Founding a startup can be one of the most daunting projects to undertake though the rate at which startups pop up one might begin to think otherwise.
Being the only person running a startup and making all the key decisions by oneself can be a hectic one, hence the need for a partner. There’s a true saying two heads are better than one.
This isn’t to say that one cannot handle the arduous task of being solely responsible for the managing and running of a startup. If one wishes to take up that monumental task, why not?
This article seeks to draw attention to the importance of a co-founder, the advantages, the ease, having someone else at the helm of affairs affords both the startup and the individual involved.
Like earlier stated, running a startup can be a herculean task. Despite how fantastic, and market dazzling the idea is, there are still lots of skills, and strategies needed in place for that startup to remain in the market.
Also read, How to pick a Co-founder for your Startup
This is where the co-founder(s) come in handy, a cofounder helps set up and run an establishment. Between the people involved, the needed skill sets could be primarily outsourced within.
Also closely working together, these co-founders design, define and implement the business model, organogram, core values, mission, and vision of the organization.
The founder and the co-founders work closely in defining the business model, mission, and vision of the company.
Polling their skillsets, and networks together they present a formidable front to the market.
Co-founders also share the responsibilities of the startup, from administrative to operational arm.
In the agreement, the cofounders involved can decide to spilt that responsibility and have each cofounder manage each arm.
Risk mitigation is another importance of a cofounder. If any business dealings go sour, it’s easier to bounce back from it than it would have been if one person was bearing the brunt.
Brainstorming sessions for co-founders are also something most existing co-founders look forward to as the energy and synergy around bringing up ideas and improving their startup is always uniquely different because everyone in the room has a lot at stake.
Also, investors are more likely to invest in a startup with multiple founders, this is just in a bit to protect their investment. A solo founder can decide to pack up and leave but a startup is more grounded with cofounders.
As good as everything listed here is, one shouldn’t just make a random choice of a co-founder.
Visualize the startup in a marriage setting, the desired home can only be built when you have a partner that compliments you.
So when sourcing for co-founders, be intentional, go for people who have skills you need but you lack.
Even if you have it but it is not your strong fort, go for people who are masters in those areas.
Above all ensure that your cofounder buys into your startup idea and believes in it, You wouldn’t want someone you’d drag around for everything.
There are telling signs of that, you don’t have to be a psychologist to figure that out.
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