So you have a great idea for a startup, do you need others or want to go it alone. Based off of research, 2-4 co-founders seems to be the ideal number. Starting a business on your own is extremely difficult and time consuming. You often will not be able to do and learn all that you need to in order to survive. That is where co-founders come in. Individuals whose skills and personalities complement your own. Founding a startup also sucks. There will be times while you work 16 hour days that you want to quit. Times where things aren’t going right and the stress is unbearable. It is good to have co-founders to go through the rough patches with.
So co-founders sound awesome right, your just going to go out and find as many as you can. Wrong! Firstly, more than four makes it difficult to come to agreements, the equity split is smaller, and meetings are absolute nightmares to schedule. Stick with two to four.
But how do you choose a co-founder? It is just about matching skills right? Again WRONG! While it is important to find individuals with complementary skills, you better get along very well. You are going to spend hundreds of hours with these individuals through thick and thin. If you cannot see yourself being friends with this person, you have no chance. So date wisely, cause it really is like dating in a way.
Chances are your city has a wealth of knowledge and tools for potential entrepreneurs. Go to startup meetings, programmer meetings, business meet-and-greets, and makers club meetings. These are invaluable resources for meeting like minded individuals like yourselves who wish to build something great. Co-founders Lab is a good resource to find the people with the skills you need. Stay tuned for next time when we talk to you about when to start a business.