If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we asked two experts about the benefits of having a co-founder.
This edition of "Ask the Board" features Brittany Hizer and Addie Gundry, co-founders of Pluie. They explain why it may make sense to establish a business venture with another person.
Establishing a startup will test your limits and push you beyond your comfort zone. However, having one or more co-founders by your side can serve as a source of strength, offering support and helping navigate the challenges that come your way.
It is crucial to choose the right partner(s) for this journey, as it is the foundation for a lasting relationship. Ensure that your co-founder is someone you not only can work with for long hours but is someone with whom you also enjoy collaborating.
Based on our experience, there are five advantages to launching a business with a co-founder.
Diverse skills
Operating a business involves various aspects, and having a co-founder who complements your skills is crucial for achieving success. If you excel in strategy and vision, look for someone who excels in operations and execution.
If you are technical, seek out a co-founder with strong sales skills. It's important to have a balance of skills to drive your business forward effectively. An often overlooked factor is finding a partner who shares similar values, like prioritizing family over work. Our strong alignment in values greatly enhances our collaboration and success.
Entrepreneurship can be a roller coaster of highs and lows, and having a co-founder means you're not navigating these challenges alone.
Brittany Hizer and Addie Gundry, co-founders of Pluie
An expanded network
A combined network can be a powerful asset when launching a business, providing opportunities for strategic partnerships, collaborations, and valuable introductions. This network not only enhances sales and marketing efforts but also opens doors for successful fundraising endeavors, connecting you with potential investors, mentors, and industry experts.
The collaborative reach of both co-founders can significantly amplify your business's visibility and credibility in the market, paving the way for greater growth and success. Make sure that your co-founder is ready to utilize their connections effectively, as many individuals may have an expansive network but fail to harness its full potential.
Emotional camaraderie
Opting for a co-founder over solo entrepreneurship provides more than skill diversity or an expanded network of contacts. The emotional connection and shared passion for the business can fuel motivation and perseverance. Entrepreneurship can be a roller coaster of highs and lows, and having a co-founder means you're not navigating these challenges alone.
The shared burdens and celebrations create a strong support system, reducing the feelings of isolation and stress commonly experienced by solopreneurs. Knowing that someone else is waking up and going to sleep thinking about the business every day is reassuring. This emotional camaraderie not only bolsters mental well-being but also leads to a more sustainable work-life balance, contributing to the overall success and longevity of the business.
Brainstorming and accountability
A co-founder can provide constructive feedback, challenge your assumptions, and help you refine your business model and plans for the future. We suggest looking for a co-founder with experience in an industry that varies from your own. Having a co-founder can also enhance accountability, especially on challenging days when you may feel defeated or drained.
Each party brings a unique perspective and level of commitment, holding each other to high standards and pushing one another to stay focused and motivated. This collective sense of responsibility ensures that no one person bears the burden alone, fostering a culture of teamwork and determination to overcome obstacles together.
The chance to face challenges together
Embarking on the entrepreneurial path often involves facing setbacks and failures before reaching your ultimate goal. These challenges can sometimes lead to self-doubt, causing many aspiring entrepreneurs to give up halfway on their entrepreneurial journey. However, having a supportive partner by your side can make overcoming obstacles and learning from failures easier.
With mutual encouragement and motivation, you both can push through tough times and celebrate successes together. A co-founder serves as a trusted ally, providing the needed push and words of encouragement to tackle any hurdle that comes your way on the journey to entrepreneurial success.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
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