That’s why you need someone who isn’t afraid to speak their mind as and when they need to, especially when making critical decisions for the company.
This allows co-founders to strengthen their relationship and hold each other accountable while cultivating an environment that encourages open dialogue. Remember: what happens internally will manifest in your business one way or another.
Making sure your long-term vision and goals are aligned is an important prerequisite when seeking a co-founder. Being invested in a company is one thing, but having a shared vision is a completely different story.
For example, if you are working towards international expansion in the future while your co-founder is set on just selling out and making a profit, this is where you may hit a roadblock in your journey.
In the early stages, ensure that both of you are already on the same page to avoid potential conflict. Having this sense of alignment sets the path for where your startup is headed in the future and will help you scale your business exponentially.
It’s common for startups to face unexpected hurdles along the way. To cope with such situations, both the founder and co-founder may need to learn new skills, formulate different strategies, or even assume new roles, depending on the circumstances.
Having a co-founder with these traits can lead to the steady success of your business. With two adaptable and flexible leaders, you’ll have an unbreakable tandem that can weather any storm.
Learn more about the art of the pivot and how this principle can shape the future of your startup.
Anyone who decides to enter the startup industry is confident and optimistic by nature. While these traits are essential to staying afloat in such a competitive business environment, finding a respectful co-founder is just as important. In any team, the occasional clash of ideas and conflict is bound to happen at some point.
When such events arise, you need to work with someone who can handle the situation at hand professionally. While you may have certain differences, you still need to maintain mutual respect and appreciation for each other. More often than not, disagreements and conflict are opportunities that we can learn and grow from.
As much as soft skills are essential when finding the right business partner, you also need an experienced individual who possesses complementary skills as well. While you may have a certain skill set or area of expertise, it’s almost impossible to possess all the necessary skills and knowledge to build your business from the ground up. That’s where your co-founder comes in.
Having someone on board whose strengths balance your weaknesses and vice versa is key to forming a holistic team. For instance, if you are especially skilled in marketing and product development but lack knowledge of technological solutions, you may want to look for someone with prior business experience in the tech space.
Having a co-founder with this particular trait will translate well in all aspects of your business.
Getting started in the startup industry is not for the faint-hearted. While you will inevitably go through multiple pivots and make mistakes along the way, keep in mind that a sense of reward is also part and parcel of this exciting journey. That’s why you need someone by your side who is tough and willing enough to go through all of that with you.
Not only do you need to be emotionally and mentally prepared for the ride, but you also need passion if you want to succeed in this line of work. Resilient companies are built by resilient leaders.
Once you’ve found the ideal co-founder and built your team, the next step is to incorporate your business.
Aspire Kickstart allows modern entrepreneurs and startup founders to launch their businesses from anywhere in the world through our broad and comprehensive incorporation packages.
From registering your company with ACRA, taking care of all the paperwork, and providing you with a business account for all financial matters, let us help you get the heavy-duty work done while you focus on scaling your business.