You’ve decided to push the “American Dream” one step further, to implement your own rules. Entrepreneurial drive has sparked your desire to start a company. Maybe, you’re retired, wealthy, and bored. Perhaps, you’ve seen an already existing business plan and believe you can somehow execute a better concept. No matter what your reason, your goal will always be the same: to thrive. Among many others, an important factor to consider is how you will start. Do you go at it alone or face the business world side by side with a partner?
Single or Cofounder? How to Make the Best Choice for the Success of Your Company
It’s important to think about things such as: convenience, supply and demand, and client intrigue. This means products and services should be easily attainable to consumers. Additionally, it means prices should be competitive, services should be unique, and your company’s presentation should be notable. We’ve all heard the phrase “two heads are better than one”; there is some real truth to that. On the other hand, there are also many benefits to founding a company, independently.
Looking at the Pros and Cons of Venturing Out as a Single Founder
As a single founder you have more freedom and power to implement your expectations, without compromise, within your company. You have the ability to make pressing decisions in a more timely and concise manner. You will likely turn out a quicker response time for combatting roadblocks. With little to no outside influence your vision can be executed precisely as you see fit.
Alternatively, there can be a lack of diversity. This can lower your consumer margin and also have a negative impact on the company’s financial backing. With only one person running the show, there are fewer grants and loans you will be eligible for. Single founder success stories exist and can be very empowering. If you choose to venture at it alone, it would be wise to have a mentor or advisor to give you an outside look into your plans and goal.
Succeeding as a Team
Learning to be a “team player” is something that has been engrained into our brains since childhood. It comes as second nature to most so we often overlook why this can be good or bad. A cofounder partnership can include three people, but is typically a two person partnership. Ideally, cofounders should have strengths and ideas that compliment and build off one another. This can help reach a more broad population and create a stronger foundation for your company. A successful team possesses a deep level of trust and string, open lines of communication.
Facing the business world as an entrepreneur can be pretty intimidating. Having a solid business plan is a great way to ensure you’re on the path to success. There are many things to think about, but knowing your strengths and weaknesses can help you decide if a single or cofounder path is the one for your company.
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This article originally published on GREY Journal.