Check out the history of successful startups, and you will see that most of them started under the umbrella of more than one founder. From social networking mania of Facebook, shopping game-changer Amazon and innovative storytelling world of Snapchat to money transferring innovator Paypal, all of them were cofounded. It shows that most people like to dive into the unpredictable world of entrepreneurship with someone else, despite the popular opinion that cofounded businesses can never become successful due to the emergence of internal conflicts.
Yes, internal conflicts do exist when two people are working together due to the existence of different thought process, contrasting opinions and ideas. But if you meet the right cofounder and learn the art of using different approaches to create diversity rather than conflict, then the idea of cofounding a business is the best.
Still think otherwise? Here, we have come up with some mind-boggling reasons after conducting thorough research to change your opinion:
Distribution of Workload:
You know starting, maintaining and expanding a business is not like sitting in your chair and giving directions to the lower management people. You need to put in a lot of effort to come at a stage where you can sit in your chair comfortably, knowing that everything is working perfectly without you. And putting in this effort sometimes goes beyond the control of one person!
Finding an investor, building a team, undergoing paperwork and working on ideas require a lot of time, effort and energy. Moreover, you need different sets of skills to accomplish a task in the best possible way. That’s why you need a cofounder because isn’t it better to share your burden with someone else who is equally passionate and dedicated to turning your venture into a success story?
Having a Broader Perspective:
Two different people have different mindsets, thinking process and understanding of things that can turn into blessings for a successful business venture. People even belonging to the same field are bound to have different ideas and perspective of things. A cofounder can help you elaborate on things that you can’t understand, find solutions to problems that you can’t think and pinpoint things that are not wandering near your mind. Remember that for startups, business is an unknown ground, and you never know what you might be encountering. So, it is always good to have more than one mind to think about all the possible dimensions and prospects.
Greater Growth Prospects:
One mind can only think about limited lines at a time. If your mind is struggling to think of pitching the idea to an investor, you might not be able to think about ways to expand the business. So, you might not be able to grow faster with this limited vision. But having a cofounder helps you think on other lines when your partner is handling some other things. Your mind will not be overburdened, overcrowded and clogged due to so many thoughts, and have space to think about other significant things.
Now, you can see why most startups are cofounded, and it can work for you too!