Getting a business off the ground is no easy task. You may have had your dynamite idea and constructed a
watertight business plan, but now it’s time for the hard work to begin. Whether raising capital, building a team or getting clients through the door, there is a lot of responsibility now resting on your shoulders. At this point, you may start to wonder if you can do this alone.
After all, two brains are better than one. With a co-founder on board, you can share the workload and mitigate some risks. What’s more, your company will look more favorable to prospective investors since many venture capitalist firms state outright that they are unlikely to consider backing solo entrepreneurs.
On the other hand, this is your baby. It’s your million-dollar idea, so who’s better placed to execute it than
you? Do you really want to bring someone in who might try and steer the business in the wrong direction?
History shows us that 65% of startups fail because of co-founder conflict, so why run the risk of creating
unnecessary tension and risk losing it all?
What OnDeck Did
Needless to say, deciding whether to go into business alone or to team up is a minefield to navigate. The
OnDeck team drew from the advice and inspiration of established business leaders to weigh up the pros and
cons, map the ups and downs and calculate the risks and rewards each pathway has to offer. The team has
presented them in an infographic so you can figure out if you should go into business with a co-founder. Here’s a preview of ‘the data behind co-founding partnerships’:
This post is courtesy of OnDeck