Definition of success should be similar, says IIT Bombay alum on finding the perfect cofounder

Aman Goel, an alumnus of IIT Bombay and CEO of a startup, recently shared insights on the crucial role of co-founders in startups and highlighted the potential risks associated with conflicts between them. 

In a candid post on X, Goel emphasized the importance of aligning visions and goals when choosing a co-founder, as divergent definitions of success can jeopardize the venture.

When looking for a co-founder, look for someone whose definition of success is similar to yours. For instance, if you come from a small, middle-class family, an outcome of Rs. 5 crores might be huge for you. However, if your cofounder comes from a wealthy business family, for…

— Aman Goel (@amangoeliitb) May 2, 2024

“When looking for a co-founder, look for someone whose definition of success is similar to yours,” advised Goel, illustrating this point with a pertinent example. 

He elaborated, “For instance, if you come from a small, middle-class family, an outcome of ₹5 crores might be huge for you. However, if your co-founder comes from a wealthy business family, for them, it might be peanuts. This might lead to a large difference in vision/outcome.”

Furthermore, Goel underscored the significance of shared objectives in decision-making processes within startups. He elucidated how disparities in revenue targets and client preferences between co-founders can escalate into conflicts detrimental to the venture’s success.

“For instance, you might be keen to pursue that client who will pay ₹25 lakhs a year because that brings you closer to your goal of ₹1 crore per year revenue by a fourth. However, your co-founder might not be interested in that client simply because they are aiming for ₹25 crores per year revenue, and this client would be just 1% of that,” explained Goel, illustrating the potential source of friction.

Goel warned that these differences in appetite and vision could lead to decision-making conflicts, ultimately jeopardizing the startup’s viability. He emphasized the importance of addressing such conflicts early on and fostering open communication channels to mitigate their impact on the venture.

Since being shared a day ago on X, the post has accumulated over 22,800 views and numerous likes and reshares. Many even took to the comments section of the post to share their thoughts.

Check out how people reacted to this post here:

“This is good advice, Aman. I was recently privy to a falling out between co-founders exactly because of such life expectations mismatch,” wrote Abhijeet Mukherjee, former CEO of Guiding Tech.

Another added, “This is a true story that happened to me. Luckily, it did not kill my venture, but part (1) differential wealth is a massive no-go between co-founder.

“This is good advice, Aman. I was recently privy to a falling out between cofounders exactly because of such life expectations mismatch”

Goel’s insights serve as a reminder to aspiring entrepreneurs about the critical importance of selecting compatible co-founders and navigating potential conflicts constructively to ensure the long-term success of their startups.