Does Having A Co-founder Make Your Startup More Successful?
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What’s wrong in having a single founder? Almost every founder asks this question to himself before starting a business, but invariably searches for a partner who shares his vision and nurtures similar business goals.
Entrepreneurs are divided in their opinions on this. One group believes that too many founders lead to internal conflicts while another has the conviction that an ideal co-founder will contribute enormously towards the growth of a company.
Renowned entrepreneur, programmer and author Paul Grahman often gives examples in his blog of companies like Oracle that have more than one founding member to establish his views.
It takes a lot more to run a profitable business than one can think of. Only one who can think from a broader prospective, can take a wise decision.
Entrepreneur India talked to multiple players in the startup community to know how having more than one founder can help a company grow faster than one brain can.
Distribution of Work Reduces Pressure
A co-founder makes it easy to navigate through tough times, said Sandeep Jaiswal, Co-founder of MiStay, who leads operation and business development at MiStay.
A partner with complimenting skill-sets and different style of thinking is important to help avoid mistakes one would otherwise make, he stressed.
Mistay Founder Pranav seconded Jaiswal’s views stating, “Multiple founders with complementary skills bring in wider perspective to the team.”
Pranav manages design and tech team and focuses on technology related growth initiatives.
Jaiswal did not agree to the fact that startups with single founders end up losing ground in market. Instead, he argued, “There is no denial that many single founders are running their companies successfully. But, it’s relatively difficult for a single founder to succeed.”
Multiple skill sets are required to perform different tasks and it’s nearly impossible for a single person to be good at all of these. It’s rather relatively easier if responsibilities are split between two people, each handling the duties he is good at, Jaiswal stressed.
Single founders are less preferred in case of fundraising and such arrangement reduces the chances of a startup’s success.
“While taking key decisions and at high pressure situations, it’s always preferable to have someone who can provide support and an alternative perspective,” Pranav enthused.
Broader Perspectives, Wider Vision
“No two people think identically and this brings in a different approach to decision making. It helps the company in the long run, exclaimed 38-year old Subramanya SV, Co-founder of Mutual Fund App Fisdom.
Subramanya said two or more partners always bring an ease in business operations. “Even at the time of ideating, an entrepreneur needs a bouncing board — someone whom he/she can trust.”
Makes Multitasking Easier
It gets too easier for you to think about the other growth prospects when you have somebody to take care of work. From business development to managing good investor relations to brainstorming with team, you get a helping hand in carrying out multiple functions, said Manish Lunia, Co-founder FlexiLoans.
He added he had been really fortunate to have founders who compliments his skills and share similar traits.