A co-founder is a must-have to launch a successful startup! That’s just another myth! For example, 238 of all 1170 unicorns around the world were founded by one person. On average, solo founders raise more money as visible in the graph below. So, do you really need a co-founder?
It depends on variable things starting with your personality, skills, knowledge, experience, etc. But anyway, you should check main pros and cons of being solo founder to decide is it for you or not. But before convincing yourself you are the perfect solo-founder, here are some examples of how a co-founder can be useful, and some that might boost your initial thoughts of staying solo:
Pros of being a solo founder:
- 100% equity. You have the full potential to become a billion-dollar startup. You are the only rider of the unicorn!
- Independence. You take all the decisions by your own and have the responsibility when you make a mistake.
- No drama. One of the main reasons startups fail is presence of conflicts in the founding team.
- Exit. 50%+ of startups with successful exit have a solo founder according to TechCrurch.
Cons of being a solo founder.
- Expertise You are not an ultimate expert in all matters of the world, so you have to hire freelancers or subcontractors to get things done. It could be expensive and result in multiple unsuccessful attempts for collaboration.
- Discussion. You are alone, your perspective is limited, and you have no one to discuss your issues with.
- Support. No one has your back during ups and downs, which can often be hard to handle.
- Give up. Solo founders usually give up easier;
- Investors. They prefer teams, because in their mind, it lowers their risk of return on investment.
The above-mentioned situations are not tied to the perfect scenario of development. They are meant to provoke your thoughts so you can take an informed decision. We encourage you to find your own solution to the problems you might be facing. If you are, however, still not certain whether you should find a co-founder or trust yourself as the soldier of fortune, here are some traits of yours, that a co-founder might help you deal with:
- You overthink way too often;
- Failure is your biggest fear;
- You don’t feel knowledgeable about your endeavor;
- Emotions lead you along the way.
And last but not least, here are 3 credible ways to find a co-founder:
- Visit startup events;
- Join pre-accelerators;
- Ask other entrepreneurs.
All the above are a proven methodology to meet like-minded people, seeking development, and not people who find your idea cool and would like just to help you with something.