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How do you choose who should be the CEO when you have a co-founder?
Every business needs a business expert, either via one of the founders or by simply taking the advisors who are business experts. Now, let’s talk about what should entitle you to become a bigger share in the company as compared to the title of the CEO.
Choosing a co-founder is one of the main important tasks in the company. Most people say it is just like a marriage. Depending on your startup’s strategy, goals and professional background, you may struggle to find someone willing to enter into business and contribute to your company.
So who must be the CEO?
The one who can maintain the team properly and are ready to motivate the whole company and do all the functioning towards the wider vision of the company. The whole team could be putting their backs to it, but being a CEO would be guiding the whole team. The one who can take tough decisions, no matter how difficult it is
Here are the essential factors need to follow when your company knot with a person.
Define your core values
When it’s hiring an employee, selecting a vendor, or either deciding the co-founder, using a well-defined set of core values is a great thing to get started. Your core values determine your priorities.
Would you like to balance the work-life or are you are thinking about business 24/7? Avoid values such as honesty, ethics, and quality as these are table stakes. Focus on the values which make you different from other people.
Decide on which tradeoffs you’re prepared to make
Are you willing to work late at night? Or willing to the boss makes you? Making these choices upfront will convey with a potential partner exactly what your objectives are and what you’re ready to sacrifice.
Assess your strengths and flaws
Most of us have strengths and flaws; it’s a fact of life. Highly successful people have figured out where they shine and where they fight and surround themselves with the right environment and the right people. While it might be tempting to discover a co-founder who’s just like perfect, it is far better to find someone who compliments you in the ideal way to gain the future of your business.
Decide what type of personal connection you want to have
Are you currently working side-by-side every day or checking in once every week? Are you grabbing drinks at the end of each day or having a spouse lunch once per month? Among the critical tests for an expected co-founder is making sure they could put aside all the things, and to be able to do what’s best for the venture.
This may be tough when you’re looking for someone very technical and educated. This type of person may be brilliant, but should they’ve little EQ. Being humble, fresh ideas and ready to give the proper decisions is a must for creating a successful co-founder.
Make sure you both have the same degree of drive and motivation
You don’t need to agree to operate 80-hour in months to be until 2 am each day, but you must have to ensure that both of you have comparable commitment amounts. If you have families and need to be home by 5:30 each night, that is nice, just make that understood and agreed upon upfront.
Discuss how you will deal with negative situations
Every company and every venture will proceed through tough times. Fundraising difficulties, cash flow shortfalls, employees departing, and customers terminating contracts will happen at times. Making sure you and your co-founder have a plan for dealing with tough times and can cope up with that situation.
The best business holds partnerships not because of the heights they reach, but because of the situation that they face together, this makes the relationship strong.
What’s more, it is an illogical thing for a little business leader to be both president and CEO. Those titles exist between various levels of responsibility when the two roles are found and held by different men and women. Therefore, the partnership is good at times and it is also beneficial for the company profit.
Focus on the time management
Should focus to plan each day and become more productive day by day. Also, focus on company culture, leading and growing leaders, and creating the outside connection with customers, partners, and new consultants.
Mostly people don’t want to become CEO, their passion can be found in the item or another area of the business like sales or marketing. In such scenarios, they’re better off taking the role that they need and hiring smart people to do the rest.
If you are given yourself the name of CEO but are not doing or don’t need these responsibilities as the company grows, then you are not doing great to yourself as well as the company also. Decide on the title and function in the business that reflects your personality and you would become a great asset to your company. Find other people to perform the work that you don’t want to do. Your thought should be clear about yourself and to your company also. So make clear all the tips that you want to do and what you don’t want to do.