Finding the ideal co-founder was not my initial challenge when starting out, and I know many fellow founders share this experience. The challenge of going solo versus finding the right partnership weighs heavily on entrepreneurs. While collaboration offers clear advantages, particularly when tackling complex business challenges, finding a co-founder who can truly motivate you, complement your skills, and maintain mutual accountability is invaluable.
However, over the years, I’ve learned that pursuing a solo path is often better than enduring a problematic co-founder relationship that leads to unfavourable outcomes. Rushing into a business partnership can create unnecessary complications, making it crucial to evaluate compatibility and expectations upfront.
Why three co-founders might be the magic number
Research suggests that businesses with three co-founders are statistically more likely to succeed*. This makes sense, as teams can hold each other accountable, inspire one another during challenges, and pool diverse talents to capitalise on the division of labour. While I wholeheartedly believe in the power of collaboration, my experiences have also taught me that not every partnership works. So, rather than discouraging collaboration, I want to share lessons I’ve learned that helped shape the qualities I seek in a co-founder or teammate.
Dedication or just a pastime?
In today’s uncertain economy, many people are exploring backup plans. It’s understandable, but it also means you may encounter potential co-founders who treat the business as a side project instead of a serious commitment. To be clear, there’s nothing wrong with part-time contributions if the individual delivers on their promises and remains dedicated to the business’s success.
The problem arises when they’re unprepared for the sacrifices involved—weekends, late nights, and accountability for their contributions. It’s crucial to discuss expectations upfront. Make sure your prospective co-founder understands the demands of the journey and is fully committed to their role in the team.
Saving money vs investing in growth
Budgeting can be a contentious topic, particularly for bootstrapped businesses. You might encounter disagreements over how to allocate funds—whether to test an advertising platform or hire a freelancer to expedite a feature. While every business has different priorities, one principle remains constant: saving money should never be the ultimate goal.
If a potential co-founder is overly hesitant to spend, preferring to do everything themselves despite lacking the necessary skills, it’s a red flag. Effective resource allocation is critical to achieving your business goals, and a co-founder must share this understanding.
Aligning values and expectations
Transparency is key to successful partnerships. I believe in being upfront about the resources and skills I bring to the table, as well as the outcomes I hope to achieve. This helps manage expectations and align values early on.
Being overly polite or avoiding difficult conversations can lead to misaligned goals. If values clash, it becomes harder to exit the partnership gracefully, potentially wasting time, resources, and relationships.
Perseverance through failures
Roughly 70% of new ventures are launched by first-time founders. Without prior experience, it’s inevitable that you’ll learn through trial and error. Running your own business requires a growth mindset, resilience, and a willingness to adapt, no matter how much corporate experience you might have.
A co-founder must share this mindset. They need to embrace the learning curve, stay motivated through setbacks, and view challenges as opportunities to grow. Collaborating with someone who shares this perspective allows you to learn from each other and tackle failures constructively.
Action speaks louder than words
In my experience, indecisive partners are particularly challenging. They might have incredible talent and vision, but their hesitation to act can stall progress. Endless discussions and prolonged decision-making waste valuable time.
While planning and strategy are important, nothing happens without action. Only through taking steps, however imperfect, can you learn, iterate, and move closer to success. If a potential co-founder struggles to act decisively, it’s worth reconsidering their fit for the team.
The importance of transparency
Life is unpredictable, and unforeseen circumstances can impact anyone’s ability to contribute to a business. Whether it’s personal commitments, a shift in priorities, or a change in values, transparency is essential. Open and honest communication helps the team navigate challenges more effectively, even in the worst-case scenario.
Professionalism, respect, and a positive attitude are invaluable qualities in a co-founder. They foster trust and collaboration, making it easier to adapt, grow, and achieve shared goals.
Does the ideal Co-finder exist?
As I reflect on my journey of finding (and sometimes failing to find) the right co-founder, I’ve learned that it’s better to take time finding someone who shares your vision and values than to rush into a partnership that doesn’t feel right. The right partnership can be transformative, but only when both parties are ready to put in the work, stay accountable, and grow together through the inevitable challenges ahead.
* You can view research curated on this Perplexity page.
