Should You Have a Co-founder in Your Start-up? Insights from the Founders of Four Companies

Whenever someone thinks of launching a startup, the first question that comes to mind is: "Will I be able to do everything alone? Will I be able to take a company to the heights I have envisioned by myself? Should I add a co-founder? Will I be able to trust the co-founder of my company? If yes, then who should that co-founder be and what qualities should they have?"

Yes! If you are planning to start a startup, many such questions must be roaming in your mind. What should be done in such a situation? It can be difficult to decide whether a co-founder is necessary for your company or not. So, let us help reduce your difficulties. We are going to provide answers to these questions, not from our research, but from the founders of successful companies themselves.

Is a Co-Founder Necessary for a Startup?

These four industry experts will address questions related to this:

Dilshad Billimoria, Founder & MD Dilzer Consultants Pvt Ltd, Bengaluru
B Srinivasan, Director SHREE SIDVIN FINANCIAL SERVICES & INVESTMENTS PVT. LTD, Bengaluru
Yuva Raja, MD at BOHO Finserv Pvt Ltd, Bengaluru
Arun Thukral, Former MD & CEO Axis Securities

On July 5, a boot camp for financial planning professionals was organized by FPSB India at the Indian Institute of Management (IIM) Bangalore. The above four industry experts gathered in one session of this boot camp, which Career India also attended. The focus of this session was on the first five customers of any startup and whether one should have a co-founder when starting a company.

Why is a Co-Founder Necessary for a Startup?

In response to this question, B Srinivasan, Director of Sidvin Financial, said that having a co-founder is very important for any startup. This keeps your confidence in the business intact. Whenever your decisions go in the wrong direction, there is a partner to correct them. Also, your work-life balance remains intact. As everyone knows, to run a startup, one has to work 24/7, and this is not a task for one person. In such a situation, if you have a co-founder, your work-life balance remains intact, and you can give time to your family. In the absence of a co-founder, you cannot take a day's leave, whereas with one, you can take a 20-day leave and travel abroad if you want.

What Happens When a Startup Has a Co-Founder?

When a startup does not have a co-founder, all the work falls on the founder. All the major decisions have to be taken by them alone. BOHO MD Yuva Raja added that when you do not have a co-founder, you waste 70 percent of your time on tasks that someone else could have done. In such a situation, it would be better if you take a co-founder with you from the very first day and move forward by forming a team. Keep in mind that in any company, small or big, the time of its head is valuable.

How Should a Startup's Co-Founder Be?

Yuva Raja also said that although a co-founder should ideally be there from day one, if you have started something alone, you can add someone within a year or two. Whether they join from the beginning or in the middle, the co-founder should always be like-minded. That is, your and their thinking should align. Relationships between co-founders with opposing thoughts do not last long. When your thinking aligns, you will support each other in every difficulty and manage the company together. However, if your thoughts diverge, everything may go well during good times, but in bad times, you may start blaming each other, leading to separation. Keep in mind that a person who works impulsively should never be made a co-founder. The person should move forward with complete planning.

How Should Your Relationship Be with a Co-Founder?

Arun Thakral answered this question in the session. He said that trust is very important in today's time. You should not have any ego towards the person who is handling the company's responsibilities with you. It is not about being the founder and the co-founder; there is no big or small in any company. Your relationship should be as transparent as water so that you can understand each other even in bad times. When you achieve success, you should give them equal credit because success roots from multiple efforts.

Should a Team Be Formed at the Time of Starting a Startup or Later?

Before answering this question, here's another: Do you remember the name of the first managing director of Delhi Metro Rail Corporation? You must remember, E. Sridharan! Do you remember the name of the second managing director? No, right? Similarly, when a startup starts, everyone remembers each member of the launching team. So, should a startup, where spending money is limited from the beginning, have a team or not? Dilshad Billimoria, MD of Dilzer Consultants, provided a very good answer.

She said that for any startup, its clients are important. Obviously, you have to meet the client repeatedly, whether the task is small or big. In such a situation, the team is very important. If your team deals with the client for small tasks, and you meet only for the final call, it creates a different reputation for you and your company. If something good happens, your team is there to celebrate with you, and if something bad happens, the same team is there to brainstorm with you. If you move ahead alone or with one or two people, many problems arise.

She further stated that any company can run smoothly only when it operates systematically. If every person in the company knows their responsibilities and works with self-motivation, that team proves to be a boon for you.

Hopefully, this article from Career India will prove helpful in planning your startup. If you find these insights valuable, please share this article. Your one share can help 10 upcoming entrepreneurs.

Read this in Hindi :एक स्टार्टअप के लिए कितना जरूरी है को-फाउंडर, जानिए चार कंपनियों के फाउंडर्स से?