Most entrepreneurs who start a company alone soon come to the conclusion that two heads are better than one – someone to share the workload, the hard decisions, and the costs. In a moment of crisis, you may be tempted to take on the first person that expresses interest as a co-founder. This would be a mistake, and could easily cost you your startup.
If you think about it, you should realize that not everyone is ‘ideal partner material.’ Most of us learn that fact from other partner relationships, like dating and marriage. First, you have to be clear on who you are, who you can co-exist with, what complementary skills and resources you need, and what decisions in the business you are willing to relegate.
Second, in your search for partners, you need to be aware of the many considerations that can make the difference between success and failure in the business, as well as your satisfaction with the relationship. Bringing in money and connections is great, but other less tangible things can rip the business apart. If you catch yourself thinking any of these thoughts, it’s time to re-think:
- “Let’s keep it in the family.” On the surface, this seems like a great strategy, with a “share the pain, share the gain” outlook, or just cheap labor. In reality, the pressures of a relationship break up more startups, or vice versa, than running out of money. Investors routinely decline to fund co-founders who are siblings, or in a romantic relationship.
- “We both have the same vision.” There is usually only room for one in a vision. Even if the…