When starting a company, one of the most important questions you need to ask yourself is if you need a co-founder or not.
Whenever you hear about a new start-up, it is most likely that you hear about the co-founders of the start-ups.
Most people start their businesses with co-founders, some find co-founders along the way, while some go purely solo.
Mashable reports that almost 80 percent of startups have one or two founders, while 23 percent have three or four founders.
Whether you have a co-founder or not, there are advantages and disadvantages to both options. Your team is an important part of your start-up; the rate of commitment of your team can make or mar your progress in business.
If you decide to choose a co-founder, then you must ensure you choose someone who you know well, who you can trust, someone you can get along with, and someone who has similar passion like you do. Another thing to ensure when getting a co-founder is finding someone who’s strengths compliments yours.
And so, if you choose to find a co-founder; you need to take time to find the right person for you and your start-up.
Here are some reasons why having a co-founder might be a great option for you:
– You have a great support system
– You don’t bear the risks alone
– Your co-founder brings complimentary skillsets to the table
– You have an expanded network
– The stress is distributed amongst the co-founders
– More creative ideas are brought to the table
– You split the expenses
– More effective leadership
– Fundraising gets easier as some investors like startups with solid teams
– Decisions are taken more carefully
– Responsibilities are shared among the co-founders.
On the other hand, here are some of the disadvantages of having a co-founder:
– Decision making becomes more difficult
– If the co-founder isn’t committed, the burden of the business would be lopsided
– Profits are shared between co-founders
– There are different views on the work process
As you can see from above, the advantages of having a co-founder are more than the disadvantages.
At the end of the day, you should critically look at the options available to you and know which one of them suits your situation at the moment.
You also need to know your strengths and weaknesses and how you can use them to your advantage.
Let’s hear from you, do you have a co-founder or not? Drop your comments below!