Responsibilities of co-founders
Identify Market Opportunities
Before a product can enter the market, a co-founder needs to identify opportunities or areas where consumers may want or need a product that does not yet exist. A successful co-founder takes a big-picture view of their market segment or industry, identifies what is working and what needs are not yet being addressed, and determines whether that market presents an opportunity to establish and grow a successful company within that space.
Manage Product Development
A co-founder also plays an important role in product development and implementation. In the early stages of a new startup, a co-founder takes a very active role in developing a product, determining specifications, and bringing that product into production, whether it’s a physical product or a digital solution (such as a website or application). This aspect of the role is hands-on and critical, as successful product development can determine whether a new venture is ultimately successful.
Direct Marketing and Promotion
Co-founders are also responsible for conducting early marketing and promotion for their products. Well before a product arrives on the market, co-founders need to network and build anticipation for their products to ensure that there is demand once the product moves into production. This part of the job can include building a social media presence, crafting press releases, and attending industry events to build word-of-mouth.
Develop Financial Estimates
Co-founders are in charge of developing financial estimates and setting milestones and timelines. A co-founder estimates the cost to bring their product to market, develops financial plans to determine break-even points and ensure long-term solvency, and sets budgets as the company grows. Part of this role can also involve seeking out additional funding and investors for a new venture.
Create Business Plans and Documents
Another responsibility of a co-founder is creating business plans and important documents, which can include financial information, hiring documents, and business registration materials. Co-founders work together with legal experts to structure their businesses and create legal documents that outline each co-founder’s responsibilities, shares of equity, and terms of a partnership or corporation.
Build and Lead Teams
As a company grows, a co-founder also needs to build and lead effective teams. This aspect of the role involves high-level decision-making as well as the ability to identify areas where it benefits the company to bring in new personnel. The ability to inspire and lead teams helps companies scale up as their market share increases and helps hire and retain staff members who are dedicated to the company’s success.
No-risk talents
We supply professionals proficient in software development, management consulting, data analytics, UI/UX, digital marketing, channel partnerships, financial management, project and product management, from our largely Singapore-based talent pool. Each talent is selected for their subject matter expertise and their experience working in managed teams. All talents come with a risk-free trial period so that you can ascertain their capability prior to starting officially.How you can benefit from using co-founders
1. They Take Things Off Your Plate
Rather than having a plate piled high with so many issues that you feel overwhelmed, you can scoop some of those up and put them on your co-founder’s plate, especially when they have the expertise or skill set to get those issues resolved quickly. Splitting up the workload means that projects can get done faster and your company can continue to run smoothly.
2. You Have Access to Their Network
As your business begins to grow, you’ll always face new challenges, from hiring the right people to deciding on the best marketing automation software. You’ll need a solid network of experienced professionals to ask for advice so that you can make the best decisions for your company. A co-founder will have additional connections as well as unique expertise to help ease these growing pains.
3. They Hold You Accountable
Co-founders hold you accountable too. It is easy to put things off, let quality slip or let the ego go out of check. These relationship dynamics push the company to progress faster and make the company stronger.
4. They expand your horizon
Entrepreneurship can be a lonely journey but having a co-founder provides the other partner with more relevant reasoning and opinion. It is also an avenue to bounce ideas off it. It allows a business to grow in areas where it goes far beyond the capabilities of one individual.
5. They allow your business to globalise
Co-founders help to put in place strategies for re-positioning and localizing a business to fit a particular jurisdiction. They contribute skills, strategy, execution, ideas, insights, their network, emotional support, residency statutes, and citizenship statutes, especially when trying to bring in the first few million in revenue. A co-founder pretty much fills all the C-level roles. Having a co-founder can help share the vision and scale the company to the next level.
6. They unlock your potential
Great co-founders push you not only on a professional level but on a personal level. Once you “fall in love” with working together, you will find that you have genuinely become a better person. They transform you in ways that no other mentors or colleagues possibly can, and as a result, unleash your true potential beyond what you could have ever imagined.
7. They help you make tough calls
Having a co-founder means you are always in the same boat. A partnership helps you check your ego and run through different scenarios before making tough calls. As a business leader, it’s incredibly valuable to avoid isolation.
8. They let you take a break
While you may not want to take a break, it’s necessary to help you recharge. Having a co-founder means that there is someone there who you trust to “watch the store” while you are gone and who you know will keep productivity high. This gives you some time to physically and mentally recharge so that you can also fill in for your co-founder.
