Crib Sheet for Co-founder Finding
We’ve posted a few pieces addressing the “challenges of picking your co-founder(s)”:http://www.foundread.com/view/dangers-of-a. Other posts have taken a stab at the best methods for finding a partner — can founders be “matched”:http://www.foundread.com/view/question-of-the-day16 to one another? Below is a crib sheet with tips for what to look for, as well as what to avoid, when selecting a co-founder, as told to us by one of Found|READ’s flagship contributors, Xavier Casanova. They are based on his own experiences.
What are the FIVE MOST IMPORTANT QUALITIES in a co-founder?
For me the top two requirements are: (1) exceptional intelligence and(2) extreme motivation. Founders cannot build any company for the long term unless they all possess these two qualities.
Three less conventional requirements might be: (3) belief: that special little spark in any co-founder’s eye that tells you they believe in what they’re doing. (4) integrity, because without this trust cannot be built between two founders, or the founders and their future team. (5) dedication you need a co-founder who will always have the business foremost in mind.
THINGS TO AVOID from my school of hard knocks!:
Take your time. If you don’t have a co-founder, and you need one, exercise patience. This will help you make the right choice. Stay away from big egos. Pay attention to the use of pronouns like “I” where it seems “we” or “the company” might be more appropriate. Avoid people with independent agendas, which can create “impossible long term fits.” For example, if Joe Co-founder wants to go to business school, Joe is probably not a good choice.
I thought the advice given by Andrew Frame in a recent podcast was awesome http://www.stanford.edu/group/edcorner/uploads/podcast/frame070516.mp3
He speaks on hiring those early executives, and says to design a team that scales you have to find people who have worked in big companies, and small, have had big successes and big failures… his reasons why illuminating. Worth a listen (the whole series is. it’s pretty awesome, if you don’t know it.)}
Another couple of lessons learnt: * Life changes: if one of the co-founders decides to change from working part-time to full time on the project, and the other doesn’t it leads to conflict. * Business strategy: decide on when you want to launch. No enhancements until the first customer signs, and not get into the loop of enhancing product everytime a prospect gives you any feedback… * Strengths: if co-founder has a set of skills in say operations for the last decade, its unlikely for him/her to appreciate marketing or sales (not just generically, but the process and tactics). Careful when you assign responsibility… ensure they align with the co-founder’s and your strengths.
Remember – time’s ticking!}