I recently found myself in a situation where I was considering joining a startup as a co-founder. My previous co-founding (as well as romantic life) fails taught me the importance of asking questions before committing to any significant partnership. Here are several essential ones I learned to ask potential co-founders.
1. Vision and Values
- What is your long-term vision for this company?
- What are your core values, both personally and professionally?
- What motivates you to build this specific company?
2. Roles and Responsibilities
- What role do you envision for yourself in the company?
- How do you see my role in the company?
- How should we handle overlapping responsibilities or role conflicts?
3. Decision-Making and Conflict Resolution
- What is your typical approach to making decisions?
- How do you think we should handle disagreements?
- What's your method for resolving conflicts?
4. Work Ethic and Commitment
- What level of time commitment are you prepared to make?
- How do you typically handle stress and high-pressure situations?
- What are your expectations regarding work-life balance?
5. Financials and Equity
- How do you think we should split the equity?
- What are your thoughts on initial salaries and financial sacrifices?
- How much capital are you willing to invest in the company?
6. Growth and Exit Strategy
- How do you envision the company's growth over the next 3-5 years?
- What's your ideal exit strategy?
- What are your thoughts on raising external funding?
7. Legal and Ethical Considerations
- Are there any potential legal issues or conflicts of interest we should be aware of?
- How do you approach ethical dilemmas in business?
8. Communication and Transparency
- What's your preferred method of communication for business matters?
- How transparent are you willing to be about company issues and finances?
9. Personal Goals and Expectations
- What are your personal goals, both short-term and long-term?
- How does this company fit into your broader life plan?
- What circumstances would make you consider walking away from the company?
10. Risk Tolerance and Failure
- How would you describe your risk tolerance in business?
- What's your plan if the company fails?
11. Experience and Skill Sets
- What specific skills and experiences do you bring to this venture?
- Have you had any previous startup experience? If so, what were the outcomes?
- What do you consider your biggest strengths and weaknesses as a potential co-founder?
12. Cultural Fit
- What type of company culture do you want to create?
- How do you handle working with people who have different perspectives or backgrounds?
Conclusion
Asking these questions helped me understand my potential co-founders better and allowed us to align our expectations from the start. While it may feel tedious and uncomfortable to ask such questions directly, I found that it's far better to address them upfront than to face conflicts down the road. I recommend anyone considering a co-founder relationship to have open and honest discussions about these topics before making a commitment. If you decide to work with me, here are my replies to those questions.