A Co-Founder team is one of the most important elements to start a new venture. It includes people or group of people who share same goals and work together to achieve those goals. It is always a good idea to have a partner in your venture rather than handling it solely. If one member has business skills, other can have good programming and technical skills. If one is good in managing the resources other can be good in supervising all the technical side. Therefore the success of the start-up is guaranteed with a good co-founder team having a mix and match of both.
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The biggest advantage of having a good co-founder or a founding team is that it might save your ship from drowning. Whereas a dysfunctional team can lead to a total wreck. It is not wrong to say that having a brilliant idea but an unfit team will lead to failures. On the contrary a brilliant team will make even a bad idea win.
Founders normally worry that they might end up getting on different roadmaps and having disagreements, but having a conflict is okay as long as you develop good communication to work things around. Only an insightful team would understand the need to move towards a common goal.
Things to look for in “Founding Team”
1. Skill set: It is very much important to know what the other founder is giving. In Tech Stars-ups you would require both technical and non-technical skills therefore if one person is managing non-tech side of the business the other one should manage the technology stack. For instance if your start-up is about developing a gaming app and you do not have a single person from gaming background you are definitely going to fail.
2. Trust: You should develop full trust in your partner for things to work out smoothly. For that it is vital to write down things and make a general agreement.
3. Shared Objectives: When you and your member both are on the same page and move towards achieving a clear objective; things will work out for you, as more trust and confidence will develop. Hence eliminating any chance of a pitfall.
4. Equal share of responsibilities: All the members should share even responsibilities and tasks. They should work on the project equally, giving equal number of hours. If one member works part time and the other is working full time for that start-up, there is a chance of conflict development. Similarly with equal share of responsibilities comes equal share of the profit.
5. Small team: Having a smaller size of the team will make it easy to manage and avoid any conflicts. It ensures in developing trust and establishing a good communication. Whereas a bigger team would mean work done quickly but also it can create more chaos and disagreements.
It can be seen that one of the major issue of start-up failures is not having the right co-founder or the founding team. As a new bee you would think of having a good idea and market for your start-up, but in actual it is not so. A good idea will only get the right market and audience if it has a workable founding team. It is the magic of the right group of people that they can make a not-so-good-looking idea into a success. Therefore it is right to say that for a new venture the highest priority should be of finding the perfect co-founder, so that together you can make your business a success. Topic and market come after.
