Take the example of any big company or startup. Starting from Google to Facebook to Flipkart, each of them have one or more co founders. While starting a business, the most crucial decision that requires attention is whether to go solo or partner with someone at par. Below are the reasons why should definitely have a co founder!
1. Decision Making:
How can you be so sure that the decisions you have taken for the progress of your business are the right ones? A second opinion can never hurt. It might happen that you don’t agree with your co founder. This is where the advantage lies. When two of you don’t agree to the same, you are more likely to discuss and emerge with new and better ideas. But there’s also a catch here. If differences start towering and there’s no common settlement point, it can even tear your company apart. But if the issues are handled wisely, the company can fly high by leaps and bounds.
2. Emotional Support:
Business is not a smooth and straight highway; it is more like a mountain road. There are continuous highs and lows amidst a constant grind. The lows can become quite depressing at times and this is the time when you will need someone who can truly understand you. Who else can understand your business better than your co founder? Again, at the time of your highs, your enthusiasm can not just remain dormant deep inside you. Your eyes will run at all angles looking for someone who can be your “happiness partner”. But for a solo entrepreneur, the fun factor is always missing. So find a co founder, work hard together and party harder.
3. You don’t have all the skills:
Nobody in this world can claim to possess every skill that’s required to run a business. Businesses have several facets and one can’t master all of them. Someone might be adroit at technology but might not be very acquainted with marketing aspects and the other way round. Also, you cannot start employing people for everything you need, especially when you are starting. Moreover, co founders relate to your business in a manner which is far superior to any employee. Employees will work for money; co founders will work for the same cause that you are working for. So the difference is immense and so is the reason to have a co founder.
4. Investors:
“Not having a co founder is a real problem. A startup is too much for a person to bear. And though we differ from other investors on a lot of questions, we all agree on this. All investors, without exception, are more likely to fund you with a co founder than without.” , as said by Paul Graham.
With very few exceptions, most of the investors will fund you only if you have a co founder. Investors are after all into business and will always look for an exit point. You may face with some unfortunate accident or you may lose motivation. In such a case, the company is shattered in a blink of an eye if you are solo. This might be painful to the ears but this is how investors think. They can never afford to bear such heavy losses and hence rarely do they trust solo entrepreneurs.
