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How to find co-founders for your tech startup

Startups are the talk of the town at the moment. With the growing economy in Bangladesh, the scenario is very opportune for entrepreneurial minds.

However, we tend to focus on the projects that succeed as examples of startups. And as a result, many projects that fail miss our attention. And this deprives us of learning the possible drawbacks in a startup project; principal among which is a lack of suitable partners and co-founders.

A startup, especially one related to technology, requires all hands on board. And many hands at that. You’re going to need a combination of people equipped with a variety of skills. Let’s take a look at how (and whom) to assemble.

Us and them

Firstly, a business idea can feel lucrative to like-minded people. This is usually a good thing, but can also be quite the opposite. While choosing a co-founder for any startup, one should involve individuals with complementary characteristics and interests. Too many of a kind might leave weaknesses elsewhere.

Before looking for people to bring onboard, analyze what you bring to the table.

For tech startups, it is necessary to have people on board with necessary, relevant technological know-how. Since startups are heavily dependent on initial investment and funding, people with said faculties are an advantage. Startups are usually time and effort consuming; so your partners need to be okay with both. Most of all, you must only involve people who are trustworthy. It is what it is.

Where to look

It’s important to be very specific while looking for personnel. If you need an experienced, professional individual who can take care of the technological side of things, specify a position such as the CTO and the responsibilities and requirements involved.

The first place one should look is one’s own personal network. There are many ready, able and willing individuals looking for the right project; and they might be closer than you think. Look for referrals to individuals within your own social groups and discuss the prospects of the project with them.

There are several virtual meeting places for individuals to link up and go for entrepreneurial projects. COFoundersLab, Founders Nation, YouNoodle are among the most reputable. The advantage of these mediums is that you can assess qualifications and match up to requirements to individuals in a specific and fast-paced manner.

In addition, look at job listing boards and local university seminars. These places are often frequented by interested individuals who might find your prospects exciting.

In Closing

It’s important to have specific goals and matrices for your project in place. It helps determine the parameters of founder duties. It also helps communicate the fact that you are seriously invested in your project. This might positively affect the recruitment process. Lastly, it is of paramount weight to take your time with this. A startup can be a very delicate project and might be what you end up doing for the rest of your life. So take care in picking whomever you do it with.

Top 5 reasons why startups fail in Bangladesh

A startup can be undoubtedly called the buzzword of the century. People have started to believe in the thought that building your own startup is their only possible way of becoming a billionaire. However, not all startups succeed like Facebook, Amazon, Snapchat etc. Here are the top 5 reasons why most deshi startups fail.

Not having a proper business model

Top 5 reasons why startups fail in Bangladesh

Having a well-analyzed business plan is the first and foremost thing a startup should have. The business model should include why they are building their startup, what is the product and how they are going to sell and reach to the people. The business model should have a proper revenue model and also how they are implementing the supply chain. 

At times founders assume that because they will build such an interesting web site, product, or service,  customers will beat a path to their door. That may happen with the first few customers, but after that, it rapidly becomes an expensive task to attract and win customers, and in many cases, the cost of acquiring the customer (CAC) is actually higher than the lifetime value of that customer (LTV).

Not understanding your customers

Top 5 reasons why startups fail in Bangladesh

Market research is a crucial thing in building a startup. As a founder, you might think, “I have an idea of a wonderful product, this should work.”

But in reality, not every product will suit everyone.

You have a great concept of starting a service that will allow car owners to rent their cars when they’re not being used. Sure, it may work wonders in the USA. But will it work in Bangladesh?

Without doing proper market research, you may never know whether people would actually pay for the product. It is a futile project to build a product that nobody wants.

Not marketing the product the right way

Top 5 reasons why startups fail in Bangladesh

Marketing your product is the only comprehensive way to make your products known to potential customers. You might have a great product, an amazing team behind it and a product that cater to the right customer group. But without a proper marketing channel, your product will fail to reach your customer. Hire the right marketing team or outsource it to the right agency. Hire consultants who can tell you the best way to market your product. Every little detail is crucial.

Not having a proper team

Many experts consider the startup team is the most crucial part of a startup. If the team members don’t have proper understanding amongst each other, they will not be work with each other for long.

Pathao had been successful because the team members had an amazing sense of understanding amongst each other, which dates over 10 years.

Not being able to adapt

Top 5 reasons why startups fail in Bangladesh

Eric Ries model of Lean Startup is very popular amongst startup founders, which states the importance of having a minimum viable product. But a core concept they miss is that building the minimum viable product is not everything, they need to adapt it with time.

You might have a great concept and you’re ready to jump ship. But in this mercurial market, if you don’t make necessary adaptations, your startup is bound to fail. 

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