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Should I Find a Co-founder or Start a Business Alone?

I’m always hearing about “founder dating” events. I’m guessing these events have worked out for some entrepreneurs, but like relationships, I prefer matchmaking to be more organic.

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Before you Partner up with Co-founders

Whether through an organic relationship or through founder dating, if you decide to get a co-founder from the beginning of your company, think about these five things:

  • Financial Commitment. What is the co-founder’s financial commitment? Is it the same as your commitment? Why or why not? If it’s not the same and one of you is contributing in other ways, that’s fine, but always make sure you’re comfortable with the situation in the short and long term.
  • Time Commitment. Is the co-founder as committed as you are? This relates to availability and interest. My co-founders and I always work even if we’re on vacation. That’s just how we are. Are you a founder who works non-stop while your co-founder goes out every night, doesn’t work on vacation (if that’s something you expect of each other), and works from home instead of going to the office? These are simply examples of questions to think about as you look for a co-founder. If not, think again about ownership percentages and financial contribution. Make sure everyone understands what’s expected of them.
  • Complementary Skills. What are your skills versus the co-founder’s skills? Are your skills complementary? I’ll go back to the Steve Jobs and Steve Wozniak example from the beginning of the article. Steve Wozniak was definitely the technical co-founder at Apple even though Steve Jobs was a technical guy too. The thing is, as we’ve all learned over the years, Steve Jobs was an amazing salesman and visionary. Could either of these men have started Apple alone and been successful? This is doubtful because their skills (technical vs. vision and sales) were truly complementary.
  • Personality. What’s your co-founder’s personality like? Could you imagine working with him or her every day? Do you like to hang out together a lot? It’s like a marriage. You should be certain that you can stand to be around your co-founder all of the time.
  • Decision Making. Who has the final say when there’s a conflict? Are there certain decisions that you make and other decisions that your co-founder makes? It’s best for co-founders to have a system of checks and balances in terms of decision making.

If you do take on a co-founder, plan as much out as possible in the early stages of the company. Contracts may seem like a formality that you don’t want to deal with, but they help you lay out the ground rules for each other and dictate what occurs if there’s a conflict or an end to the relationship. It’s worth the few hundred bucks. If you don’t have those funds right now, write out and agree to the ground rules via email.

In the beginning, and as the company grows, you must constantly think about your co-founder’s wants and needs as much as your own. It’s a relationship that takes a lot of work.

Connect with Blaine on Twitter.

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Blaine Vess, Founder and CEO of StudyMode; Source: Courtesy Photo
Blaine Vess, Founder and CEO of StudyMode; Source: Courtesy Photo

Blaine Vess is chief executive of StudyMode, a self-funded network of educational websites and practical online learning tools. Founded in 1999, the company operates multiple successful, high-trafficked sites including StudyMode.com, FlashcardExchange.com, and BuenasTareas.com – which alone has more than 20 million registered users.

In addition to founding StudyMode’s network of sites, Blaine also successfully runs a TV production company called Four Henrys that he started in 2009 which produces shows on VH1 (“I’m Married to a …”) as well as the A&E Network (“Flipping Miami”). Four Henrys is self-funded and evolved out of a consulting position that Blaine had at New Line Cinema right out of college. Blaine sits on the board for Liberty in North Korea, an organization that helps North Korean refugees escape to the USA and South Korea.

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