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\n\t\tOpinions expressed by Entrepreneur contributors are their own.\t<\/p>\n
\u201cJust find a co-founder\u201d is some of the worst advice we can give new entrepreneurs.<\/p>\n
A great co-founder can dramatically improve your odds of success. They can bring skills you don\u2019t have, challenge your thinking, carry part of the load and help turn an idea into a real company. But the wrong co-founder can be far more dangerous than having no co-founder at all. The problem often starts in college. A few friends sit around talking about an idea. Everyone gets excited. Suddenly they\u2019re business partners.<\/p>\n
I saw this firsthand when I invested in a small company started by four friends. They generated millions of dollars in sales, but within two years they filed for bankruptcy. These were smart, entrepreneurial young guys who later succeeded in other businesses. But they hadn\u2019t organized themselves around their individual strengths. Everyone gravitated toward the job they wanted instead of asking: Who should actually be doing what?<\/p>\n
That experience reinforced something I\u2019ve learned repeatedly over 30-plus years of starting companies: Never pick a co-founder simply because you like them. Pick them because the two of you are stronger together than either of you is apart.<\/p>\n
Here\u2019s the three-step process I recommend.<\/p>\n
The first person you need to understand when choosing a business partner isn\u2019t the potential co-founder. It\u2019s you. What are you exceptionally good at? What are you mediocre at? What do you hate doing? What kind of work gives you energy?<\/p>\n
I\u2019m an idea guy. I love strategy, sales, relationships and figuring out where the next wave is coming from. My brother Bill is different. He understands the plumbing and wiring behind technology far better than I ever could. Early in my career, that difference became an enormous advantage. We weren\u2019t two people with identical skills fighting over the same territory.<\/p>\n
Steve Jobs and Steve Wozniak are the classic example. Woz had extraordinary technical ability. Jobs brought a different set of strengths. They weren\u2019t clones. They were complements. That\u2019s why I\u2019m a big believer in personality profiling. You don\u2019t need to be good at everything. You need to understand what you\u2019re good at and surround yourself with people who are good at what you aren\u2019t.<\/p>\n
Write down your five biggest strengths and five biggest weaknesses. Then make a second list titled \u201cWhat this business needs that I don\u2019t bring.\u201d That second list is the beginning of your co-founder job description.<\/p>\n
If you\u2019re a visionary<\/a>, you may need an operator. If you\u2019re analytical and process-driven, you may need someone who thrives on people and sales.<\/p>\n Different skills are an advantage. Different values can be a disaster. I learned this the hard way. I once had a business partner whose values around money and the company were fundamentally different from mine. Spending became a constant source of tension. Eventually, the differences became too great, and I had to end the partnership.<\/p>\nStep 2: Compare values before you compare equity<\/h2>\n