On Finding a Cofounder
A business partner is possibly the most important decision you would make in your career. Just like it is with finding a life partner — a cofounder can make/break your business. This concise note will highlight what to look out for in your search + more importantly show you where to look + how to look. Don’t miss the key takeaway in the second to last paragraph.
i. Create a JD: Your ideal business partner should come with some useful, hands-on skills that complements your weaknesses. A good example would be co-founding with a programmer if you’re setting up Nigeria’s first online only banking institution — whereas you come in with a solid background in Banking + Finance and your experiences both complement each other to build a concrete foundation for the business. But writing the key skills they’ll need to bring to the table helps give you the added clarity you need to make the bold move to invite them on the journey with you. You may also want to schedule a couple of causal chats (quasi-interviews) before making that final decision + welcoming them aboard.
ii. Start with your network: Some people may ignore their current network when searching for a life partner/a business partner — but this is taking for granted the people who currently understand you best + quite honestly — contribute to your social network. Quite a number of successful companies like Google, Facebook, Nike, started out with friends who felt they could work well together when they stumbled on a good idea. Your friends usually have a similar background with you + share similarities which when bonded properly — in a safe + non political business environment — could last a lifetime. In this stead — it makes sense to start with listing out the people in your network who could bring the most talent +/or resources to your business + split the risk with them as you see fit.
iii. Attend Conferences: Networking is a great way to meet prospective business partners. When you network — you can find people from different backgrounds who don’t share a similar background with you — but whom you share other commonalities in entrepreneurship with. This gives your business a unique edge that could help set you apart from your competitors.
iv. Use Online Matchmaking Sites: StartupWeekend, StartupAgents + CoFoundersLab exist to build startup founding teams together. A quick google search can also bring up a few more sites for business partnerships. It is worth spending time looking through your prospective co-founder’s LinkedIn profile, resumes + even conducting anonymous reference checks from previous employer to be sure you would want to build a business with said person.
Key takeaway: Don’t rush into finding a business partner. Take a step back and re-think — if you really need a partner + if you don’t — bootstrap. If you must go forward — take it slow. Go with your gut. Don’t also be afraid to change your mind — if you feel there is no chemistry to produce a productive environment for growth.
Remember that starting + running a business is a tough commitment + outside of a good business acumen + good experiences — it requires resilience, tenacity + persistence. So for your first 3years — you’re going to need a partner with a passion in the cause to pull + a longterm commitment to stick with you through the thick + the thin.
