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A few decades back our nation was a mixed bag of surprises for any aspiring business. An idea of a start-up was still too new for the masses back then. Fast forward to the present, it’s raining start-up companies. This brings me to a different point that is “increased competition”. The sure increase in a number of start-ups has resulted in brutal competition.
But that hasn’t stopped people from coming up with new ideas and of course new start-ups.
If you ask me the world of start-ups is quite treacherous. So what do you do? Obviously one has to approach this in a well-planned manner. Planning something big can be troublesome. The common opinion among business circles always mentions that working in more numbers is always profitable.
Every wannapreneur story is difficult. Almost every wannapreneur looks for a co-founder.This is a time when co-founders can become the most important asset for you. Many questions arise, though. Why do I need them? What do I get from this?
Isn’t it just extra capital expenditure?
All of these questions will be thoroughly discussed in this article. But let’s ask a question to ourselves first. Do we know who a co-founder is?
Let’s begin by understanding what a co-founder title is.
Who is the Co-Founder?
Ah! Questions, questions everywhere. The best place to begin is by knowing what we are discussing about. So we have come across the term “Co-founder” a lot of times. But do we actually know what it means? According to official sources, there is no assigned meaning to this word. Surprised? Well, I was too when I found out about this.
Technically it is not a legal term to be used. But to your surprise, this term is still used to regard many important people. Notice the word “important”, yes they are not a recognized (well technically) but are an important part of the entire system. A co-founder can be anyone literally, anyone.
Be it your janitor, your mom or you twelve-year-old sibling. Any person whom you consider your confidant and a trustworthy business partner is basically a co-founder of your company. Consider the concept of a wife or a girl- friend they don’t affect much of your work life but know everything and in some way help build it with some sharing of everything positive and negative aspect coming out of it.
Co-founders are somewhat like this. They may sound like someone insignificant but they are just like your other half in this competitive world of business. Every wannapreneur needs a co-founder and is on the look out for the right co-founder every time.
Co-founder search can be hectic, speaking of the other halves, did you know that majority of marriages end up in a disaster mainly due to the so-called “other halves”. Not that it’s completely a single person fault but somewhere the disaster caused doesn’t allow you to focus on who to blame. Compare your business to a typical marriage scenario.
A fragile but a happy institution. You don’t know but disasters are just waiting to happen. So when it happens you can’t find the culprit as you will be busy cleaning up the mess. What do we learn from this? Always take precautions before choosing your Co-founder. If you want to be a successful wannapreneur choose the right co-founder.
As much as you are responsible for anything in your institution, he too is definitely he is. Being the pillars of your company, it will be a routine for you to involve your Co-founder in all the executive decisions and at some point or sometimes you both may not agree and yes it will happen because it is only human to do so.
If you make decisions you are bound to make mistakes. Knowing doesn’t only mean that he/she is someone close to you. You need to know them “completely”. What do I mean by completely, I will explain it in the next section.
Know what you need to know
Talk about a complete person, well no one is complete and lacks something or the other. But knowing someone completely is not an impossible task.
As I mentioned earlier one needs to “completely” know his/her Co-founder. How can you achieve this?
With the help of interviews you basically ask your candidate all nonsense without being rude (alright just kidding I seriously suggest not doing this). On a serious note, you can somewhat peep inside your candidate and know them better. But to this, you need to ask the correct questions. Here’s a list of must-ask questions:
(* always ask these questions from an entrepreneur’s point of view)
⇒ Why do you want to join this company ?
Let the obvious ones come first. This question will help you to know their purpose on the basis of which it becomes a little easy to decide whether he or she is fit for the Co-Founders duties or not.
⇒ Any scenario based questions.
Always keep some business scenarios ready. Not only this helps you know about their analytical skills but also how spontaneous can they be while in critical conditions.
⇒ Ask your candidate if they are affected by office politics or not?
Maybe a small thing for you but this does affect everyone some way or the other and you definitely need to know if this affects their efficiency or not.
⇒ Determine if you can trust them
In this day and age, everyone is a sell out for a price. Corporate espionage is a rampant thing and can seriously hurt your institution. Always know if you can trust your partner or not.
⇒ Get to know your Co-founder
Have you heard of the saying all work and no play makes your co-founder tired? Yes, it’s a stolen thought proudly written here by me and what are you going to about it? Nothing obviously why would you waste your time.
Speaking of wasting time, do you actually think that all 24 X 7 work time is fruitful?
Shockingly no, yes you read it right. Sometimes knowing people outside of work may help in more ways than possible. Same goes with your co-founder. Get to know him/her personally, help them out with their problems, listen to their queries and worries and who knows (at least I know) this may increase their work efficiency tenfold.
⇒ Uncertain future ? Maybe not.
No one ever said that getting a company up and running would be an easy job. To be honest the grass is not always greener on the other side. Putting these things aside if you keep the above points on mind it won’t be that hard. You see the job of a Co-founder is basically to be a backup primary pillar to your company.
As I mentioned earlier a Co-founder is more than just a business partner. Sure there will be ups and downs but you have someone to plan your advances, share your losses with and moreover a moral support in this brutal competition.
How you are going to pass by that’s totally up to you but putting faith in your Co-founders can make this job a hell lot of easier.
So, now time to enjoy a video which can help you find a co-founder.
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