Most budding entrepreneurs face the challenge of not having all the skills they need to launch their startup. Undoubtedly, they may choose to outsource tasks or hire a team, but that would use a lot of time and expenses. The best option for entrepreneurs is to find a co-founder with skills that complement their own.
Startups in Saudi Arabia are making a significant impact. In early 2022, the success rates of startup investments increased 244%, which was equivalent to a total financing of $584 million. So, why not launch your own startup? Monsha’at would be the best platform to help you get started with their varied services and resources. But above all, it’s important to choose who accompanies you on this journey, because in any startup, a number of founders is always better than just one, as they all need to share the same passion, drive, and sense of adventure.
Finding a co-founder is a lot like finding a life partner, so don't expect someone else to find one that’s perfect for you. Here are some useful steps to help you choose a suitable partner for your startup:
1- Write a description of the right partner
Carefully study the strengths and weaknesses of your business, and write down the potential partner's skills and experiences that would best complement yours. The partner should fill any professional or technical skills that you don’t currently have. While it's always nice to find people who are smarter than you, intelligence isn't the only real marker in selecting a potential partner. Finding a well-rounded partner will bring great success to your startup, and will also help you develop your personal and professional skills.
2- Seek connections in events or online platforms
Feel free to search for a potential partner at conferences, industry forums and local business events. It would be helpful to keep an eye on business news to know the dates of upcoming events. Be proactive and make it a habit to attend these events to meet as many people who share entrepreneurial interests. You can also find potential partners through useful sites and platforms such as LinkedIn, Facebook, Twitter, and other sites specialized in bringing entrepreneurs together.
3- Look for a partner from a different background
Don't narrow your search too precisely. In today's business world, your ideal partner might come from a different environment, culture, or country. The world is full of smart people from different cultures who will be ready to support you and be able to add a creative perspective to your startup.
4- Find a partner you click with
It's best to find a partner who you have chemistry with both in and out of the office. When talking with potential partners try to find any similar hobbies or interests to see if you have things in common before you give up half of your company. Business partnerships are long-term relationships, so take your time to get to know them before entering into a partnership.
5- Clarify roles and responsibilities
It’s important that each partners’ role and responsibility in the company is clear, because the process of building a startup is the ultimate endurance test and it will take time to craft a shared vision and working style. Launching a startup may be difficult and unpredictable so you should gauge a partner's commitment from the start, as you may find some people unable to balance their time or face any of the risks. If you feel you can't work as a team in the early days, then the partnership probably won't continue. So feel free to ask all the tough questions early on before finalizing any partnership discussions.
It’s natural to face many challenges during the process of setting up your startup, and having a co-founder to support you will help ease the burden. Take your time to find the right partner and consider all the nitty gritty details in your early discussions. Always remember that grit and perseverance make all the difference in the development of a company and these small details will lead to greater success in the future.
