Well, Investors, generally, tend to support companies which are run by a team than those who run solo. They trust companies with multiple founders and are likely to fund them more easily. So it is best to get a co-founder or co-founders by your side if you want to make the funding process smoother.
I believe it's a must needed thing to have someone beside you when starting something new.
@ahmed_atiqujjaman Interestingly yes! I feel other than this you also get a moral support and there's someone there to correct/suggest ways while going wrong, it sometimes does the role of a mentor too.
@ahmed_atiqujjaman I'm 100% agree with you, but is hard and time wasted to find someone for that reason I'm working on a platform that allows entrepreneurs to network automatically without waste their time.
I think Co-Founder can be very beneficial for any startup as there will be more ideas , more task could be done and managed properly , tasks could be divided according to the expertise , good for investment purposes and lot more things, etc.
The benefit of a co-founder is the discussion you can have with someone who is as invested in the product than you. You could also talk with a mentor or friend about your startup, but they have different incentives. On the other hand, the distance they have to the startup can help to get a more honest view as they are less emotionally invested in the success of whatever you are building.
You may also need a co-founder to complement your skillset. For example, you may be a non-technical/business savvy person, and your co-founder may be a technical person. Furthermore, you can bounce ideas off each other and address tough challenges.
I totally agree about moral support, especially when you start a venture and don't know what to do next. Some entrepreneurs point out that being a solo founder can be a lonely activity.
I have started several tech companies, always as the sole founder. A co-founder is not necessary, but a strong #2 is very important, because you need someone to challenge your ideas, brainstorm with, set priorities, etc. It's hard to carry everything on your shoulders. Also, a peer group or, I strongly recommend, an executive coach who will help you think through tactics and strategy. Hope that helps.
When I had my own startup, I had a co-founder. I was responsible for technology part, and they were responsible for marketing and product. Having complementary skills and experiences were super important in making sound business decisions.
So while having a co-founder isn't an absolute must-have, it's important and beneficial.
If you're running your first company, I would recommend to have partners or co-founders to compliment your skillset.
In case it's not your first business, you can go solo, but you'll know that amount of work will triple/quadruple compared to what you've done before being a co-founder. You can still compliment it with great board and talented VPs, but before you get there, you'll need to get the job done first.
Well, actually it depends. If you are lack of self confidence, capital, eligibility etc, then you must need co founder or partner in your startup. But the lacking is common for the freshers.
Remember one thing, look around you. You will find no established business running with co founder. It's for beginners only.
I'm going through the process with Trine Wellness right now and handling product development, marketing, and outreach all on my own. Although it's a lonely road doing it on your own, the one thing I can suggest if you choose to have a co-founder is to ensure your co-founder is as passionate about the idea as you are. If they aren't it's a recipe for disaster in my opinion because of the unbalanced level of effort coming from both of you. There's no reason you can't be successful on your own without a co-founder, but just remember it will be a lot of work. Ultimately, it comes down to your personality, passion for your idea, and long-term vision for the company.
Having been a solo founder, I say it is 100% important.
Not only can you flesh out ideas better when discussing with someone, celebrating the successes is far more enjoyable with someone.
(I'm well aware that there are some pretty successful solo founders, so maybe I'll say it's 99% important)
its like having two hands to do a job vs. working with just one hand. it makes things way better. the best thing is about the ups and downs, single founder, esp. first time founder can easily loose motivation.