If you are thinking of setting up your own venture, then you are more likely to succeed if you find compatible partners. Not going solo has several advantages- it mitigates the risk, divides the investment, and brings in diverse competencies.
Take a look at these five tips which are bound to come in handy:
Answer the W’s
Searching for a cofounder is not any mean task, you, first of all, will need to work out clearly what you are looking for, who can best serve the what(s) you have identified and where can such a person be found.
Entrepreneurs while answering the first ‘w’ that is what, try to fill the lacunas and look for competencies which they don’t themselves possess or lack.
Make a detailed Plan
Once you have roughly worked out the Ws, you need to go into the depths of each. So when you are expanding on the ‘what’ you may find a detailed job description very helpful in your further quest for finding out the best fit co-founder(s).
Carrying out the Plan
This phase calls for search; here you would be seeking to match the job description with the people who might have the required capabilities, and you would be thinking about where to find such people. Most entrepreneurs generally start with their direct and indirect contacts. The advantage of selecting from contacts is that compatibility is high as well as credibility can also be easily established.
Sometimes contacts do not lead to satisfactory finds, in which case the search has to be extended to online platforms like Co Founder’s Lab, Founder’s Nation, Collab Finder and such like. Seekers may also search job sites like Monster and place advertisements through online and offline mediums.
Making a decision
This is perhaps the most crucial part of the entire process, as after all, each decision has its opportunity cost. In this phase, there are several decision-making methods that could be opted for under the objective decision-making process.
Several methods can be used. Popular methods are scoring and rating method in which the criteria for selection are clearly identified and each criterion is assigned weights by the decision maker(s), and each shortlisted candidate is given points against each weighted criteria; the candidate with the highest weighted score is given preference.
A decision tree is another decision-making method, this method also brings out the opportunity cost associated with each decision.
Selecting the number of partners can also form part of the decision, and for this, the candidates may be ranked according to their weighted scores. This decision can also be weighed using risk/return methods, and a minimum risk/maximum gain situation can be identified.
Several times entrepreneurs may like to go simple and resort to just subjective or judgmental decision making, especially when they are choosing from among their contacts.
Several formalities and requirements need to be attended to for starting a company. Partnership agreements should be worked out with care and in detail so as to avoid possible legal hassles or snags. Firms like Quality Formations are providing help in matters of registering and starting companies, where entrepreneurs can find comprehensive guidance under one umbrella.
So if you really think that having co-founder(s) or partners in your venture would be great, then just ponder upon these five tips.