People often say going into business with someone is like getting married, or to be more accurate, getting into bed with them. It can be scary to consider introducing a stranger (or even a friend) to the work you’ve spent blood, sweat, and tears on; especially if you’re a first-time founder.
As you start the hunt for the right co-founder, the first thing you have to align on is the “Why.” We know that 90% of startups fail and only a small fraction of those that don’t even become profitable, but not everyone realizes this. Some people see startups as an easy way to make a quick buck. It’s important you really learn whether your co-founder is in the game because of true passion or just to make money.
Stop Ignoring the Red Flags
Most people will tell you who they are if you just listen. Too often, we let our “rose-colored glasses” or our own desperation for help cloud our judgement. You will quickly find out who someone is by founding a startup with them. You aren’t just looking for someone to celebrate the wins with; you’re looking for the person you want standing next to you when everything is going wrong.
Beware the “Corporate” Trap
In the 0-to-1 phase, it might be tempting to go with the guy who has twenty years of corporate experience, especially if you think they have the expertise that you’re lacking, but it’s important to remember your environment. You’re digging the dirt and building the foundation, not working in a manicured office.
The early game requires more than just hard work. It requires the ability to create your own role and follow through. You need someone who’s willing to conjure that work for themselves, and then follow through on every stage of it; especially the grunt work. You need a builder, not a manager.
Do You Actually Need a Co-Founder?
Now that we’ve successfully scared you shitless of picking the wrong co-founder, you may be asking yourself, do I even need one? Technically, no. Technically, you can do it all yourself. But is that the smartest decision? Founding a startup can be an incredibly lonely road to go down and you shouldn’t underestimate the emotional toll it can take on you. Having someone to share that burden– to keep you sane and hold you accountable– is one of the smartest decisions a founder can make to help them cross the finish line.
The Bottom Line: Trust Yourself
At the end of the day, picking a co-founder is the first in a long list of critical decisions you’ll have to make as a founder. While it’s okay to be scared of making the wrong choice, don’t let that fear stop you from being smart. Be honest with yourself about what you need, keep your eyes open for those early red flags, and always protect the business you’re creating.
