The Tipbox: 5 Traits You Should Look For in a Co-Founder - Ideabox

You should never pick your co-founder(s) because they are your family members or friends. Sure, trust is very important when creating a business together. However, if your co-founder(s) are not qualified to run the startup, it will become a huge problem in the long-run as you will have to your partner(s) short-comings. Building a business together is not a small thing as you will spend a lot of time together and you will be financially involved with each other. Because finding co-founder(s) is quite complicated, we decided to share to you our list of traits that you should look for when finding co-founder(s) for your startup. 1. Complementary Strength and Skill Sets It is very important to have partners have complementary skills as you do rather than similar skills. Why is this a problem? First, you wouldn’t want to argue with each other in regards to responsibility. When you have the same skill set, you will have preference in the same role in the startup as your partner. If you share the responsibility

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in that preferred role, then it wouldn’t be efficient and there will be some areas of business that will be lacking. Second, if you are starting your startup by bootstrapping, you would want to hire as little employees as possible in the beginning. This mean that you would want your co-founder(s) to cover as many areas of the operation as possible so that you would be able to hire less employees. 2. Resourceful and Eager to Learn It is very important to make sure your business partner(s) are resourceful and eager to learn. Why is it so? When creating startup you are limited in capital and resources, therefore you and your partner(s) will have to find innovative ways to operate your startup while spending less resources as possible. How will you do so? You need to be resourceful and eager to learn new things. You or your partner(s) should be able to build networks with people in the industry in order to get great deals in support services or partnership. You or your partner(s) should be able to research about the market and find effective ways to operate your startup. Lastly, there will always be a time when you or your co-founder(s) would have to carry the baton to do tasks that are out of your founder team’s comfort zone. So you or your co-founder(s) will have to learn new things in order to do those tasks. 3. Same Passion and Belief for Future of Your Business This is probably one of the most important trait in this list. Why is it so important? Passion and belief for the future of your startup is the link in keeping the founder team together. If you and your partner(s) doesn’t have the same passion and belief in regards to the future of your business, there will be many arguments to come. Without having the same vision for your business, your team is basically a ticking time bomb ready to explode and disband. Without the same passion, the individuals in your founder team will not give their 100% effort in making the startup successful. This will lead to arguments because of the unbalance workload in regards to the startup. Therefore, in order to ensure that your founder team have the same passion and belief in regards to your business, make sure you talk about it in the beginning process of creating your startup. Make sure everything is clear in the beginning so that you can minimize the possibility of the argument when your business is already running. 4. Great Adaptability In the startup working environment, you have to have great adaptability in order to survive. Anything can happen when creating a startup. You can suddenly realize that your competitors are getting way more traction than you do or that there is a disruptor in market, and you and your partner(s) will have to think outside the box in order to find ways to approach the problem. Because of the fast-paced environment in running a startup, there will be times when you realize that something has not been done yet or an opportunity arises suddenly. When this happen you and your team have to pick up your working pace and be able to adapt to the situation. 5. Great Working Mentality What do we define as a great working mentality? When looking for co-founder(s), you have to make he or she is hardworking, honest and has great working integrity. This is important because you need to be able to trust your business partner to be able to help you in any situation when running your business. Without these great working mentality, your partner(s) might not be there for you in time of need. Of course, there are more traits that we did not list here in the article because if we did the list will not end. However, keep in mind that these five traits are probably the most important traits you should find in your co-founder(s). If your potential business partner(s) do not fit any of these five traits in the list, maybe you should try to find a replacement.       Here are some related articles that may interest you. 5 Types of People You Need to Have in Your Founder’s Team 5 Characteristic of A Successful Entrepreneur 5 Things You Need to Create Your Dream Startup 5 Ways to Meet Your Potential Co-Founder(s)


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Published on April 21, 2016 | Uncategorized | All rights reserved by the author.