Finding a Co-Founder for Your Hong Kong Business – Guide
Finding the right business co-founder is one activity that you should not rush at all. The right partner can change your life. Many genuinely passionate people who are serious about establishing a company end up having only two options that they can use to find the best match. These are either to compromise or to keep on looking.
The majority of startups collapse because of a founders’ mismatch. In order to diminish such failures, it’s highly recommended to start a company with people you know. It can be your past colleagues or people you have studied with, as this is an excellent proxy to knowing how well you work and interact together.
But, there are states in which you do not have the right person with you or your immediate friend is not ready to be your partner. In such cases, you have to find a co-founder. There are tips and tricks that you can apply when finding a hong kong business co-founder. Follow a systematic approach to the first and most crucial step of your company’s journey. Keep on reading this article to get more insight into it.
Co-Founder for Hong Kong Business
There are several factors that go into the making of a thriving startup. These factors include market needs, financing, a feasible business model, and marketing. Nevertheless, getting the right team especially, the right Hong Kong Business co-founder, is the first crucial step. 23% of startups out of those who have failed said that not having the right team was one of the significant causes of startup failure.
The odds of getting success are increased with having two founders on the team rather than one. According to experts, a startup will raise startup capital and grow its consumers three times faster with more founders. Two fully invested founders are greater than the sum of their parts.
Finding a co-founder in Hong Kong can be tricky. But, many resources can find someone with the skill sets required to run a business. Before you go deep into the exact tips and tricks that will help you get your desired Hong Kong Business co-founder, you must know who a founder is and their importance for your business.
Founders vs. Co-founder
Someone has started a company with the help of a defined idea of business. The person who has given this defined idea is called the founder of the company. It is possible that the person who has defined this idea might not have adequate finance, human resources, or even lack some required skills to accomplish it. Therefore, the need for a person fulfilling all these skills arising. This is where the role of co-founder comes into play. Thus, a co-founder accompanies the founder in setting up the business.
Why is finding the right co-founder necessary for your business?
The chances of having a more successful startup increase when they have two balanced partners. Finding the right co-founder in Hong Kong is one thing that companies must accomplish. Most founders make the mistake of finding a co-founder who is exactly like them. This should not be the approach. It would be best if you found someone with complementary skills. Ideally, startups should mix skill sets. For instance, companies shouldn’t have two tech-focused people who don’t understand the business or marketing elements of running a startup. Ensure that if one co-founder is tech-focused, the other has the business insight to complement the other.
Just as a startup founder should be a mix of skill sets, they should do the same for personality traits. For instance, having two people who are frightened of public speaking won’t benefit the startup since they will have to pitch to investors, speak to clients, and more. If one of the co-founders is shy, it would be best to have another person who is more outgoing and has the courage to speak in front of people. Each of the co-founder’s strengths will support the other.
Finding Co-Founder for Business
Now that you know about who a co-founder is and the need to have a co-founder, let us dive straight into the process of what you should be looking for and how to find the right co-founder.
Define the qualities and skills of your co-founder
Your best friend, spouse, or family member is the least likely candidate, so it is advisable not to start there. Instead, take a hard look at your business strengths and weaknesses, and address what partner skills and expertise would best complement yours. Ask opinions and input from seasoned investors and peers. Then, choose a flexible, creative, and open-minded co-founder for conflict resolution—someone who sees disagreements as multiple good ideas competing to give birth to one more significant idea.
Look for a co-founder from a different background
Your perfect partner may be halfway around the world, from a completely different geography and business culture. Every startup infrastructure is flush with brilliant people from all cultures. Many of them may be ready and able to bring new energy and creativity to your startup. Whatever may be the case, ensure that you are looking for a partner with a different background.
Common sources to find the right co-founder
There are many familiar sources for finding the right business partner. Co-founders are business partners for startups, so don’t be afraid to join and explore sites that aim to match business people. Sites such as StartupWeekend, CoFoundersLab will help. Also, you can start a discussion on the wealth of business blogs frequented by entrepreneurs, where you can make your interests known.
Use online websites
As mentioned above, an easy solution for finding a Hong Kong business co-founder is to connect to specific websites. Several sites online make it easier for people to connect with potential partners.
- CoFounders Lab – CoFoundersLab is a platform where entrepreneurs can date hunt for a co-founder, business partner, or mentor. The rule for joining CoFoundersLab is precise as the network screens each applicant to meet the website’s standards.
- YouNoodle – For startups that want to take a different approach, YouNoodle is a platform that practices competitions and contests to connect co-founders, advisors, and entrepreneurs.
LinkedIn is a powerful tool for learning what other like-minded people do and building your brand. There are a large number of the co-founders have met solely through LinkedIn reach outs. They have contacted each other either via mutual connections or cold ones. It would be best if you would share on LinkedIn what you are looking for. Share a small post that you are actively looking for a Hong Kong business co-founder. You may ask friends and colleagues to re-share, like, and comment to boost reach. Your LinkedIn title is visible whenever you post, comment, or react to others’ activity. Ensure that in the blink of an eye, one would understand who you are and what you are searching for — make it actionable!
Attend entrepreneurship events or meetups
You must connect or reconnect with your network. There may be people in your network who have the mindset, skillset, passion, and industry know-how you’re hunting for. The best part about starting with someone you know is that you are less likely to be blindsided than when you co-founded a business with total strangers.
Other than people you have already known, your best option would be incubator programs. Incubators help startup entrepreneurs with everything they need to get started. They do it all, right from funding, office space, industry resources, etc. Ambitious startup entrepreneurs converge in these organizations, so you will easily find a suitable co-founder from the crowd.
Define business key metrics and milestones jointly.
This part of selecting the perfect Hong Kong business co-founder will be the ultimate test of a true shared vision and working style. Building a startup is complex and unpredictable work, and people do get busy, so now is the time to commit jointly. In case you can’t work as a team now and efficiently agree, it probably won’t occur in the future at all.
Discuss and fix the role of each
Defining the roles and duties of each person will get the work done effectively. No matter how equal you all are, there is only room for one at the top to take the ultimate decision on complicated issues. Particularly when everything feels right to you, don’t be hesitant to ask the hard questions of each other. Eventually, there will be only one chief executive officer.
Need Any Assistance in Forming or Managing Your Business in Hong Kong?
Now that you know how to find the right Hong Kong business co-founder, you might need someone who can assist you with forming or managing your business in Hong Kong. Startupr can assist you with this. There are so many challenges in a startup that the founder should try to go it alone. But, when you find someone that can work without mistakes. Then, it is a Win-Win situation. Feel free to reach us anytime!