Do you want to start your own business? Are you planning to venture alone or with co-founder/s? When alone, you might be able to proceed faster. However, your mission in business should be not only to stride faster but to reach farther. To reach farther in business and to fulfill the mission, one needs continuous support—technical, financial, physical and emotional. All of this is possible with a co-founder.
Having the right co-founders in business is fundamental to the success of entrepreneurs, as the sustainability and growth of any venture is largely dependent on the collective skills, knowledge, capital, networks and value the founding team brings on board.
Multiple brains, more ideas
A co-founder will have a different way of viewing a situation other than your own, helping bring to light things that you might sometimes overlook. With diverse areas of expertise, you and your co-founder together are better equipped to come up with effective solutions for varied problems. Their knowledge, skill sets, experience and willpower can also result in more effective problem-solving and decision-making, which can prove to be a big asset for your venture.
More hands at work, forever
A co-founder means you have more human resources in the company, which can lead to synergistic effects in the overall performance of your company. The majority of planning and operational work gets done more efficiently and effectively when you have a co-founder pursuing the same venture. And co-founders are usually there with your venture forever, making them a valuable resource to your business.
Someone to stand as your substitute for the company
Your co-founder can stand in for you to represent your company. When your work takes you to different locations for business meetings, making deals, visiting prospective customers and looking for newer avenues to explore, your co-founder can help oversee the work in the office in your absence, and vice versa. A co-founder can also help take care of business in your times of illness and other personal problems.
Setting and pursuing realistic goals
There will be very few people from outside the company (unless you have a pool of good mentors) who will tell you what is wrong with your plans. Having a co-founder, though, will protect you from pursuing the wrong ventures, as they, too, care about your business and will give you a true analysis of different situations. Although you might have disagreements at times, even the conflict of ideas will bring forth opportunities to learn. If you are working alone, there are chances that you might make decisions without considering other options. Your co-founder can provide you with that much-needed second opinion.
Makes it easier to raise capital
When you are looking to raise funds or to join a business-accelerator programme, investors will prefer that you have a co-founder. The same is true with regards to banks financing your business. This is because investors know that a mix of founders brings in combined skills—to help think things through and take joint decisions—that result in better long-term performance. Also, investing in a team assures the funders that your company will survive even if you do not increase the funding prospects for companies with multiple founders. When you start a business, there will be many things to learn at once. However, having a co-founder with complementary skills can be a huge asset for your venture. When chosen carefully—by having clearly defined roles—co-founders can go a long way towards helping your company achieve success. With co-founders, you will not just share successes in business, but also the failures. But ultimately, what matters is not the number of co-founders your company has but the qualities and skills they possess.