ALL YOU NEED TO KNOW ABOUT FINDING THE RIGHT COFOUNDER(S)

The cofounding team is one of the most important ingredients for building a successful business. But it is not that easy to build a team that will perform and last… staggering two-thirds of startups fail because of disagreements between founders. Learn how to do it right in this series, covering who is the right cofounder, cofounders dating and trial period and implementation tips.

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7 simple steps of cofounding the right way

Cofounder teams are more likely to succeed in the long run than solo founders. This belief is shared among many startup ecosystem members - from investors to accelerators. However, unfortunately, about 70% of business partnerships fail because of people / cofounders’ issues. How is it possible that if partnerships are good for us, why are we so disastrously bad in it? Because we underestimate the conversations necessary to set it up right, the knowledge required, and the time needed.

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HOW TO HANDLE A LEAVING COFOUNDER

With change being the only constant, the question is not whether but when and what changes you will have to deal with.

Within the cofounding team, a very frequent, very disruptive, but often unforeseen scenario is a leaving cofounder. How to handle it? The best answer is by being prepared for the case it does happen - BEFORE it happens.

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How to Handle Disagreements within Your Team by F10

“It is unrealistic to expect that during your business partnership your team will not encounter disagreements and conflict”, says Jana Nevrlka, cofounding expert, author of the book “Cofounding the Right Way” and start-up mentor at F10 FinTech Incubator & Accelerator. But conflicts are not necessarily a bad thing: “It brings an opportunity to surface underlying tension, improve understanding and self-knowledge and – if done well – increase the team’s cohesion”, states Jana.

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Stephanie Sigrist
Do friends make good cofounders?

Starting a business with a friend? Possible but mitigate the 3 biggest risks.

Despite the enormous popularity of choosing cofounders from existing social relationships (friends and family being a popular pool), after the honeymoon period ends, teams with prior social relationships tend to be significantly less stable.

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Jana Nevrlka
Is cofounding the right choice for you?

There are many reasons why building a business with a cofounding team as compared to going solo is a good option to consider.

For some people, however, going solo is the more suitable option.

The absolutely essential question to ask first is: 'is business partnership the right choice for you'?

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Jana Nevrlka