The Ugly Truth About Having Co-Founders

Starting a business with a co-founder can feel like a dream come true. You team up with someone who shares your vision and excitement, and together, you set out to conquer the market. 

But here's the hard truth: not every co-founder works out as planned. 

Having faced this reality more than once, I’ve learned some tough lessons that could save you from similar disappointments.

✴️ 1. Take Your Time

Choosing a co-founder is a big decision. think of it like choosing a life partner. Rushing into this relationship can be a recipe for disaster. 

You need to get to know your potential co-founder deeply.

What are their core values?

What have they achieved in the past?

How do they handle challenges?

Have numerous discussions and spend time together to understand them on both personal and professional levels. This due diligence can prevent costly mistakes down the line. Don’t just fall for the initial excitement. Make sure you’re building a partnership that will stand the test of time.

✴️ 2. Communicate Clearly

Effective communication is the cornerstone of any successful partnership. From the get-go, ensure that expectations, roles, and responsibilities are clearly defined. Both partners should be capable of communicating openly and honestly. 

If communication issues arise, address them immediately. This might mean having tough conversations or reassessing the partnership if the communication gap is too wide.

A solid partnership thrives on transparency and mutual understanding—make sure this is in place from the start.

✴️ 3. Complement Each Other’s Strengths

The ideal co-founder should bring skills and strengths that complement yours. If you're great at sales but lack in operations, find someone who excels in operational tasks. The goal is to balance each other out, not duplicate efforts.

Think of Steve Jobs and Steve Wozniak—Jobs had the vision and drive, while Wozniak had the technical expertise to make those ideas a reality.

When choosing a co-founder, assess what you excel at and what you lack, and seek someone who fills those gaps. This way, you create a balanced team where each person’s strengths address the other’s weaknesses.

✴️ Bonus Tip #1: Look for Versatility

While having complementary skills is crucial, finding a co-founder with a diverse skill set can be even more beneficial. 

A versatile partner who excels in multiple areas can add significant value as your business evolves. However, no matter how impressive someone seems, don’t rush into a partnership.

I now follow a rule of thumb: spend at least six months getting to know a potential co-founder before making a commitment. 

This includes one-on-one meetings, casual outings, and working on small projects together. This timeframe helps you see beyond initial impressions and assess long-term compatibility.

✴️ Bonus Tip #2: Assess Your Own Abilities

Before bringing a co-founder on board, do a self-assessment.

Are you a strong communicator?

Can you handle conflict effectively?

Understand your own strengths and weaknesses, and ensure you’re ready to complement and collaborate with someone else. It’s important to be honest with yourself about what you bring to the table and what you need from a co-founder.

Business is a long game, and your choice of co-founder can make or break your success.

By taking your time, communicating clearly, and choosing the right partner, you can avoid the pitfalls I’ve experienced and build a stronger, more resilient business.

💭 P.S. What’s the biggest thing you’ve learned from this about working with co-founders?

Drop me a line on how you’re going to use this info!

#Entrepreneurship #BusinessAdvice #Leadership