Help is Around the Corner

05.02.2016 |

Episode #9 of the course How to Validate an Idea by Ryan Kulp

 

How do you feel? Are you overwhelmed? Have you been sacrificing personal time to pursue your idea? Could you use a little help?

If you’re still expanding your business concept, gathering feedback, and potentially hooking a few customers, you might want to consider onboarding a co-founder.

Similar to the mantra of firing yourself, a co-founder can be an excellent trade of illiquid resources (equity ownership) for tangible value (increased throughput).

Much has been written about how to find and compensate co-founders, but what’s most important is understanding that at this point, you have all the leverage.

The customer development, name, domain, and early users are fruits of your labor. So if you choose to seek help in the form of a business partner, keep in mind that you’re most qualified to dictate the terms.

Also keep in mind the one-page business plan from Day Two.

I know, we’ve mentioned this a lot. That’s because the answers to those questions—the “why” behind your business and the pain points you’re solving—must be understood thoroughly by a potential business partner.

Without a mutual understanding at the lowest level of your concept, it won’t work. Great business partners are in it for the same things.

 

A few benefits of having a business partner:

  • Revisit the Fill or Kill conversation frequently

  • Double the size of your sales force

  • Get more sleep or get more done

  • Encouragement when it gets tough—because it never gets easier

 

We discussed earlier in the course that introspection is a big part of being an entrepreneur. So spend today examining your deficiencies and the things you need to make this idea more successful.

Do you think another person could fill that gap? If so, finding a co-founder might be a good decision.

 

Recommended book

“Zero to One: Notes on Startups, or How to Build the Future” by Peter Thiel

 

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