“I can do it all myself.”
This is the declaration many new entrepreneurs make (myself included) as they decide to go solo. They often overlook the fact that cofounders can balance out their skills, help propel business and even provide investment.
Unfortunately, it is difficult to find a suitable cofounder! So it’s common to have solopreneurs represent their ventures as ‘we’ and ‘my team’. And why shouldn’t they? They are indeed the CEO, CFO, CMO, Developer, Assistant, and Gopher. But there is a risk of spreading themselves too thin. As I was working on a business idea, I was frustrated as I was pushing myself to work on things that were not my expertise. The hours, weeks and months wasted could have easily been avoided if I had found a cofounder who complemented my skills but still shared my vision from the get-go. This is an #entrepreneurfail that is easy to fall into at the beginning of an entrepreneurial journey.
As an entrepreneur makes progress, taking the time and effort to find a cofounder or a team to supplement his/her skill-set will prove valuable. And as an added bonus, investors often prefer teams with varied skills to protect their investment.
So what should you do?
If you are truly ready to share the vision and responsibility of your baby, then start searching for a cofounder. In addition to networking events, and your university’s alumni database, some great resources to find the perfect match include: CoFoundersLab andFounderDating.
Be ready for the tough conversations up front, as Harvard Business School professor Noam Wasserman suggests. He recommends discussing equity based on output not just an arbitrary fraction. It’s prudent to have the expectations set upfront. It’s one less thing you will have to juggle on your journey.
Did you decide to go solo or find business partner(s)? Tell us about your quest for a cofounder in the comments below.
(Are you an Entrepreneur or a Wantrepreneur? Find out now at www.entrepreneurfail.com)