They say choosing a co-founder is like choosing a marriage partner, you have to due diligence and get everything right. Whether you want to start a cleaning, towing service or tech company, you much choose the right co-founder. Having the right co-founder at your side helps you make a better balance and have a more robust skill set. But we all have limitations, in some areas, we are found lacking. So how do we go about it?
Confront your weaknesses
The ideal co-founder is one person who possesses the skills you lack. This means the first step to choosing a co-founder involves making a brutally honest self-assessment with yourself to evaluate your weaknesses. Maybe you are best at technical side, or you are best at sales. Choose a person who compliments the skills you lack. You may have good managerial skills on a particular sector of business, but heavily lack on another.
Decide on the relationship
You need to decide on the type of personal relationship you want to have with your co-founder. Evaluate if you will be working side by side every day, or you will be meeting every week. Are you having drinks every day or your interaction is limited to having partner lunch once in a month? Either of these interactions is fine provided you can find a common ground to agree.
Define the core values
To choose the right co-founder for your company, you have to set a well-defined set of core values that must be met. These core values determine the priorities, decisions and goals that you are willing to make. Define if you are more of a super competitive or collaborative person. Are you looking forward to achieve life-work balance or you are the type that works 24/7? Evaluate on the values that make you totally different from the rest.
Think Long term
Building a successful company is a marathon and not a sprint. There are going to be some very tough times that you would not want to see eye to eye with each other on every detail of the company. Evaluate if you share the same principles such that no matter the differences that might come along the way, you still can relate to each other and find a common ground to solve issues. Work on evaluating the personality of each other to determine if you guys can click.