Filtering out "Idea Guys", even if they have done some research

[christianmusthaves]

What is a good way to do this? Do ya'll have a process, set of questions for these people when looking for a co-founder? Even if this person did some research and says they've interviewied N number of customers, etc, is there a way to differentiate them from serious potential co-founders?

 

[david7ra]

@christianmusthaves Since you have asked several questions, I would like to start by describing the "idea" guy as someone who comes up with endless lists of ideas, some good and some bad, but lacks the skills and motivation to implement them.

Personal co-founder selection strategy:

My potential co-founders and I collaborate on a project for at least a month to determine mutual compatibility, work ethics, mutual expectations, communication, and skill set. During a month, it is enough to get a good idea of a co-founder's personality and work ethic.

Talking and in-depth discussions can be useful too:

In one instance, I was saved from this "idea" person after talking at length with him. I met this person at a conference, and he expressed interest in our invention. At that time, he made a reasonable offer, and we went out for lunch together to discuss the collaboration further while waiting for late-night flights. Due to the stress and exhaustion of the conference, the dude dropped his guard by the evening, revealing his true intentions as he continued to talk. The time I spent with him discussing the details allowed me to get to know the real person behind the façade.

 

[christianmusthaves]

@david7ra Great strategy! Tier them out then ask the big questions. you’re on to something here

 

[kakumei]

@david7ra Thats the issue. A day, a week, a month or after a year, most wannabe entrepreneurs will drop down, in effort or just quits. This destroy the momentum you had build if not your entire startup. Lucky if we can find the ones who can persevere

 

[david7ra]

@kakumei Wouldn't a month working together on a project be enough to weed out "wannabe" entrepreneurs?

 

[christianmusthaves]

@david7ra doing a sprint together is a good idea for sure, I've been trying this out.

However, when someone is tired, their true colors shine brighter and it's more clear who they are as a person like OP mentioned above.

 

[kakumei]

@david7ra A month is too little a time. Issues only start when the initial enthusiasm fades as the work is tough. A good way to find out is if your possible Co founder chases you for the opportunity, after initial discussion, as it shows real interest. You can only asses after a few months. 6 at least. Making an arrangement to work together for a few months before issuing shares could help

 

[meki]

@christianmusthaves I am the "idea guy" and have about 60 different ideas for viable businesses.

That being said, my idea that I am running with is in my domain of experience. I ran database marketing operations for 17 $1 billion+ USD retail brands across channels.

I have more knowledge and insight on how experienced retailers work and how inexperienced retailers are missing a ton of things that could make their businesses 2x better.

So my idea, is to start with their most obvious and addressable pain point - abandoned shopping carts. And instead of guessing what discount a customer my take, give the customer the ability to make an offer for the cart.

Abandoned carts are a $4T global problem (e.g. product added to cart but no checkout), a $2T US problem with 65% of carts being abandoned. The dollar volume of abandoned carts is 2X the volume of what is actually purchased.

And with research, we found that 25% of abandoned carts were over... price.

So now our SOM is roughly $600billion. And we know that merchants with inventory have a real need now and it's not profits, it's CASH. Their inventory is sucking up their cash and their cost to borrow is now unobtainable.

THAT, IMHO, is how an idea guy shares with you how to define and address a market and not just give you an idea but be able to forecast customer volumes and make a realistic estimate of what the market might be.

And the idea guy then creates pricing that make the market accessible to them and useful to the customer and features and benefits that extend your reach into the merchant to help them learn HOW to run a retail business, not just load products to a cart, send them to Amazon, or spend a ton on Google Shopping Ads.

This is the difference between an idea guy, and an idea guy with a crystal clear vision of how to get it done. Hope this helps.

My co-founder is still trying to digest everything I know about retail marketing... LOL poor guy.

 

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@christianmusthaves Imo-

1. a cofounder is someone you can give your debit card with the pin written on the back of it, and come back and have all of your money in the account
2. a cofounder is someone who has the same drive as you, if not more, and compliments your skill set
3. a cofounder is someone that challenges you when making a decision and visa versa to comb through the pros and cons
4. a cofounder is someone you worked with for a MINIMUM of several months prior hopefully years so you understand their habits, work style, strengths and best of all areas for development
5. a cofounder is someone who is there to lift you up on down days, and someone to bring you down to reality when you exhibit too much hubris.
6. A cofounder is cool with straight cut responsibilities but has the ability to think on their feet given a new task out of their bounds.

Unpopular opinion- but this person should already be in your Rolodex from past work experiences