Being an entrepreneur is very hard. Having a co-founder(s) could be one of the most important decisions you will make in your business and potentially in your life.
Just like the flurry of decisions you make daily and through our lives, choosing who your co-founder(s) will be can either go right or wrong.
The entrepreneurship journey will have moments where you go through hell and back and having a co-founder will help keep you focused on the end goal.
Here are benefits of having a Co-founder:
Having a co-founder(s) makes the team more accountable for the milestones and goals that have been set and makes failure less acceptable.
- Broad Range of Skills:
Startups will require a broad range of skills, which is rare for one person to possess. In a startup, it is usually ideal to have the technical and non-technical founders who handle the different aspects of the business.
- Less Risk for Investors:
Investors would prefer a team rather than an individual. Investors generally prefer to invest in companies founded by at least 2 persons due to the risk associated with a single founder. Not to say Venture Capitalists wouldn’t invest in a startup founded by an individual, but they risk losing their money if anything happens to that individual.
- Better Decision Making:
You have constant feedback from someone who is on your side, and you also learn a lot especially if you have someone who challenges your initial assumptions, which will ultimately result in better decisions made.
- Increased Productivity & Better Stress Management:
One of the major benefits of having a co-founder is that productivity of the business is likely to increase because you have more people working on the day to day operations of the business and the workload of the various areas of responsibilities can be evenly distributed. Key areas of a business that needs to be evenly spread amongst members include sales, marketing and distribution, accounting, administration, technology and human resources.