By Kevin Leyes, Chairman of Leyes Enterprises and CEO of Leyes Media and Team Leyes Starting a business is not an easy task. While having an idea f
By Kevin Leyes, Chairman of Leyes Enterprises and CEO of Leyes Media and Team Leyes
Starting a business is not an easy task. While having an idea for a project and the capital to execute it is important, carrying out that idea is a more difficult path to define. During this process, your project will undergo changes based on the market, target audience and much more.
Facing each of these steps alone can be complex and overwhelming. In many cases, having a co-founder makes things easier. “Two heads are better than one” is a well-known saying that defines, in a simple way, the importance of supporting one another to execute an idea.
But, how will you to know if a co-founder is the right fit to share in your idea?
Do you need a co-founder?
The simplest part of any venture is the idea. However, executing on that idea is a long process. The presence of a co-founder can help smooth the way to project implementation.
Here are some considerations when determining whether to include a co-founder in your project:
1. They can help increase efficiency.
A co-founder can reduce the lead time from the start of your idea to when it is executed. Their direct support leads to greater efficiency because tasks can be split, and implementation can be completed in half the time.
2. They can contribute to the budget.
What differentiates an employee from a founding partner is the capital they have invested within the company. Thus, decision-making — in terms of budgetary and other matters — is shared.
3. Two perspectives equals one decision.
In many cases, having only one person in charge of decision-making can be counterproductive. Having another perspective, as long as interests and goals are established and aligned early on, helps you make decisions together for the profitability and wellness of the company.
How can you find an adequate co-founder?
Choosing a co-founder for your company is not a subject to be taken lightly. This decision will undoubtedly affect the trajectory of your entire project.
A co-founder partnership is like a friendship, but with a higher degree of responsibility. Friends have trust, honesty, common interests, mutual support and direction, even if they do not always agree. Co-founders should share these characteristics and be willing to move forward together.
Review the following recommendations to find your ideal co-founder:
1. Establish your vision.
Before you start the process of choosing your co-founder, be clear about the vision for your project, what you want to convey and where you want to take it. This will be the foundation for finding the right partner to meet the needs of your project.
2. Meet potential partners.
While there are networks and platforms out there for finding potential co-founders, choosing someone who is already closer to you can be an advantage. The idea is to establish a close relationship first in order to get to know more about the person who will become your right hand in business.
3. Explore your interests.
An important aspect of this process is choosing someone with interests compatible to yours. This ensures that you both point in the same direction and will work together to achieve shared goals. Even if you each bring different perspectives, the goal is the same.
4. Communicate your intentions.
Before you start a partnership with someone, establish a foundation for your idea, your purpose and your intentions in taking this new step. This allows you to maintain transparent communication between you and the potential partner from the beginning. The best way to start a partnership is through direct, simple and focused communication to direct the project toward the same goal.
5. Listen to their proposals.
Communication should be a two-way street. It is not only about finding someone with whom you can discuss your ideas; it’s also about listening to what this person could bring to the project. This will also allow you to discover their potential and the skills they can put into the project.
6. Check your finances.
The idea is that both co-founders can contribute equally to the company. This step will help you evaluate if the potential partner has enough capital to be part of your venture.
The importance of choosing the right co-founder is undeniable and may help your venture yield better results than going it alone. Two different partners operating under the same purpose and with similar interests can result in an interesting and fruitful project, as long as the right people are involved.
Kevin Leyes is the Chairman of Leyes Enterprises and the CEO of Leyes Media, an SMM and PR agency, and Team Leyes, an urban jewelry company.
Published on: Apr 22, 2020
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