When building a business, every decision is critical, but probably the one at the top of the list is to decide to go for it alone or team up with someone that you may, or may not, have already known.
Some choose to go for it alone as they intend to secure their sole ownership of the company and an absolute say in decision-making. Just like marriage, it does not suit everyone.
Yet, some perks brought by co-founders may be overlooked.
I chose to go for it with co-founders and if you are still undecided, here are my insight on why I have gone for it with my co-founders.
💎 You can better focus on your part
Like all entrepreneurs, I was, and still am thrilled by my business idea. But, soon after I start with the execution, (you know, the usual stuff-- preparing the business plan, researching the market, taking care of the financials) I realised that carrying out the project and moving forward quickly require skill sets that I yet have not mastered.
I certainly did not want to end up with giving up my idea even before preparing my business plan, so I talked to some people and found my co-founders. Afterwards, since the work was shared, I found that each of us could focus more on what we were good at, which gradually created a sense of progress.
🙋🏻♂️ Understanding from your co-founders keeps you away from distractions
We understand each others' language when talking about business, my co-founders and I. That is very important.
Nevertheless, along this journey, doubts inevitably emerge as you may find some people around you do not actually understand the idea.
Co-founders, the ones who understand you more than any others, while providing invaluable input from different perspectives, are also the ones keep you away from distractions.
💡The business benefits from different perspectives
Do not take what I said earlier as I was looking for a like-minded who would just agree whatever I say or do, absolutely not. Rather, I was looking for people who could complement my skills, offer different solutions to problems, challenge me to get out of my comfort zone, and connect our business to fields in which I was not aware of a need existed.
So, thanks to new perspectives brought by my co-founders, the idea was refined and eventually turned it into a business plan.
💰 Costs can be shared, so as risks
Starting a business can be expensive. The difficulty of fundraising early or without a product (or a prototype) is really high. The opportunity to work with a co-founder will allow you to divide the initial costs of getting a working product or MVP which will help your startup have a better valuation.
All business grow risks that will not be elimated by having co-founders, but may get alleviated with them. Paul Graham, co-founder of the startup accelerator Y-Combinator, wrote an essay several years ago in which he said “Starting a startup is too hard for one person”.
🤵🏻 Startups with co-founders, more confidence to investors
Of course, there are precedent successful business of solo founders. However, if you aim to raise fund at early stage, keep in mind that investors give high importance to the founding team, specially for early stages of the project.
There is a good chance an investor will want to know more about you and your team instead of learning about details about your business idea. It is simply because they have been fed with so many amazing idea that did not work out because of poor execution.
Faicliq can help you find the right co-founder
Dedicated for entrepreneurs, Faicliq provides entrepreneurs a platform through which they can build up their business idea, draw up financial plan and get access to all sorts of professional services they need to start up a business, including pairing you with partners in crime.
We understand the process of starting a business, as we have been there. Writing up a business plan is just the beginning. You will face some challenges difficult to overcome by yourself when researching the market, registering an entity, or designing the product, etc.
Plus, it is actually not easy to find people who click with you, it took me a while to find my co-founders.
This is why we have created the Network centre on our platform -- to make it easier for our fellow entreprenuers.
Maybe you are a developer, with a great idea for a product, is looking for a CEO, or a sales oriented profesional who is looking for someone to perfect a product together. Request access to our beta and find that missing piece that will help you make the idea a real deal.