Why You Need A Co-Founder To Get Ahead In Business
The question of whether you need a co-founder or not is in the mind of almost every startup entrepreneur. There’s little wonder why the thought of a co-founder causes a dilemma. Co-founders may slow down progress. They may be difficult to persuade and transposing your vision on others can be really daunting. With all these challenges in the face of startup entrepreneurs, there is a severe need for a co-founder. This article is a collection of the reasons why you need a co-founder.
Startups are risky endeavors. According to Eric Ries in his bestselling book, The Lean Startup, startups face a high level of uncertainty. Going solo means all the initial fundings will come from you.
Of course, you have to fund your initial idea. Investors will not fund your idea when it’s abstract. If it’s a product, you need to create a prototype and this prototype requires funding. If you are ‘going it alone’ in business, you will have to fund this phase 100%.
On the other hand, you’ll need a co-founder to help mitigate this risk. With a co-founder, you both can bring resources from your pockets to fund the early stage of the business before it attracts investors.
Starting a business is a really complex process that will require various skills, including marketing, finance, product development, and many others. There’s a slim chance that only one person possess all these skills. Because skills other than yours are required to bring your business idea to life, you will need a co-founder with those required skills.
Based on this, there are times where you might need more than one co-founders. Each of them will have specific skills that help bring the business together piece by piece. During the early stage of Apple Inc, Steve Jobs, and his co-founder, Steve Wozniak had complementary skills. Wozniak had technical skills. He was an engineer and knew so little about selling his inventions to people. Jobs, on the other hand, was a creative genius that knew how to sell his vision to people.
When you know your strong skills, you will realize how much you need a co-founder with skills that you’re weak at. Both of you can handle the startup tasks effectively by focusing on your strong skills.
It’s understandable when you have that urge to go solo because you want to make all the decisions. Humans may have a natural urge to be dictators (pardon my dry sense of humor). However, you need a co-founder so that you can see things from a different perspective. Making decisions solely from your point of view may neglect several other perspectives. This causes flaws in decision making.
With co-founders, brainstorming sessions are more effective. With more than one person’s brainpower available for generating ideas and solutions, there’s a greater chance of success.
Investors and Funding Advantage
As funny as it may sound, investors are more likely to fund a team of founders than a single founder. As the management team at Y Combinator, a seed money accelerator for disruptive startups, they believe that a team has a higher chance of success.
When starting a business, you should consider finding a co-founder to put your business at an advantage for funding and investors.
Although there are several challenges that come with finding the right co-founder, business creation is a lot easier with one. So, if you’re still wondering why you need a co-founder for your business startup, these valuable reasons among many should give you a hint of the importance.