“I can do it all myself.”
This is the declaration many new entrepreneurs make (myself included) as they decide to go solo. They often overlook the fact that cofounders can balance out their skills, help propel business and even provide investment.
Unfortunately, it is difficult to find a suitable cofounder! So it’s common to have solopreneurs represent their ventures as ‘we’ and ‘my team’. And why shouldn’t they? They are indeed the CEO, CFO, CMO, Developer, Assistant, and Gopher. But there is a risk of spreading themselves too thin. As I was working on a business idea, I was frustrated as I was pushing myself to work on things that were not my expertise. The hours, weeks and months wasted could have easily been avoided if I had found a cofounder who complemented my skills but still shared my vision from the get-go. This is an #entrepreneurfail that is easy to fall into at the beginning of an entrepreneurial journey.
As an entrepreneur makes progress, taking the time and effort to find a cofounder or a team to supplement his/her skill-set will prove valuable. And as an added bonus, investors often prefer teams with varied skills to protect their investment.
So what should you do?
If you are truly ready to share the vision and responsibility of your baby, then start searching for a cofounder. In addition to networking events, and your university’s alumni database, some great resources to find the perfect match include: CoFoundersLab andFounderDating.
Be ready for the tough conversations up front, as Harvard Business School professor Noam Wasserman suggests. He recommends discussing equity based on output not just an arbitrary fraction. It’s prudent to have the expectations set upfront. It’s one less thing you will have to juggle on your journey.
Did you decide to go solo or find business partner(s)? Tell us about your quest for a cofounder in the comments below.
(Are you an Entrepreneur or a Wantrepreneur? Find out now at www.entrepreneurfail.com)
Manish Golchha
Kriti, nice post. Infact – I am trying to find suitable co-founder from past 1 year, through different events & networking places but fact is it’s difficult. I feel there is a need of atmosphere like co-working space where you can work and try to find co-founders. Till the time you don’t meet more and more people frequently, it’s difficult to get bonding which you need for co-founder. Now a days, Tech Co-Founder is on high demand & it’s difficult for us to vision our dream as they already have couple of ideas they want to work.
Kriti B Vichare
Thanks Manish. Best of luck to your in your quest for a cofounder. There are quite a few coworking spaces popping up – where are you based?
Manish Golchha
Thanks. I
Mike
Great post Kriti! Thanks for sharing. In addition to our online platform, http://www.CoFoundersLab.com, we also host quarterly, in-person Co-Founders Wanted Meetups in 25+ cities: https://www.cofounderslab.com/entrepreneurs-meetup-networking
Also, for those of you looking for that elusive technical co-founder, check out my recent post on ReadWriteWeb about how to attract a technical co-founder: https://readwrite.com/2013/04/03/3-tips-for-attracting-a-technical-co-founder
Good luck to all!
Kriti B Vichare
Thanks Mike! Great resources. I’m going to add you on LinkedIn if that’s cool?
Ravish Jhala
Hi Kirti,
Good post. I am Founder of HATT- Hospitality, Healthcare, Aviation, Travel and Tourism platform. It is world’s first platform for CXOs addressing need of these verticals. I have started solo but soon realized that to bigger your dream you need best team and right people on bus with you to drive vision. Now we are 400+ member base on HATT with presence in SE Asia and MEA. You can visit http://www.hattforum.com or http://www.facebook.com/hattforum
Rj.
Kriti B Vichare
Fantastic Ravish…best of luck with HATT and I will spread the word to anyone that may be interested.
Mike
Please do!