I was briefly scanning a great article on Forbes when something struck me: cofounding a business is hard!
So many new, small businesses are started and run as a passion gig or side hustle. What about those who want to immediately grow with investments and a team?
Their recent article pulls advice from veteran business founder, Sid Sijbrandij. His ability to spot a great business opportunity is becoming well known.
When you have partners in a business, there are 2 things he wants you to consider:
- Make smart choices with shares of your company.
- Make sure everyone has the same vision for your company.
Ultimately, failing at both of those points can potentially kill your company or push you out of your own company.
If your partner(s) have more shares than you, they can ultimately take over control of your business. Keep that in mind when determining shares. You do not want to destroy your future before you start.
The same applies for the second point. If each cofounder has a different vision for the company, your dream is broken before it can start. Everyone needs to be on the same page. Make a plan that each founder is happy with. Make sure your plans align.