Welcome, to my ultimate guide on how to find a co-founder in the next 30 days.
About a year ago, I came up with the idea of starting a car repair marketplace in India. So without wasting any time I started setting up basic things on my own & started getting my hands dirty with building the business. I started doing everything on my own without any external help or employees.
I worked for long stretches and after working for about 10-12 hours for 3 weeks straight, I realised that building a company is a lot of work and I can’t do this alone. This way I will burn myself out & I need external help to move fast on this.
I thought of finding a business partner for my business, someone who can help me build my company.
I started reaching out my friends for help. I reached out to all sorts of people whom I thought might be a good fit for my business. Like someone who would complement my existing skillset.
As I started speaking to more and more people I started reaching out to people in my circle. I spoke to my school friends, Alumni, friends, friends of friends, friends of friends’ friends.
After speaking & personally interacting with zones of people I realised one thin that, a lot of people were interested in joining me and the idea was exciting to them, but when I asked them to commit and come on board as a full-time partner.
The moment I said this I could sense hesitation in their behaviour.
I heard things like…
“ Oh I like your idea but I won’t be able to work on it full-time‘’
“ The idea is great but I don’t have the time and money to invest it “
“ I am getting married next year. I don’t think it is the right time to work on something like this “
” I can only work on this after office time “
I instantly knew that convincing someone who doesn’t want to be convinced is a hard task, so I moved on to my next option.
After exhausting my current set of friends and acquaintances. I started reaching out to people through online portals. I contacted people on my Linkedin, Twitter, Angellist, Facebook, Reddit and many other places.
I tried almost everywhere. Be it my social accounts or public forums. Everywhere.
You name it and I had done it.
It was only after this relentless search I stumbled upon this BLUEPRINT of hiring a co-founder that I got my results in a matter of 30 days (start to finish). At first when I came across this blueprint, I didn’t really take it seriously.
But over a period of time, as I got results, I started recommending it to others where they can use this same system and get the desired outcome from it.
But coming to this point wasn’t easy for me. I spent countless hours in reading articles after articles on Techcrunch, Forbes, Entrepreneur and other startup media sites. Had I known something like this before, it would have saved me a lot of time which I spent in trying to find, tweak and perfect the method of finding a co-founder.
Now if you are someone who is trying to start a company or is already running a company, and you are looking to find your perfect partner. I am certain that like me, you would have also wasted time in reading useless material on Google.
You would have read a lot of material on the web but you haven’t really found any concrete strategy which can help you in finding a co-founder…
And that’s specifically why I wanted to write this guide. So that it helps you in shaving hours off your learning curve.
What I will do here is..
I will lay down a system in front of you. A system that anyone can follow and get desired results from it.
But before we get on that part let me ask you a quick question first…
Why do you think hiring a co-founder is hard?
Because it is actually HARD.
How do I know that?
Because I have been exactly where you are right now, trying to convince people to join my business and help me build my vision.
As I’ve told you earlier, I had tried almost everything. I’m a bit embarrassed to admit this, but I have even gone as far as attempting to write those half-hearted Facebook posts, all in search of a co-founder.
You know the classic “ Looking for a co-founder “ on Facebook startup forum.
I know how painful it can be reading about people building amazing products from scratch, and here you are struggling to find a partner for your company.
Every single day feels as if you are running out of time….
I have been exactly at that stage & I know for sure, It’s NOT a good place to be in.
But here’s the thing- if I can go ahead and do it, so can you.
One thing I realised was that if I wanted to hire a co-founder, I have to FIGURE out a way to reach out to as many people as I can.
(So the more people I reach out to, the more my message gets spread out and it will bring in more people to my Funnel)
And this guide has answers to every question that comes to mind while hiring a startup partner. Also, everything I am sharing is thoroughly tested and approved…
What you’ll learn in this guide:
1) How I learned to hire a startup Co-Founder.
2) How to create an irresistible Co-Founder job description that draws people to you like a lead MAGNET.
3) Mistakes most founders make when it comes to hiring a startup partner.
4) My step by step process for hiring a co-founder.
5) Mistakes to avoid when Hiring a Technical Co-Founder/CTO & programmers for your startup.
6) How you can use the same formula to assemble your own AVENGERS team.
7) Answers to your burning questions.
By the end of this guide, you’ll have a clear blueprint which you can print and save as a reference copy for your co-founder hiring.
Now, this is a pretty long guide with 8000+ words, and it can get a bit overwhelming, but if you stay with it throughout the process and follow it sequentially, you are bound to get some results.
Okay. So let’s implement the process and start getting some results. Shall we?
HOW I LEARNED TO HIRE A STARTUP CO-FOUNDER.
Now, this was about 6-8 weeks post the start of my business and I had faced multiple rejections from friends and acquaintances for my proposal of getting them on board as a co-founder.
It was the time when I found a website by the name of HiringDecoder. I did a bit of research on the net about the website and found out more about the person who was running it.
It was then when I came in touch with Nikhlesh Tayal.
I got to know that he’s been doing Co-Founder and senior level hiring for startups for quite some time. I immediately reached out to him and knew he was the right person to get guidance from.
Nikhilesh has had all kind of experience in this domain, he used to run a recruitment startup even before, so he had the domain expertise to get great people onboard for a lot of companies.
I wrote a short email to him about my problem and how it was slowing down my overall progress in terms of developing my product.
We got on the brief call and exchanged a couple of emails. He suggested me a framework and I started developing material on what he suggested me. And in a matter of 30 days, I had found my co-founder who was more than willing to work with me.
The process he shared with me wasn’t complicated, but it also was not easy.
Once I cracked the nut, I realised that startup hiring is very different from regular hiring. Usually, when you are a small company, people don’t know much about you, so it becomes very hard to get your message out there and gets really difficult to attract high-quality talent
Think of it this way.
If tomorrow UBER has to do a senior level hiring, they can do it easily because they have the money & muscle to do it. And more importantly today UBER is big as any public company so the trust level with potential recruits is really high.
But it is tricky when you have fewer resources to work with.
Nikhilesh taught me the art of turning your brand into a lead magnet and using it to get high-quality prospects.
Imagine how awesome it would be if you could get your next potential co-founder on autopilot mode…
Sounds cool. Right?
We created an irresistible job description which attracted high-quality talent from all across the country.
Here’s the link to the post. It got me so many likes, shares and comments that I still get emails referencing this post. Apart from that, this single post helped me attract potential senior employees, CTO and other key hires as well.
A single post helped me get results in a matter of 30 days. Imagine how powerful this one post could be if it can get you the highest order of talent wanting to team up with you & build a cool company out of your idea.
It’s like assembling your own AVENGERS team.
HOW TO CREATE AN IRRESISTIBLE CO-FOUNDER JOB DESCRIPTION THAT DRAWS PEOPLE TO YOU LIKE A LEAD MAGNET
I see this all the time on Facebook forums, people looking for co-founders & writing a small 50 words notice.
These messages often look like…
Notice how the messages don’t convey anything specific.
The whole point of a job description is to flow like a story, and cover things in an end to end format.
It should be a peek into you, your company and your brand.
The #1 mistake most people make is: they speak all about what they need from the prospect but very rarely provide detailed info about themselves, their company and other details.
The more you make it about them, the better it would be. Otherwise, it is simply asking people to share your workload and get a payout with some equity in return.
You get that everywhere, but what’s special about you, that’s what people want to know.
That’s why crafting a perfect job description is the key to attracting high-quality talent.
Few things a perfect job description should include…
- Story: The Job description should be an insight into the kind of person you are: What have you done in the past, Your accomplishments (even if they are small), your failures (this displays more vulnerability and humanness around you) and bind them all in an easy to read story format, just like you do in your interviews.
- Why you are the best person: you should also explain why you are working on this opportunity right now and why you are the right person to solve this problem better than anyone else. Get as detailed & specific as you can.
- Inspiring: The undertone of the job description should be inspiring, something that evokes interest in the reader and makes them read end to end. Think of how Elon Musk inspires the world by explaining his vision about what he wants to accomplish for the world. Now it’s not important to have a vision as BIG as Elon Musk but writing an inspiring story should do the job for you.
- What they’ll get: Get really specific on what’s in it for them instead of focusing on your benefit. When you focus your story like a sales copy, people will get drawn to you as if you are speaking directly to them and it will work like a melting copy that persuades them to buy in your story.
- Who is this for: It’s important that you make it clear who is this position for. When I wrote my blog post I made it specific enough to attract the right people. I mentioned 4-5 pointers of people who’d be FIT for such a position and that did the process in eliminating substandard applications.
Side Note: Please for god sake, don’t mention I need people from Stanford, Yale, IIT and IIM. If you do that chances are high that your post might be reported and turn up into a hate post instead of getting HOT leads.
- Who is this not for: This one is more important than the previously mentioned point. With Startup funding and valuations momentum going through the roof, all of a sudden starting up has become sexy. While all of that is fine, what has started happening is that a lot of tourists have started coming to the startup world. By tourists I mean people who are not very serious about building companies and are here because it is sexy to work in a startup. The kind who will run away when it gets hard.
Ideally, what you should be looking for is someone who has the ability to take the pressure and can deliver under tight circumstances so that they don’t run away at the first sight of resistance.
Back when I created my first draft I had to go through periods of revision to make sure that the message stands out and attracts the right kind of prospects.
Here’s the job description that I created and got lots of comments and likes from the community.
When you have created a rough draft for your job description, share it with friends for their feedback and keep tweaking until you get it right.
MISTAKES MOST FOUNDERS MAKE WHEN IT COMES TO HIRING A STARTUP PARTNER
I will start by asking you a quick question.
Are you part of a Facebook startup group?
And have you ever had the chance to look at the kind of Co-Founder searching posts people make there?
I doubt those kinds of posts will ever attract high-quality prospects.
Now, I don’t know about every forum but Facebook & other top forums like Reddit have a simple rule; the more engagement your posts have the more they’ll promote.
Engagement meaning likes comments & shares.
But posts like these are never going to get any kind of attention. They’ll never get noticed by the right prospect.
Mistake #1 Half-Hearted Effort:
Most of the posts that you see on forums start with “Looking for a rockstar Co-Founder ” or ” looking for a passionate Co-Founder”.
If you are looking to attract some serious talent, please refrain from using buzzwords and focus on being creative and unique.
Buzzwords in a co-founder job description are as bad as bad breath in the dating world.
If you put in that kind of effort and end it in 20-30 words, no one’s going to join you. Make it unique so that it gets more engagement and stands out among other posts.
Mistake #2 Not Sharing Your Idea:
A lot of times us founders feel hesitant in sharing our ideas.
I mean we have all been there, but ask any experienced guy in the startup world and they’ll tell you that ideas don’t matter as much; execution is everything.
So you should be ready to share some details about your idea.
For instance, you are working on an Idea based on A.I. technology for automotive industry, you should write a bit about the idea so that the potential founders that you attract are the ones who are either experienced in the automotive industry or have some knowledge in the world of A.I. (Depending on the type of partner you’re looking for)
Mistake #3. Jumping In Too Early:
This is the most common mistake, and I am sure somewhere in our journey a lot of us have made this mistake.
I once read this amazing quote by Neil Strauss which totally made sense to me
“In the dance of infatuation, we see others not as they are, but as projections of who we want them to be. And we impose on them all the imaginary criteria we think will fill the void in our hearts.”
Finding a business partner is almost like finding a life partner, sometimes we overlook the minor things because we get infatuated by other dominant traits.
The idea is not to hurry, but be calm and tactical in the selection process.
Start with a trial period and see how the other person can add value and how you can figure out a way to work together. If not, then keep looking and find a suitable match for you, but don’t settle on a low-hanging fruit.
STEP BY STEP PROCESS FOR HIRING A CO-FOUNDER
The whole process of finding a co-founder can be done in a matter of 8 easy-to-follow steps.
I have tried to make the process as detailed as I can so that you can read it and apply it right away. So let’s start.
The #1 reason why it is so HARD to hire a co-founder or to find any level of senior talent in startups is that; very few people know about your company.
Founders and startups usually don’t have any credibility in the marketplace. Because to the outside world, you’re just another website. And that’s where you need to start first.
You need to start getting featured in media and publications. You should start getting your story out there, (your personal story and your company’s vision). The more you spread the word, the more people will trust you.
Media mentions will add social proofing to you and your company.
Few tactical steps for building your brand…
a) Story Section (website): Instead of writing a boring “About us” section on your website, write an interesting sales letter story to the reader.
People love listening to stories, that’s how they remember brands. Your story should be unique and captivating right from the start so that when people read your “About us” section, they mentally start qualifying themselves whether this company is for me or not.
It also helps in filtering out non-serious candidates because lately a lot of non-serious people have started flocking to the startup world because of its glamour. So by mentioning specifics, you can weed out the non-serious candidates right away.
Your “About us” section story should cover the following…
What have you done till now?
Why are you solving this problem?
Why is this team (founding team) the best people to solve this problem?
How the founder came up with the idea and why now is the right time to solve this problem?
Share a bit about the evolution of the product.
Lastly, you should also specifically mention about the kind of people who should and should NOT join your company.
Basically, you need to build a story which you can tell the world.
If you see all top entrepreneurs, all of them have a story about their company and a vision about what they want their company to achieve.
1) Travis Kalanick (Uber, Co-Founder):
If you hear his story he’ll always mention that he wants to create low costs transportation and generate jobs in different cities of the world.
2) Mark Zuckerberg speaks about connecting the world.
3) Elon Musk speaks about building a sustainable future.
Now these stories are simple and easy to communicate and that’s what you need to do, create a story that’s inspiring and draws people into your culture and the work you do.
You can even learn more about hiring people and building story for your company from Sameer Guglani.
(Please watch this video to the very end. If it doesn’t work, please
click here to get access to the video.)
b) Getting PR/Media Mention For Your Startup:
It’s simple and easy to implement sort of write up which you can do it yourself.
This will help you establish more trust with your prospects.
CREATING AN IRRESISTIBLE JOB DESCRIPTION
I have already mentioned this at length in the job description part.
But we’ll take up some examples here in this section.
Now, you might disagree with the style Nik or I have used, but the reality is that it doesn’t matter. What matters is that you have a structure and write straight from your heart.
A perfect job description should have few things in it…
a) Story: The Job description should be an insight into the kind of person you are, What have you done in the past, Your accomplishments (even if they are small), your failures (this displays more vulnerability and humanness around you) and bind them all in an easy to read story format, just like you do in your interviews.
b) Why you are the best person: you should also explain why you are working on this opportunity right now and why you are the right person who can solve this problem better than anyone else. Get as detailed and as specific as you can.
c) Inspiring: The undertone of the job description should be inspiring, something that evokes interest in the reader and makes them read end to end.
Think again of how Elon Musk inspires the world by explaining his vision about what he wants to accomplish for the world. Now you don’t need to have a vision as larger as Elon but you can write an inspiring story and that should do your job.
d) What they’ll get: Get really specific on what’s in it for them instead of focusing on your benefit. When you focus your story like a sales copy people will get drawn to you as if you are speaking directly to them and it will work like a melting copy that persuades them to buy in your story.
e) Who is this for: It’s important that you make it clear who is this position for. When I made my blog post I wrote I made it specific enough so that I end up attracting the right people to it.
I mentioned 4-5 pointers of people who’d be FIT for such a position and that did the process in eliminating substandard applications.
Side Note: Please for god sake, don’t mention I need people from Stanford, Yale, IIT and IIM.
If you do that chances are high that your post might be reported and turn up into a hate post instead of getting HOT leads.
g) Who is this not for: This one is more important than the last one. Please make this section really specific so that you only attract serious prospects to your posting.
What this does is, it starts setting expectations upfront, so that people know right from the beginning what are signing up for. If you have written a detailed and well thought out job description, odds are that it will do the work.
For example, if you are looking for a CTO, it should be written with so much specificity that it only attracts high-quality senior talent vs Aspirational junior developers applying for it.
Startup hiring is hard because finding talent who is willing to give their time and energy to building a company is rare to find. And finding such talent in conventional job portal is like finding a needle in a haystack, you can find them there but there are better ways.
So the question is where can you source high-quality co-founder applications?
Usually, people who are crazy about working for startups can be found in the following forums.
- Facebook Startup Groups: Find all the startup chapters and forums in your local area and country and share it your job posting over there.
- Reddit forums: Search for local startup chapters & co-founder forums over there.
- Tech Magazine forums like Hasgeek
- Co-founder Hiring Forums: Co-FounderLab & FounderDating etc.
- AngelList: Lately AngelList has been working great for startup hiring.
- Paid Advertising: You can run ads on Facebook and LinkedIn with a budget of $100 each, and you’ll get high-quality applications.
- Alumni: Sharing your job post in your alumni groups can be really powerful. you will find a lot of interested prospects from there.
- Referrals: Referrals and asking your friends to share can help you a lot. Imagine if you are able to get the right set of people to share your job posting, you’ll get a lot of high-quality applications.
If you have written a great job description, the chances are that people who’ll like your job post will share it with their friends and recommend people to you. I have seen this happening in my case where I got a lot of applications through recommendation and shares from my friends and acquaintances.
If you can ask people who are more active in the startup community to share your post, chances are you will get high-quality applicants in your funnel. Simple things like asking people to share the job description can do wonders.
You could add this to your job post.
“ It’d be great if you could share this on your Facebook and LinkedIn, it will help me in reaching out to the right person.“
Once the distribution part is done, our next task should be to filter out bad applicants.
But how do you filter out bad applicants?
By introducing qualifiers in every step. You can do this right away from the job posting stage.
Now I created a simple qualifier for my job posting. This qualifier was necessary as it separated top performers from the average ones.
In the last line of the job post, I mentioned this how to apply process…
“ How To Apply:
Tell me your story, Why would you like to join us, what excites you about this venture, what is your belief system, what do you do for personal growth, what is your skill set? What have you worked on in the past?
Don’t expect a reply if you simply send in your CV or ask questions in the comments section below. We want to know who you are and if you share the same vision and have the right skill set for it. Send an email at [email protected] or [email protected] “
Now, I got a lot of people through comments, messages, calls and other ways even after I made it clear in the application process.
I pointed them in the right direction and asked them to follow the process yet very few of them sent me an email. But then I realised that’s the difference in top performers and average performers.
The best applications I got were the ones that landed straight in my email box. To give you an idea once I ran the ad posts on several communities and ad spaces this is what my final stats looked like.
- I got about 200 odd applications.
- 52 Emails.
- 15 calls/meetings.
- 8 In-Person Meetings
- 2 Shortlisted Candidates for trial
- 1 Final Recruit.
QUALITIES TO LOOK FOR IN A POTENTIAL CANDIDATE.
Now before you commit to working with someone, you should always take it slow. If you FEEL doubtful, don’t commit. There is no test to measure this, but it is a simple GUT feeling. If you don’t feel right with the person, then you’ll develop troubles in the future.
Trust your intuition.
The thing about the right person is that they’ll STAND out, right from the first point of contact.
There are some ways which you can use to weed out UNFIT prospects.
You can test certain things like…
a) Email: If you observed my job description process, you should add the application process through email only. Only the applications that are sent via email will be accepted.
Now since the process for applying is email. A lot of people will apply through the normal application process, but the top performers will always email you if you have mentioned specifically in the process.
So, you should look out for the Emails that you receive.
Observe the email, how well structured is it, Is it to the point or not, Fluffing around, Grammar Usage, Sentence structuring and other qualities that stand out as a good intro email.
This is what a top performer email looks like.
b) Intro Meeting/Call On Short Notice:
Again this is another qualifier in the process.Whenever you are trying to look out for qualities in a prospect, you should check whether the person is fast-paced and adaptable, because startup environment is such that you have to be fast paced and make quick decisions.
You can even list down the qualities that you are looking for and test the person based on them, but in my case, I was specifically looking for this so I created a qualifier around it.
So a quick method I devised to check whether the person is right or not was to get them to meet or get on call as quick as possible.
Now the intention isn’t to actually get on the call and do a one on one interview with all seriousness, it should be more of a get to know each other call/meet.
But the idea is to see how responsive and FAST paced the person is. If the person can’t respond with speed on urgent calls or meeting on a short notice, it will become difficult for him/her to work in a fast-paced startup.
Also, the faster the response the more willing the person is to join a startup.
c) Discussion About The Product:
Now, this is a very subjective topic, but as a founder, I believe you can understand this better than anyone else. When you speak to your prospect, try to get into deep meaningful discussions about your product.
If you’re at the product stage or traction stage ask them about how you can improve a certain part of the product, depending on who you’re recruiting.
If you are recruiting a technology guy, then ask them questions relevant to the technology part of the product.
If operations guy then ops.
If marketing then the marketing and advertising part of the product.
And if you are still at the idea stage then ask them for cues on how to build the product and how you can evolve your idea into a minimum viable product.
Ask them questions about what they’d change or add to the product depending on what type of person you’re dealing with.
And see the kind of quality and valuable inputs they add to the discussion. A good guy will stand out even during the interaction phase, ask them detailed questions about how have they solved a certain problem in their last organisation.
Because there’ll be times when the person you meet will be great on paper but ‘ Meh ‘ when it comes to the discussion part, and vice versa can be true as well.
Your first interview should not have a formal setting structure but try to make it a casual conversation and ask specific questions related to your needs.
Asking basic questions like.
a) Why do you want to join us as a co-founder?
b) Do you think you’re at the right stage in your life to start a company?
c) What are your plans for the next 5 years?
At this stage, it’s just like a first date.
Finding the right FIT.
When you are questioning them, you should also ask them about their expectations because it is good to do expectation setting in advance.
Ask them about what they expect in terms of their role, job, responsibility, capital contribution (if you are looking for it), ideas and core cultural values.
With my case, I found there were few non-negotiables which I couldn’t compromise on. I wanted the following things.
- Similar mindset
- Cultural Values
- Belief System
For me these things were super important, If these things are in place, rest can be dealt with ease. But when I say that, I am not undermining the importance of other parameters. 😀
In my case what I found was my partner & I held similar values when it comes to running a company. So it was an instant fit right from the beginning.
ASSIGNING A PROJECT
The best way to check a person’s long-term fit is by making them work on a small project basis or giving them a trial period to work with you and your team.
By assigning a project you will get to know the person’s ability to deliver and execute.
Ask them to prepare a 100 Day Roadmap of the division that they are expected to handle. The 100-day test is a great way to check their skillset. You will get a teaser of what to expect if they come on board.
Ask the person to prepare a report of 100-day roadmap & ask them to submit it within a week’s time. A good way to see the level of proficiency is by seeing the quality of the report. Does it have clear specifics, timelines, resources required and what will the end deliverables look like?
For example, you can hand them over a project on growth.
Ask them to prepare a plan on how to grow a product to 100k traffic a month or getting 100k users by next month with $0 marketing spend.
Similarly, you could create such projects for other divisions as well and test your candidate’s proficiency level. This is again one of the qualifiers that I spoke about even before & it worked out really well. It will also help you differentiate between a seasoned manager and a newbie.
Once your prospect has passed the 100-Day roadmap test, you can then test whether you want to work with the person or not. If yes, then you can get the ref check part done for the prospect.
What I have found is that the best way to do background verification is to do through Linkedin connections and through third-party agencies.
Third party agencies like KPMG Global can help you with this.
If not, then you can google, Employee Verification Agencies or companies“ and you’ll find a lot of companies who can help you with it.
There are 2 types of verifications which can be done…
a) References Provided By The Person:
To ref check, you can first speak to the contacts provided by the person. Speak to them about your prospect’s ability to execute and ask more questions about behaviour and cultural fit in the last company.
You should do checks with a minimum of 3 people.
b) Cold References:
Usually, cold references can be checked by agencies but if you want to take charge of it, you can do it yourself by reaching out to the people who are in the person’s LinkedIn list.
Try to avoid speaking to people who have given testimonials/recommendations to your prospect, they’ll be inclined to give biased reviews and also your prospect would know about it.
Try to speak to someone who has worked with them in their last to last company or someone who has worked on similar projects/levels with them.
Prepare a list of questions which you think are important for you and ask them in a quick chat manner.
By now you have settled down to 1-3 candidates whom you like and they also want to work with you as a team.
Now If you pick one person and ask them to join you that wouldn’t make sense because that way you won’t get to test the other candidates. So ask your candidate to work with you for 7-15 days with no pressure and no expectations, if it works out fine, you can continue working with each other and discuss compensation and other benefits.
This way you will not have the pressure to commit to the candidate even if it doesn’t work out well for you guys. Ask the prospects to commit to work for a period of 7-15 days.
Because it is easy for them to take a leave for 7-15 days instead of committing full-time to something which they are equally apprehensive about. And you can take it from there on. If you like a certain person, you can then make them an offer and ask them to join you.
You can ask them to take a leave and work with you full time on it, this way you’ll get a feel of working with them, and the other way around as well.
Discussing equity, vesting rights, shareholder rights everything is irrelevant to this point. That should only get in the picture once you guys work with each other and develop a liking for each other’s working style.
Once you have finalised the person after your trial period, then you should give them an offer. You can use tools available in AngelList to allot them a fair share of equity, compensation, benefits and vesting period details.
Try to include them in the discussion and ask them what’s a fair compensation according to them and allot them something that’s little higher than the industry standard.
It is very important for them to feel well compensated because if they aren’t, these issues can pop up later and cause problems for you. So try to work out something that’s fair for all the parties so that they feel motivated for the cause.
After working with a lot of single founders, what I have noticed is that if you are hiring a core team member and if they don’t feel well-compensated chances are that it can cause issues in the future for your company.
And that’s the last thing you want to happen between the core team. So it’s better to address these issues beforehand.
Think about it. If you are getting a highly skilled person on board.
What all are they sacrificing?
Are they sacrificing money?
Are they sacrificing in terms of their career growth?
Are they sacrificing in terms of their personal life?
If they are making sacrifices like you, they deserve to be rewarded well.
You could do the following to get the proper onboard in your company:
- Adding to company communication: Slack, Email, Trello, Google apps
- Sharing private folder: Folder like Google Drive & Dropbox etc.
- Creating fresh logins for salary account, HR documents (offer letter, ESOPs letter, salary slips (when required) and other documents.
- Adding a new laptop and workspace.
- Sharing important documents related to business strategy.
MISTAKES TO AVOID WHEN HIRING A TECHNICAL CO-FOUNDER/CTO & PROGRAMMERS FOR YOUR STARTUP
I know a lot of you have been waiting to read this part. I feel some of you have already skipped the whole post just to read this part.
So how do you hire a tech guy…
So there is no secret to hiring a tech guy, Hiring a tech guy is same as hiring an operations or marketing guy. There is no rocket science to it.
Of course, the process and approach are different but the basics that work for other co-founder search are the same that work for a Tech co-founder.
You have to be aware of who you are speaking to, so try to speak in their language and try to use the terminology they use to understand business and product building. I have noticed on a lot of forums a lot of people actually confused between what a CTO really is, and whether they even need one or not.
I feel most of the founders don’t really need a CTO, what they are saying here is “I don’t know how to build a website but I need someone who can build the website for me, while I take care of the Business building part“
CTOs come to a company at a very late stage, what they need is a Vice President (Engineering), who can help in building the portal (the web and mobile platform) and can help them develop systems for scaling.
We all know that hiring great tech talent is hard and hiring a tech co-founder is 10x harder, but if you are clear about what you need for your business then it’ll be easy for you to get one.
“Great developers are like pandas these days, it’s very hard to find one“
So the question you should ask yourself is “Why would any developer worth his salt join you? What should be his motivation to join?”
The answer is the same; your job post should be inspiring enough for people to compel them to write to you.
But there are stages.
If you are at the Idea stage it will be close to difficult for you to find great tech talent.
If you are at the Product stage, maybe it will interest people.
But if you are getting some traction and have users/paying customers. Your chances of getting and attracting talent will be higher.
Because great engineers are hot property, they are being pitched ideas every weekend and they get almost numb to the idea of joining a startup. So if you have numbers to back up your idea and have claims, you will get a lot of high-quality applications.
So, if you are waiting to start, don’t wait, start building your product, hire a freelancer or hire part-time developers and get things going.
But please don’t wait for a magical CTO to appear in front of you.
For part-timers, you could find them on tech platforms such as HasGeek, Facebook groups and AngelList free search option.
HOW YOU CAN USE THE SAME FORMULA TO ASSEMBLE YOUR OWN AVENGERS TEAM
(Imagine if you could have a team of amazing people who have powers like superheroes. Sounds cool. Right?)
Back when I started my company I never thought that in search of co-founder, I would be able to assemble a great core team as well.
But then I thought; “Ah, what’s the main theme that’s common between hiring a business co-founder and senior level employees?”
To be honest there is really no difference in it. It’s the same thing, they all buy your story. Everyone wants to buy your story, so if you can narrate a great story to a targeted group of people. They’ll be drawn to it.
Truth to be told the blog that I used to get my co-founder was the same blog post that assembled my core team. It was so effective that it did a lot of social proofing for me and people started applying to join my mission and that was probably the best thing that happened out of that one single post.
But even later, hiring people in other roles as well, I realised that this format works really well.
And then writing and floating the same story type format to people on different job posting forums. You’ll get the same responses and people will apply to your job postings in the same format and selection will be in the same format.
So in all probability, you’ll get high-quality talent using the same framework without employing expensive recruiters. 😉
ANSWERS TO YOUR BURNING QUESTIONS
Q. How many co-founders do you need?
A. There is no fixed rule as to how many co-founders you need to start your company. In the initial stage, a company needs 2 types of people; builders and sellers. So you have to hire people accordingly and see who the builders are and who the sellers are. There is no right or wrong answer to this, but I will still lay down my understanding and you can take your call from it.
Single founder companies are hard, it’s extremely hard starting a company on your own. But that doesn’t mean that it is not possible, Mark Zuckerberg has built Facebook as a single founder, and there are several other companies where single founders have done the job.
But it is extremely hard. Usually, two founders work the best, so that one builds and the other one sells. Two is good. Three is manageable (inching towards difficult), four is inching towards politics, and anything more than four is asking for trouble.
The lesser the number of founders, the faster the decision-making, otherwise there is a lot of ganging up that starts happening and decisions get delayed.
And you want to avoid getting into a lot of time waste and micro activities in the initial stage. Try to keep it to 2 co-founders, if not 2 then 3 should be the ideal number that you should be looking for.
Q. How to split the equity?
A. So as far as splitting the equity is concerned, I have mentioned it before as well to the right person, the equity isn’t even the #1 factor, that doesn’t mean it’s not important. It has its own place but what’s important is the love of building the product. So as far as splitting is concerned, whatever amount you split, it should feel FAIR to the person, on the financial level and psychological level.
So that in the future even if issues arise, the person doesn’t get up in the middle of chaos and say I am leaving because I don’t feel well-compensated w.r.t to my workload.Try to optimise to make things work instead of fighting for 1-2% of equity.
These things won’t matter much in the longer run. You can carve out equity on a host of factors such as Money, Skills, Risks, Who’s the CEO, work is sacrificing more etc.
Q. Who will be the CEO?
A. The one who has a slightly larger share of equity should ideally be leading the company because in the end if all else fails someone has to take a decision that’s in the best interest of the company. Being a CEO can be the toughest job that you’ll ever have, a lot of people will decline and some will fight for it.
You’ll have to deal with a lot of things which you don’t like. For example: Fundraising, Settling employee issues, Conflicts within the team, Reporting to investors, Answerable to employees and board etc. So the person that gets picked should be a responsible candidate and someone who can lead the company in the right direction.
Q. What skills do you need to be a founding partner?
A. To get hired or to hire a person for the founding team you have to have someone who has a good idea of how to run a business. We’ve discussed it before, this needs to be taken care of during the job description creation level.You need someone who has a good behavioural FIT, Flexibility, ability to execute and someone who can work FAST.
A lot of times people come to startup world for the glamour of it because starting up sounds sexy these days. Your goal should be to get the right people in the company who are serious about building stuff.
Q. Should you compromise on a co-founder?
A. I don’t think you should compromise on a co-founder. Because if you get an incompetent person onboard it can cause problems for you and your company. Startups are usually small companies where you build the company based out of nothing but an idea, and idea requires a lot of hard work. If the core team person can’t keep up with the work pressure or can’t deliver at speed, it will cause issues in the whole company structure.
It is better not to have one than to find someone who is a misfit in your company. But I think finding a co-founder is a lot like dating for me because if you look at it if you are a man and you aspire to succeed in the dating world, you need to run a lot of volumes to get some level of success.
Similarly, if you’re a single founder or someone who is looking to get a founder in your company, try to get as many people (high quality) as you can in the funnel so that you get some level of success in terms of hiring.
Q. How to decide how much salary to give?
A. Well, it depends on what stage are you introducing the person and also depends on the expectation of your partner. In my case since the person was coming as a full-time co-founder, he didn’t expect a salary and he was happy to pump in money and time as well in terms of contribution.
But I have worked with a lot of people and have come across situations where the partner coming on board needs a salary to start with. So it really depends on how you can negotiate and mix and match. If you are a funded startup you can really afford to pay a salary, if you’re a bootstrapped refrain from paying a salary but try to convince them to take home a survival salary.
If it still doesn’t work out try to give them a little more equity and strike a balance out so that both of you are in a win-win situation.But again, when the right guy comes all these trivial issues will be ironed out automatically.
That’s all from my side, I hope you go out and these methods and find a co-founder for yourself.
A QUICK FAVOUR BEFORE YOU GO
One more thing before you go – if you enjoyed this guide, I’d love to ask you for a quick favour.
If you know someone who has been through a similar struggle in terms of hiring a co-founder please please please share this with them.
To do that, all you have to do is share this link with them, where they can view and download their own version of this guide [ Insert link ]
And of course, if you feel that this needs to be shared with more people, you can share it on social media using this link or even through your email list.
If you feel like doing that, here’s a quick script you can use to do it:
I just read the ultimate guide on how to find a co founder (I read it and loved it). It’s an excellent guide filled with actionable content, word-for-word scripts, examples and templates.
It covered a lot of things like…
1) How I learned to hire a startup co-founder.
2) How to create an irresistible co-founder job description that draws people to you like a lead MAGNET.
3) Mistakes most founders make when it comes to hiring a startup partner.
4) My step by step process for hiring a co-founder
5) Mistakes for hiring a Technical Co-Founder/CTO & Programmers for your startup
6) How you can use the same formula to assemble your own AVENGERS team
7) Answers to your burning questions
You can check out the guide here! [ Insert link here ]
If you do end up sharing the guide, feel free to tag me in your post :).
And if you find a co-founder, please keep me posted, I’d love to hear your story and will share it with more people. I love helping people on hiring co-founder, so I’d love to hear from you as well.
(This post was imported into WordPress in one click using Wordable)