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MenuShould I keep finding a co-founder or continue working on the startup?
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I always recommend to continue working on the business in parallel with keeping an eye out for a cofounder. As you continue to move forward, it will become easier to get others interested and passionate about joining you.
Keep potential cofounders that you may have already met updated on progress, so that they can see you're not just someone with a good idea, you're driven to implement it too. As they see you continue to make progress they will become increasingly interested in joining and helping you, as they see the potential develop, and what's clear in your eyes becomes more clear in theirs.
Also, as you continue to build the startup, you will continue to iterate and validate it, and you'll get better at understanding and presenting to others its core exciting features / values, which will further help you pitch it to potential cofounders.
Best of luck, and feel free to let me know if you'd like to discuss this or any other aspects of your startup in more detail
Lee
Hi,
Based on the intellectual way you worded your question, it seems like you already know the answer :-)
Although a team is important, it isn't everything, and if you prove that your venture is doing well/has potential (traction, profits, conversion etc...), you shouldn't have any problems.
Co-founders are like romantic relationship - keep looking (without it being an issue), eventually you'll find the right one.
To improve your chances, try focus on forums/meetups and the various other platforms which focus specifically on your field and/or the startup lifestyle, as this will increase the chances of success.
I've successfully helped over 300 entrepreneurs and would be happy to help you if you need any assistance.
Good luck
Continue working on your startup. Finding a co-founder is over rated and doesn't solve any problems. Believe in attraction vs increasing the risk and waste in your startup by looking for a co-founder.
I would rather suggest you continue working on the startup. However, the idea of a co-founder is really great and useful especially if you are handicapped in any of the technological or other areas of expertise that is necessary for the growth of your startup. Do not rush to find a co-founder now, but you will get the right person at the right time provided you do all the necessary things with persistence.
To demonstrate, in my company we are four partners with two founding members and two other partners who joined the team in the third year and in the fifth year. All you need is a proper growth strategy in place and follow it. Let me know if I could help you in any way.
You will find a lot of people in your circle who might like the idea of starting something. But only small fraction is willing to make the leap. A number of things need to go right to find a cofounder on an existing startup.
There is number of avenues outside of your immediate circle you can look for potential partners. I just wrote an article as I get this question from entrepreneurs a lot. Here is the link . https://www.ajiabraham.com/how-recruit-developers-equity-startup/
Having a partner is good thing. But not mandatory. As you are already building your startup, keep going. The more you progress the probability of finding cofounder also increases.
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Business partner I want to bring on will invest more money than me, but will be less involved in operations, how do I split the company?
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Should I charge for a pilot project?
Generally speaking, Yes. I say this for a couple primary reasons. 1) If you do not place value in your product, why should the customer? And if you are not charging for it you are not placing value on it. 2) the customer will be more "invested" in the success of something that has cost them something. If it was free and it fails, "who cares"? if it cost them resources they may be more interested in making it work. There could be overriding factors, but this is where I start with a question of this nature.MF
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How much equity should I give an engineer who I'm asking to join my company as a co-founder? (He'll be receiving a salary, too, and I'm self-funding)
You will find a lot of different views on equity split. I haven't found a silver bullet. My preference/experience is for: 1. Unequal shares because one person needs to be the ultimate decision maker (even if it's 1% difference). I have found that I have never had to use that card because we are always rational about this (and I think us being rational is driven because we don't want a person to always pull that card cause it's a shitty card to pull) 2. When it comes to how much equity, I like Paul Graham's approach best: if I started the business by myself, I would own 100% of the equity; if xxx joined me, he/she would increase my chances of success by 40% (40% is just an example) at this moment in time. Therefore, I should give him/her 40% of the company (http://paulgraham.com/equity.html) 3. In terms of range, it could go between (15-49%) depending on the level of skill. But anything less than 15%, I would personally not feel like a cofounder 4. Regarding salary and the fact that you will pay him/her, that's tricky but a simple way to think about it: If an outside investor were to invest the equivalent of a salary at this exact moment into the startup, what % of the company would they get? (this may lowball it if you think the valuation is high but then again if you think you could get a high valuation for a company with no MVP, then you should go raise money) One extra thing for you to noodle on: given you are not technical, I would make sure a friend you trust (and who's technical) help you evaluate the skill of your (potential) cofounder. It will help stay calibrated given you really like this person.MR
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I'm having problems with ideation for a startup, I'm a web developer, what needs of yours aren't being met? Or how can I find a big problem to solve?
It's really ill-advised to solicit your vision from anyone. In my 20 years of building, investing and supporting tech companies, I don't know of a single success story that has it's origins in someone with your approach. Running a tech startup is incredibly hard. It demands sacrifices few are truly able to make and come with it tremendous risks that most people are unwilling to take. It sounds to me as if you want the startup life because you have an impression of what it's about but haven't yet experienced it first-hand. I'd encourage you to first join an early-stage startup. Developers are incredibly in-demand. Find an entrepreneur who has some experience, funding and a compelling vision that you believe in and get to know what the journey is really like.TW
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