Cofounder breakup is one of the leading causes of business failure.
At 19, I met Ambrose Cooke and after a few years, we would go on to found Fanbytes and see it to a successful acquisition.
Here are 5 things Iโve learnt about cofounders and how not to f**k them up ๐๐
๐ Your cofounder is kinda like your therapist.
In the beginning, I thought weโd focus on just having work conversations.
That was naรฏve thinking, there were many nights when weโd just talk about life and confide our biggest fears.
If you can't see yourself sharing such information, think twice.
๐ Have low ego.
If you cofound a business, there'll always be a visionary and an integrator.
Unfortunately, the visionary will get most of the press and accolades just because of visibility.
This couldย lead to tension but not in our case.
In fact, Ambrose takes a huge amount of pride in being Mr Integrator and being Mr Spreadsheet and playing to his strengths.
We both knew what we were good at and uplifted the other's strengths.
This low ego approach to relationships helped to win in the long run.
๐ Work on something small first.
Fanbytes was not the first thing we tried.
I came to Ambrose with a previous idea called Bandzie which failed but through that, it became clear we could work together.
Rather than jumping head first into working together, experiment with less ambitious projects.
Date a bit before getting married.
๐ Expect each other to evolve and hold each other accountable for growth.
One thing for certain, as you work together, you will need to emotionally and professionally mature.
A lot of partnerships dissolve because one grows and the other is just not able to grow.
During Fanbytes, we had constant check-ins about what new skills we needed to learn and ensure that each other was rising to the new challenge.
๐ Write down exactly what you want out of this and how.
Early on, we sat in a Pret and spoke in distinct detail about how we wanted to build this business.
Whenever there was a deviation, we went back to the plan.
Most relationships sour because over time, cofounders have different ideas of what success looks like.
Have the hard conversation about what success looks like individually for you.
Having a cofounder is like marriage but people rarely spend the meticulous time required to get it right.
Itโs the biggest decision youโd make on your startup journey.
Donโt mess it up.
For more practical tips on building an entrepreneurial career, follow me @Timothy Armoo