Most entrepreneurs who start a company alone soon come to the conclusion that two heads are better than one – someone to share the workload, the hard decisions, and the costs. In a moment of crisis, you may be tempted to take on the first person expressing interest as a co-founder. This would be a mistake, and could easily cost you your startup.
If you think about it, you should realize that not everyone is ‘ideal partner material.’ Most of us learn that fact from other partner relationships, like dating and marriage
Make the commitment. Entrepreneurship can be learned. But you have to be committed to the process of building your own thing and the act of creating something, rather than just coming up with an idea. It will likely take several ideas, with the learning process of failing on a couple, before you can call yourself a successful entrepreneur.
Position yourself as an expert.
People tend to buy from people they perceive as “experts.” Expert status is no longer a formal degree or certification. Today it more often means a “trusted friend” who seems real, visible, and doesn’t “push” products. Don’t hide behind a website with no address, picture, or direct contact information.
The Million Dollar Idea, and how to make it work
- “Let’s keep it in the family.” On the surface, this seems like a great strategy, with a “share the pain, share the gain” outlook, or just cheap labor. In reality, the pressures of a relationship break up more startups, or vice versa, than running out of money. Investors routinely decline to fund co-founders who are siblings, or in a romantic relationship.
- “We both have the same vision.” There is usually only room for one in a vision. Even if the endpoint is the same, there are many different roads to get there, and it’s hard for a startup to be on two roads at once. It works much better when one partner is the visionary, and the other is the pragmatic “get it done today” kind of person.
- “All decisions will be made jointly.” Two people making a decision need a tiebreaker, and three or more take too long. There is certainly no problem with each partner making decisions in his area of expertise and responsibility, but one has to be in charge. VCs routinely ask “Who is the final arbiter?” and the answer better not be ambiguous.
- “We are so alike, we finish each other’s sentences.” You really need a partner who is complementary, and can tackle the operational roles, like marketing, finance, and sales. A partner who is a carbon copy of you will likely mean two people working on every problem, rather than a natural separation of duties. Most startups can’t afford that.
- “Our work styles are different, but our goals are the same.” Some people are early risers and expect to tackle the tough problems early in the day. Others don’t get rolling until noon, and save the hard discussions for after dinner. No problem when things are going well, but in the hard times, emotions go up and communication goes down.
- “We have different values and ethics, but share a passion for this business.” Partners who don’t share a common regard for regulations and boundaries are doomed to high levels of stress and frustration. Some people like to live just over the limit, while others have a high sense of integrity and morality. It usually doesn’t work.
- “I’ll put in the money, if you put in the sweat equity.” I’m not suggesting that co-founders should be equal contributors on both sides, but the parameters for “equality” better be well understood and well documented. Things happen, memories change, and soon both sides feel under-appreciated and over-utilized.
Define a compelling scoreboard. People on your team play differently when someone is keeping score, and even better when they are keeping score, and even better when they have defined how their score is measured. This is the discipline of engagement. If the scoreboard isn’t clear, play will be abandoned in the whirlwind of other activities.
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