Things to consider before choosing a Co-FounderMakarand Vaidya
“While I am waiting to be relieved from my current job, I have been thinking about how best I can use my available time.” Yash started the discussion, after a couple of sips of hot coffee. It was very cold as we walked in, and the hot coffee was very much required before we could start talking.
“One thing is to develop the idea further, and the other thing is to start looking for the right team members. In my opinion, I would look for a cofounder and a couple of developers to kick start the project. Any thoughts?”
“That is perfect, Yash. Look for a co-founder with complementary skills. Someone who can add value, and is willing to take the risk. Look for someone who will want to jump in full-time. And a cofounder is the one who gets compensated only based on the results. Someone joining only for the salary is not a good candidate.”
The enthusiasm of the entrepreneur to work on the idea is required but not enough to support the entire journey. The most important resource for any project to be successful is the money, along with it is the team. The composition of the initial team can make or break the company. The initial team members must be resourceful, willing to work hard, and focused on the end results.
How did you choose your cofounders?