You've figured out the most brilliant idea!
So you grab your best friend and your brother to start the company together.
In your excitement to get started, you and your two cofounders fail to do your due diligence by learning more about each others expertise, motivations, and resources-- and to make matters worse, you scurry along and divide your equity into even thirds. After all, this is the most obvious thing to do because you all love each other and you want to make sure everyone is treated...
You've figured out the most brilliant idea!
So you grab your best friend and your brother to start the company together.
In your excitement to get started, you and your two cofounders fail to do your due diligence by learning more about each others expertise, motivations, and resources-- and to make matters worse, you scurry along and divide your equity into even thirds. After all, this is the most obvious thing to do because you all love each other and you want to make sure everyone is treated fairly...
Two months later, the company is booming, but there's one small problem... you realize your best friend has barely touched the project since you started. To make matters worse, when you bring up the issue, your best friend informs you that he will be leaving the company and deserves to keep his 1/3 share in the venture.
Now you and your brother are essentially doing all the work, while your best friend gets paid an equal share of the profits. Still excited about jumping into a partnership without learning the basics of forming a strong cofounder relationship? Maybe you are still excited to jump in without learning more... but I can guarantee you that some day you won't be happy about it.
"BUT THIS WON'T HAPPEN TO ME."
I hear the above statement all the time, and yet... two-thirds of startups end up failing because of disagreements between founders. Because founding isn't as simple as drawing up an agreement and shaking hands over it. In fact, there are eight steps required to build a cofounding team that will win the entrepreneurial game.
1. Identifying what you need in a cofounder.
2. Preselecting your cofounder through a series of interviews.
3. Assigning the proper roles and responsibilities to your cofounder.
4. Taking regular, weekly/monthly "Cofounder Dates."
5. Splitting equity the RIGHT way.
6. Creating an air-tight Founders' Collaboration Agreement for protection.
7. Negotiating and learning from cofounder conflict.
8. Fixing cofounder mistakes to avoid startup fatality.
This course will teach you EVERYTHING you need to know prior to jumping into the world of entrepreneurship with a cofounder! Don't go into a founder relationship blind... use the experiences of people who have done it countless times and follow a proven roadmap to improve your chances of cofounder success.
CHECK IT OUT AT: https://www.udemy.com/course/cofounding-the-right-way/
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