A long time ago, entrepreneurs started out themselves and grew their businesses big. It was a one man show. It took time but they were successful. Well, times have changed. The business environment today is very complex and very competitive. It is absolutely impossible for one person to handle all aspects of business. So what do you do? The answer is to get Co-Founders. Co-Founders complement your specialties and accelerate the growth of business by bring in their specialization. There are 3 key areas of business that need absolute concentration of the Co-Founders and each Co-Founder should have expertise in at least one of these areas.
- Sales — Preferable a person with a lot of contacts in the Industry that you are going to service or sell to.
Young Entrepreneurs often think that their Idea is their baby and they should own 100% of it. This thinking in today’s business environment is a recipe for disaster. You should be willing to share success and fortunes with others to make it big.
Having said that, it is very important to select your Co-founders carefully. Wrongly chosen Co-founders can bring a flourishing company to its grave. Have many rounds of discussions with your potential Co-founders to see if the synergies match, whether thinking aligns, can you work together as a team, will the Co-founders work full-time, do they have the background to get the company started, does everyone understand the business goals. It is also a good idea to have criminal verification done on your Co-founders.
Guru Mantra: Remember 100% of 0 is 0 but 30% of 100 million is 30 million… Choose wisely…