What is one reason having a co-founder is key to long-term success?
A: It mitigates risk from a single point of failure. “When it all comes down to it (and your potential investors), you don’t want to have an entire system reliant on just you. You need someone else in place who’s just as motivated as you to keep the business going. It’s a checks-and-balances of sorts on a system that could otherwise fail if you make one wrong decision or if you simply need to take the day off.” Jordan Gurrieri, Blue Label Labs
It promotes different backgrounds/different ideas. “Someone you trust and (someone who) believes in the vision of the company but has a different background, experiences, ideas and, perhaps, way of thinking is great for business. When one individual has hit a block, the other person might have a different approach. It makes moving forward on the upward slope easier because it disperses the work, encourages innovation and efficiency and keeps each other motivated.” Jessica Baker, Aligned Signs
It distributes the burden. “Running a business is an extremely involved, incredibly tiring process. I’ve seen my fair share of solo entrepreneurs struggling just to keep themselves afloat. By having someone else on board with your startup, you’re cutting the amount of work you need to do in half — something that’ll work wonders for your sanity.” Steven Buchwald, Buchwald & Associates
It doubles the brainpower. “I’ve always thought it’s important to have at least one other person you can count on. It’s helpful to have two minds working to craft the big vision and identify potential hurdles. The ability to divide and conquer is critical in an environment that is constantly shifting and evolving. A good co-founder allows you to look at what lies ahead rather than driving by looking in the rearview mirror.” Joshua Moe, Odigia
It gives you a second opinion. “A co-founder is important to my business because of their ability to offer a second opinion. As an independent individual, I am often single-minded in some decisions. With a co-founder, I am able to keep that in check.” Ajmal Saleem, Suprex Learning