You must have heard the terms such as founder and co-founder. What do they mean, and what is their difference? It is time to know what is a founder and a co-founder?
What is a founder?
A founder is a person who establishes a business. It is a term used for a startup business or in the business context. Here the founder is the one establishing the start-up business or any business. The founder is known as an entrepreneur. A founder is like an operator believing in his ideas and executes the task relevant to his field.
Related Post: How to Deal with Your Cofounder Leaving Your Startup?
What or who is a co-founder
A co-founder is a person helping the creation of a company, business, union, or organization. He has involvement in creation, but he is not the original person for establishing the business. A co-founder gives opinions, well-thought-out, to help the startup in many ways.
What is the exact difference between founder and co-founder?
A founder is the one coming up with an idea and transforming it into a startup or business. Founders set up their own business or do it with a team. A co-founder is a part of the company if he is with the founder in the business from the start. The co-founder gets equal credit.
The difference between founder and co-founder is that they can benefit a startup vision together. The founder may have designing skills but may lack engineering skills. If the co-founder is a technical person, it will benefit the startup launching process.
A founder’s responsibility is to arrive at a profitable idea feasible for a company or business. A founder has to decide the services and products that his company or business is going to offer. It should include a business model. The responsibility of a founder is to ensure the company enjoys profits and success.
A co-founder is a person founding the business or a company with the founder. It means the co-founder helps the founder come up with business or company ideas. However, the co-founder most commonly has resources or skills to help the founder in the business with his idea. These skills can be an experience in startups or business. It can be technical by nature, or resources or capital to invest in the business.
After knowing the difference between founder and co-founder, it is clear to understand that they can run a business. They may act as a company CEO, a chairman, respective department heads, or sit with the Board of Directors. They can step down and allow the CEO and Chairman appointed to run the company. There is the advantage that the founder and co-founders can take their profit, sell the company, and walk away.
How to choose suitable co-founders?
Now, you are aware of what is a founder and the difference between founder and co-founder. Therefore, it is time to understand how to choose the right co-founder? Firstly, a founder should think about the skills they lack. If you are a designer, look for an engineer or vice-versa. If you are just an idea master, find co-founders as an engineer and a designer. If you have designing, engineering, and ideas under your belt, look for a person to market and manage people.
The co-founder you choose should save you money. Thus, if you are going with a tech startup, you need a co-founder with a technical background. A founder and co-founder relationship are like the bond of marriage. So, get a cofounder like you so that you can carry on the business as you want.
Think about what you want in a co-founder, and start working it out. Try to understand what you are very good at and focus on the start-up. Find out what you want in a cofounder and why he will accept to work with you. After working on this extra bit, find your potential co-founders.