What would you do if you knew, right now, how successful your startup would be in the future?
If you knew it wouldn’t be successful, would you still pursue the entrepreneurial journey?
And if you knew it would be successful, would you work as hard at it, or just leave it to fate?
We all know there isn’t a sure shot way to determine the success. Many times, success comes from the toughest challenges and the deepest trenches and at other times, when you least expect it.
One way to get more insight into your future potential to succeed – look at your entrepreneurial characteristics. You may find a dichotomy of traits: most successful entrepreneurs seem to have a mix of seemingly opposing traits:
- A loner yet collaborative
- Loves and hates to leverage money
- Simultaneously the smartest and most foolish person in a room
- Silent yet determined
- Cautious yet risk-taking
- Eager yet calculated
- Analytical yet creative
- Optimistic yet realistic
- Filled with humility and confidence
- Lives in the present, yet relishes the future
What are the traits that will propel you to the next level of your venture? Let us know in the comments below.
“I can do it all myself.”
This is the declaration many new entrepreneurs make (myself included) as they decide to go solo. They often overlook the fact that cofounders can balance out their skills, help propel business and even provide investment.
Unfortunately, it is difficult to find a suitable cofounder! So it’s common for solopreneurs represent their ventures as ‘we’ and ‘my team’. And why shouldn’t they? They are indeed the CEO, CFO, CMO, Developer, Assistant, and Gopher. But there is a risk of spreading themselves too thin. As I was working on a business idea, I was frustrated as I was pushing myself to learn things that were not my expertise. The hours, weeks and months wasted could have easily been avoided if I had found a cofounder who complemented my skills but still shared my vision from the get-go. This is an #entrepreneurfail that is easy to fall into at the beginning of an entrepreneurial journey.
As an entrepreneur makes progress, taking the time and effort to find a cofounder or a team to supplement his/her skill-set will prove valuable. And as an added bonus, investors often prefer teams with varied skills to protect their investment.
So what should you do?
If you are truly ready to share the vision and responsibility of your baby, then start searching for a cofounder. In addition to networking events, and your university’s alumni database, some great resources to find the perfect match include: CoFoundersLab and FounderDating.
Be ready for the tough conversations up front, as Harvard Business School professor Noam Wasserman suggests. He recommends discussing equity based on output not just an arbitrary fraction. It’s prudent to have the expectations set upfront. It’s one less thing you will have to juggle on your journey.
Did you decide to go solo or find a suitable partner? Tell us about your quest for a cofounder in the comments below?
This was created by Kriti Vichare for #entrepreneurfail: Startup Success