When starting a business, you will face the inevitable decision of going solo or having co-founders. There are benefits and downsides to both options, you’ll have to resolve this dilemma after evaluating the reasons of your decision.
These are the reasons that you would want to go solo:
- You will maintain more control in the long run as you don’t have to give up equity to your cofounders. Going alone will take you longer and the journey is more challenging but the potential rewards can be huge.
- There will be less complications and issues when your startup becomes successful.
- You can make quick decisions because no other approvals are needed.
- You bypass the cost and complexities of having co-founders, which many entrepreneurs underestimate.
- You will not have co-founders who feel entitled to more as your startup grows.
The reasons that you want to have co-founders:
- Starting a business is a gruesome path. If you need the psychological, emotional and financial support, co-founders may be able to provide them.
- The workload of an early startup is immense, don’t underestimate it. Co-founders can help with the large amount of work required to help your company succeed.
- Co-founders can fill in the gap in your knowledge, expertise and experience. This way, they can help you to grow your startup quicker.
The abundance of optimism many founders can lead them to underestimate the need for co-founders, which increases the risk of failure.
Make the right decision of going solo or having co-founders to help your startup succeed, learn more here:
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