When starting a business one can easily fall in the grasps of a common dilemma. The most important question that gnaws at the back of every entrepreneur’s mind when starting their business, if they should have or not have a co-founder with them. There are immense advantages of both flying solo and having a partner and it is up to the entrepreneur to measure the pros and cons and decide what is ideal for his startup.
Having a co-founder means you have someone with whom you can share your worries and anxieties as well as successes and achievements. No matter how many employees you hire they can’t share your pathos, as they are not in a similar position to yours neither do they have the same responsibilities. Only a co-founder will understand your troubles and give honest opinions and advice that will benefit the startup in the long run.
What if you are an expert in Web Technology and you have no idea about marketing and advertising then the right step would be to collaborate with someone who knows those departments well. This kind of partnership is required because it is not possible for someone to learn every skill. If your co-founder and your skills complement each other then the product will be released sooner in the market and your customers will receive a better end result.
Intellectual arguments are one of the significances of having a partner on board. These debates give rise to mind-blowing ideas that translates into user-satisfying products. The more you talk it out with someone, the more you will realize the flaws. In this way you can rectify them and make it work.
Although having a co-founder has innumerous benefits yet it comes with a few disadvantages that are solved if you do not collaborate with anyone.
For every action you take, you will need to ask for consent from your co-founders. This can get a little irksome when you have to do it all the time. When you own a business you definitely want to be independent and not answerable to anyone. You can decide easily and confidently when there are no differences in the company. Your preference will not be sacrificed due to others’ opinions if you do not have a co-founder.
When there are more than one founder in the startup there will be splitting of work among them. Even though this might seem to be logical and helpful but ultimately this work division goes to become the bone of contention among the partners. One might end up working more than the other person and this would seem injustice to the other. If you are scared that such conflicts might arise then be the sole head behind the company.
If you have the technical expertise, management knowledge and other skills that are required to make your startup flourish then there is no need to collaborate. Since you have all it takes then better enjoy the freedom and accolades. You can have complete control over the entire venture.
Ponder upon the highs and lows of having a co-founder and see if you need someone’s support. If you are completely new to the entrepreneurial world and have less experience then don’t hesitate to partner with someone who has a little more experience than you. In this way you will not only deliver a better product but also learn a lot of things. However if you know what it takes to make your startup a success and are confident enough then you certainly do not need anyone to team up with.