Startup Lessons,

#StartupLesson EP010: 7 Top Tips for Finding the Perfect Business Partner & Co-Founder w/ Nicholls & Morley

April 16, 2017

This Week’s Teacher; Nicholls & Morley – Stage One Startup Hosts

Welcome everybody to this week’s lesson!

We’re going to be telling you some of the ways to find the perfect co-founder and partner to your business.

This is something that we wanted to dive into only because we feel like without a business partner, co-founder or even team; your business will be 10x more likely harder to get off the ground.

Let’s get ready to dive into this week’s lesson.

Make sure you search for somebody with different skill sets.

What does the job description for your ideal partner entail? Figure it out before approaching people so you can narrow down your search and don’t just accept anybody. You’re going to get a very broad spread of interests if you don’t define the necessary skill sets

Put out a request on social media leading them to a follow-up application form.

Uber CEO Travis Kalanick found his co-founder through tweeting out the request on Twitter. He tweeted: “Looking for entrepreneurial product manager/business development killer for a location based service…pre-launch, BIG equity, big peeps involved — any tips?? To which Ryan Graves tweeted back: Here’s a tip. Email me :)” including his email address. You never know who’s out there hunting for a startup to join!

Referrals from people in your network.

The larger your network of connections, the bigger the reach. If you have 10 influential connections that each have a wide network themselves, your reach becomes x10 and also, referrals come from a trusted source. If you think highly of Dave and he refers John and speaks of him highly, you can trust Dave’s decision as opposed to meeting somebody you’ve never met before in your life.

Attend networking events and mingle, with the intentions of finding a co-founder.

This way you can check out what they’re like, find out more about them before offering anything to them or putting your request on the table. Venture out of your location. There may not be people looking to join a partnership with a startup in your surroundings so attending meetups locally could be a waste of time.

Get on matchmaking sites where you can find business partners.

Believe it or not, there are sites and apps that can help you for this very thing!

Utilise the benefits of the internet. Your perfect co-founder could be in a different country.

With today’s benefits, your co-founder could work on the other side of the world and you could still make it work through the likes of Skype, Slack, and another manner communication options, you do have options! Also, the benefits of that come when you are targeting an audience in two countries at once. Great advantage!

Working with friends or family could be a great option, but could also be the worst. Choose carefully.

There have been many cases where people that have started companies together that are siblings, in a relationship or best friends that have grown to resent each other. Just because you are good friends with somebody doesn’t mean you can work together. It could damage what you have. On the other hand, there have also been cases where working with friends or family has worked perfectly fine. Draw the line from the outset and make sure that you can both work together well, both share different skill sets but both share the same vision. After all, me and Greg were friends and we haven’t killed each other!!….(yet! lol)

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