Having a cofounder on the startup team is an emerging trend among founders under the age of 30. A cofounder shares responsibilties and business development along side the founder. Finding the right cofounder is key then, since the cofounder will be working long hours by your side.
Here are things to consider when hiring a cofounder for your startup team:
The Role of a CoFounder on the StartUp Team
CoFounders are equity partners, and you should never hire more than one. Many people will make this mistake, giving this title to all who participated in the startup. I’m assuming if you’re the founder, you also call yourself the CEO. A cofounder usually assumes the role as COO. Make sure they have the qualities of a COO (operational based). COOs are usually very active individuals.
Look for Opposite Qualities and the Same Values in a Cofounder
If you are a “relationship builder”, look for your “problem solver”. If you’re an introvert, look for an extrovert. You probably get the picture. It’s important for all skills needed to operate your business be present in the startup team. Whatever skills you’re lacking, look for those in your cofounder.
Cofounder Work Ethics & Schedules
Founder & CoFounder in a startup team work side by side, so it’s important you share a silimar work schedule & ethics. My cofounder and I usually joke about the similarity in our schedules, “We’re Entrepreneurs, of course we don’t work before 9″. Our brains aren’t operating right for at least the first few hours of the day. Once we get started though, we’re usually working until late in the night.
Maybe You Already Know Your Cofounder
Old business beliefs teach young professionals to seperate business from personal. That’s not what many investors are saying works for their startup team (and believe me, they keep a close eye on what works). New studies are showing that founders and cofounders who have a relationship outside of the business, have a higher success rate. This may be attributed to not wanting to disappoint someone they are personally close to.
But don’t take my word for it, there’s nothing like finding out for yourself what a cofounder can do for your startup team.