Many times a solo entrepreneur comes up with an idea and looks to bring on one or two co-founders (I’m a fan of no more than one co-founder). Naturally, the personality fit and complementary skills need to be there. Even then, alignment and understanding should be spelled out in a simple document. As someone interested in becoming a co-founder, here are a few questions to ask:
- How are we going to divide up roles and responsibilities?
- What’s on the horizon for the next 30/60/90 days?
- How are we going to split up the equity?
- How much cash is in the bank?
- How much money do we need to raise and for what percentage of equity?
- What does the business model canvas look like?
- How has the customer discovery process gone so far?
- What will the first 10 customers look like?
- What will the first 10 hires look like?
- What lifestyle and family commitments do you have?
Any answers that aren’t immediately available represent good exercises for the potential co-founders to work through and get to know each other’s style. If you’re going to potentially spend thousands of hours with a person, it’s important to spend time up front and make sure it’s a great fit.
What else? What are some other questions to ask as a potential co-founder?