This has to be one of the most popular questions asked when you are starting up. A solo founder or solopreneur can wake up and get moving from day one but with co-founders it is not that easy. But what makes having co-founders to be perceived as being better than being a solo founder?
Co-founders keep each other grounded and accountable especially in money matters. They are always there for emotional support. They bounce ideas off each other and towards a common goal using combined resources. As a solo founder, you do not have someone to keep you in check. You can easily stray or do dumb mistakes because your support system is weak or you believe that you are not cut out for any of it.
The chances of success are increased with two or more co-founders. Admittedly, there will be a diverse skill set and there is a huge possibility that they can pull in more money among themselves to fund the start-up.
With co-founders you divide and conquer; one builds and one sells. If you can build and sell at the same time, more power to you but it helps to get more done when you have a helping hand. The drive to work together can be out of passion or just money. However, there should be mutual respect, similar level of commitment and it also favors the start-up if the co-founders have a previous work history.
It is challenging to choose a reliable and suitable co-founder. It even becomes worse when you give someone 50% equity and power to make decisions only to find out they are the wrong fit and coming out of the partnership will be a nightmare. In such situations, where trust lacks, we advise that you start up as a solo founder then somewhere along the line, you look for a co-founder who matches your profile and offer a lower stake of your start-up.
In the occasion where you have lots of personal assets like finances and a strong network, and you thirst for control, then having a co-founder is not the way for you. Also, if the industry you are targeting is slow-moving, you would rather settle for solo founding.
Technology is making it easier for solo founders by creating lower barriers and availing more tools that allow a solo founder to manage everything. Ultimately, the choice to have a co-founder or not, boils down to your personality and your brand.