In the vast field of entrepreneurship, the leaders are the ones who know where they are heading to. They must be definitely capable of achieving the results and must have planned the complete process in advance. However, the researches reveal the fact that the companies where the founder is assisted by a competent co-founder grow faster and are more result oriented than the companies that miss the latter.
Why Is The Co-founder Needed?
How much so ever competent and capable the founder is, he cannot excel in all the areas of expertise needed to run an entire company. He may be very good in Management, but may lack Technology. Or he may be a technical expert heading the management, but may not understand the figures shown on the financial columns. There is too much to deal with. And this all is to be dealt with at the same time. This is where he seeks assistance. It is essential to fill the gap at the right time, since the delayed are the processes; the more is the imperfection in the results. Besides this, there are the times when a partner is needed at par to shoulder the pains of the failures. The co-founder is the right person for such emotionally stringing feelings, since he is equally invested in those as the founder is.
How To Approach The Prospective Co-founder?
There is definitely a difference between discussing an idea with a client, and discussing the same with a partner. When you approach a client, you do that to realize his idea. When you approach a prospect that you feel is capable to be your partner, you approach him with your idea. There lies a big difference since it may appeal to him, or it may not, in which case he must truthfully reject the offer. Looking at the same picture from a broader perspective, an individual’s perspective of an idea is very less likely to be at the same appeal to another individual. So, it is a better way to approach the problem the other way around. Find the right person who can complement your areas of expertise and fill the gaps in parallel. Next, pick up an idea on which you can both work together. In this case, no matter what is the idea all about, the approach of realizing it together will be effective.
What Is The Right Time?
The earlier it is, the better. It is like sharing the responsibilities with someone who is equally competent and understands your point of business. With two people working on the two different aspects of a business divided between them, each can concentrate more on his part, as well as comprehend the talent involved in the other. Many a times, the business stumbles upon a state of desperation under a sole owner, when the first person who offers to help gets selected. The results may be excellent or may be drastic, owing to the lack of time. A good co-founder, selected on merit in ample time is just the solution to save a sinking business.
This article is contributed by Simmon who is a business blogger and keynote speaker @ Groupchesterfield.com that offers International payroll.