Hiring the right team is essential for any business to succeed. So when you are launching a startup not having the right people around you can be the difference between failure and success. Is a co-founder the right person for your business? Here’s what a co-founder is:
A Co-Founder is an Extension of the Founder.
Whilst a founder is responsible for coming up with the vision for a business, a co-founder will help the bring it to life.
The founder and co-founder will work closely together to shape and grow their business, sharing the burden, stress and making key business decisions together along the way..
A Shared Vision
A co-founder gets involved with the business at really early stages, sharing and possibly even contributing to the founders vision.
The co-founder will commonly own shares in the business, being paid a salary and receiving dividends depending on the success of the business.
Every business arrangement between a founder and co-founders will differ but the co-founder will bring skills that complement the founders talents or bring in a skill set the founder doesn’t possess (like finance, sales or technical skills).
Two Heads are Better Than One – But Only with the Right Partner
A co-founder will bring a different point of view and will split responsibilities since they will work better as a team rather than individually. Growing a business can be stressful so it is important that the founder and co-founders have trust and respect for one another. Co-founder disputes are common and will ultimately affect the business.