#17- Do I need a co-founder?
Thinking of going solo? Here are some compelling reasons why you shouldn't!
Running a startup is a lot like meandering through life. You can wing it solo, but it’s sometimes good to have a companion who shares your ideas, passion, and vision.
Just like finding a spouse - finding a co-founder is not as easy as it looks. And just like a divorce, parting ways with your co-founder can also wreak havoc on your baby- the startup!
But do I really need a co-founder?
Having a co-founder has its own set of advantages. How?
Your first sale
Believe it or not, a co-founder is your first sale! This means you were able to sell your idea and vision, something that a founder needs to do day in, day out!
Shared vision
Getting a co-founder means you were not only able to convince someone about your idea and your vision, but also someone who just did not buy your vision - they made it theirs as well. Boy, you really need conviction for that!
Shoulder to lean on
Building a startup is a lonely journey is one with many ups and downs and requires more time and effort than a regular 9-to-5. Having someone whose shoulder you can lean on, and someone who is by your side during both good and bad times.
Better decision making
Put simply, two heads are better than one. Nobody knows everything, and nobody has complete conviction in everything they do. Having someone who can help you find more ideas, come up with better ideas, investigate loopholes in your thinking and question your thoughts - is vital in making better decisions.
Expanding bandwidth
Running a startup is too damn time-consuming. There are hundreds of tasks and responsibilities, especially in the initial stages where there is no structure even. Having someone who can share your responsibilities, and expand your bandwidth is invaluable!
Advisors never become partners
But you say you have strong advisors who can provide entrepreneurial skillsets. The problem with advisors is that you cant call them at 3 am trying to debug a program that is going live tomorrow morning. You can not ask them to fill in for smaller tasks when you’re busy taking your daughter to the doctor! You need a partner to go all the way, and someone for whom you’re willing to go the distance for as well!
Investor support
Believe it or not, most investors are more comfortable funding a founding team than founders who run solo. The comfort stems from the knowledge that shared vision, workload, and responsibilities along with a complementary skillset will help the founding team in creating value.
Cool! Whom do I sign up?
Yes, having a co-founder looks like its the gold standard, isn’t it? But that does not mean it is easy, or you should partner up with the next acquaintance you find.
More often than not, co-founders are long term associates who you might have worked in the past. Or they come from either a client or a vendor or someone in your network who is as passionate about the idea as you are.
Finding a co-founder is sometimes more difficult than finding a spouse, and more so because you might be working with them, and sharing your life 15 hours a day for the coming 10-15 years!
Do not rush into selecting a co-founder, it should come with curiosity, shared values, and a natural progression to a partnership.
Until then, do fly solo. For the repercussions of a bad co-founder can be worse than flying solo!
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