Originally published by Creel Price on LinkedIn: Who Are You Jumping into Bed With? Here’s Three Traits I See When Cofounders Are a ‘Perfect Match’
Wouldn’t it be nice if the perfect cofounder was just a ‘swipe’ away? Unfortunately, to my knowledge, there’s not a Tinder equivalent for finding a cofounder match (perhaps, a good thing?). And maybe that’s why putting together a strong cofounder team is even more challenging than finding ‘the one’.
Having the right founder or founder team has more impact on startup success than any other factor. It is make or break for businesses. When it works, a business partnership can be one of the most rewarding relationships you can have. But when it doesn’t work, it can be truly destructive for the business and your own financial and mental health.
Just as in the dating world, you have to go into the partnership with your eyes wide open.
In research conducted by Bloomberg, it was identified that the fourth highest reason for 80% of startups failing in the first 18 months was founder disunity. In other words, you need to get to know who you are jumping into bed with before you make the leap. I phrase this a bit differently during our Startup Bootcamp by saying that you need to know who you are jumping into a tent with, given how wild the journey of business is likely to be and how little protection from the elements you’ll have. Business is no walk in the park. It is man or woman versus wild and the only way you’ll survive is through building a tight-knit cofounder team.
With the right cofounder team, you will have a greater chance of ensuring you get to launch and scale your business. You’ll be less likely to have a falling out with one another and a higher likelihood of feeling valued and building a unified culture.
I meet and/or work with hundreds of new startups every year and I’ve seen a lot of cofounder teams – some great, others not so great. So how can you tell you’ve found your true match?
Here are three traits I see in successful cofounder teams:
1. Shared values and a united vision
Generally, you are attracted to people who have similar values to you. These people are your “tribe” and make great potential cofounders. Your values anchor your business, so it is important to ensure that you and your cofounder(s) are on the same page. Assess your own and your cofounders’ personal and work values and work together to develop company values that reflect what is important to each of you.
Strong cofounder teams also need a united business vision. Your vision outlines your plan for the business and should be a good mix between audacious and achievable. If this vision is not aligned, it could spell trouble down the track. For instance, some founders have a vision to hand the business over to their kids or keep the company until they retire, which makes generating a return for investors more difficult.