Source | LinkedIn : By Suresh Kabra
Getting the right co-founder on board is amongst the key challenges for any entrepreneur. Looking at the present scenario in the startup ecosystem as well as historical data, there have been very few companies that were founded by just one person (family businesses are exceptions to the case). The entire concept of having a single founder has its own drawbacks and is mostly unsustainable. Moreover, coming to the EQ part of running a startup, the journey to start out alone is extremely tough and to go through the emotional struggles of ‘what if’ is a difficult stage and cannot be battled alone most of the time. Not to forget, with a co-founder, there is always another person to validate what one thinks, hence fewer chances of going wrong. As a result, you’ll see that most new age ventures have multiple co-founders.
That said, finding people who not only share a similar passion for work, but also work on the same wavelength is of utmost importance. While the concept of having co-founders with contrasting personalities tends to work for the smooth functioning of the company, there are certain things a co-founder must keep in mind not only to avoid jeopardizing his/her relationship with other co-founders, but also avoid putting the business at risk .
Things co-founders should NEVER do
When you must have co-founders, the obvious question comes to mind – how can co-founders who may or may not belong to the same school of thought come together to build a successful startup venture.
Looking at things more specifically, there are some things no co-founder should ever do in order to ensure smooth operations and maintain a sound image of the company in the market. Here are some of them:
- Doubting the other co-founder(s)
There are two main attributes that co-founders look for in each other – trust and passion. It is pretty elementary, without similar passion, co-founders would never be able to sustain the grind of running a startup. Moreover, without equal determination and effort from all the founders, there are bound to be differences, as a result of which the startup is expected to face adverse consequences.
If we talk about ‘trust’ (in particular), as the foundation for a healthy working relationship between co-founders, it need not mean that two (or more) people are best of friends who decide to start a venture together. They need to be able to trust each other’s skill sets; outlook towards the business idea; and the zeal to make something out of nothing.
Over the course of time, if things don’t shape up as planned, co-founders, due to tremendous pressure and a stagnant business trajectory, start doubting the idea first, which later moves on to the stage of doubting each other and their skill sets. Distrust only sows the seeds for resentment later and can prove fatal for the startup.