The importance of a founder in starting a business
The role of a founder is very important in starting a business. He is the professional who turns his unique idea into reality and starts his own business or company on the basis of his determination and planning. The founder uses his skills and knowledge to build a business from his idea starting from zero. He also assumes the risks associated with the business and often starts a company by investing his own money in the beginning. This founder is responsible for the directifon, vision, mission, initial management structure and team composition of his company.
Founder: An Entrepreneur
A founder is also called an entrepreneur because he comes to the market with a new idea and vision and provides solutions to problems. The founder is most involved in the beginning stages of the company. He has to find resources to establish and execute his business mentor. Loans have to be secured from investors and financial institutions. He also has to complete the initial marketing and operation setup of his business and preparing the workspace is also his responsibility. A founder hires such skilled and experienced employees for his company who can complete specific tasks. Founders set the initial vision of their company and often remain involved in its day-to-day operations.
Role of Co-Founders
There are some businesses which have more than one founder, in such cases these professionals are called co-founders, who together establish their business.
Founder vs. Co-founder: What’s the difference?
But can a company have both a founder and a co-founder? So yes, it is possible that a company can have both a founder and a co-founder. Suppose if you have created your business or startup alone, then you will be called the founder and if after several months of setting up the business, you hire a person as a partner who has the necessary skills for the business, then that partner will be called the co-founder of the business and you will be called the founder of that company or startup. But if you think of starting a startup with two of your friends and all three of you work together on that product, then this startup will have not one but three co-founders and it will not be right to call any one partner a founder, because all three of you were involved in starting the business. So this way you know that the founder is the one who started the business and if many people have started the business together then all of them are co-founders, whereas after a long time of setting up the business, if a partner is associated with the business then he is called the co-founder and the one who started the business is called the founder.
Difference between Founder and CEO
Now the confusion between founder and co-founder is over, but how to differentiate between founder and CEO? It is also important to know this, so let’s know. Founders and CEOs hold the top leadership position in a business. Founders can also play the role of CEO, but they are the ones who establish their business. The founder always remains the same, whereas the CEO can change. The founder is the person who starts the business, while the CEO is a recruited person who manages the company resources and continues the founder’s vision. The CEO works with the founder and reports to him, while the founder takes all the final decisions. A CEO works closely with the board members, while the founder only communicates with the board during specific needs or during the initial development of the business. This means that the positions of founder and CEO are top level positions in the business, but the superior among the two is the founder, who can also be the CEO of the company.
Should a founder become a CEO?
But how does a founder decide whether he should take the position of CEO or not? So before becoming the CEO of the company i.e. Chief Executive Officer, a founder considers many important factors, in which the founder looks at his strengths and abilities, which can make him suitable for the role of a CEO. If he has the strong leadership and organizational skills required for a CEO, then he can think of taking the position of CEO, whereas if this is not the case, he can also intend to hire a CEO and then it can become a tough task for a founder to play the role of both a CEO and a founder on a daily basis, which can affect the performance of his new company. However, in the early days of a business or startup, a single person can play the role of both founder and CEO and as the company grows and responsibilities start increasing, the founder can hire a CEO for these responsibilities. Such a founder may also be the CEO and may hire a CEO and similarly a founder may also be the owner of the company.
Skills required to be a successful founder
To handle so many major responsibilities and positions, the founder needs to be highly skilled, so now let’s know what skills a founder should have:
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Team Management: A founder should know how to form a team and do team management, because a founder cannot run the business alone. He will need a team. He should know which person will be best to hire for which job position, because these team members or employees will play a major role in taking the business forward and making profits, so a founder must have the skill to make the right selection of everyone from stakeholders and investors to suppliers and employees and to manage the team formed by them properly.
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Futuristic approach: A founder should have a futuristic approach. He should prepare plans today keeping in mind the goals to be achieved in the future, only then will he be able to grow the business in the set time period.
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Good leadership skills: A founder needs to have good leadership skills because he is the one who guides and instructs the team for the success of his business. His strong leadership skills will encourage the employees to be more productive and dedicated to the company and this will lead to the growth of the company.
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Fund raising skills: A founder should have fund raising skills, because even though at the beginning of the business he prepares the setup with his own funds and starts running the business, but after a time he will need investors for the growth of the business, so in such a situation only his strong fund raising skills will be able to attract investors.
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Networking and marketing skills: It is also important for a founder to have networking and marketing skills, because both these skills are essential for the success of a business. While strong networking skills can get good investors and partners for the business, marketing skills can establish the business in the market and make it successful despite the competition.
To execute these skills in business, the founder’s personality must also have confidence, clear communication and organizational skills. His creative thinking and business knowledge will help him achieve his goals and help him survive and grow in the highly competitive business world.
Are you ready to become a founder?
So do you have all these skills and qualities? If yes, then you too can become a founder. For this, you just need to keep in mind that do not take any decision in haste. If you have a unique and solution oriented idea, then wait a bit before converting it into a business immediately, study the market of your field thoroughly. Think about executing this idea only after proper research and if you want to increase the chances of making your dream project successful, then first focus on understanding the startup closely instead of starting a startup. For this, you can work in a successful startup of your field or understand the work pattern by becoming an intern. This experience will help you a lot for your startup. You can also take guidance from one or two mentors of your field so that you can get the benefit of their experiences in your business. Apart from this, you can also attend entrepreneurship classes and startup events so that it becomes easier for you to understand this industry and you can also build a strong network. Along with this, keep fund raising options ready because if there is a business, you will definitely need funds and after doing all the preparations in this way, when you enter the startup world, it will be easier for you to start and make your startup successful, because you will understand every basic and important need of this field and by doing this you will also be able to become a founder, in fact a successful founder.
So get ready! Enter the field with full preparation and become a successful founder and how did you like this information based on becoming a founder? Do tell us by commenting, if you have already liked it then please do not forget to share it. If you have any question, then write it down
