It all starts with an idea yet, if you are not testing and implementing your idea, it worth nothing, zero.
In this challenging journey of building and testing ideas, having the right people next to you might be the secret ingredient for success. Some entrepreneurs embark on this journey solo, working on their ideas by themselves, while others believe in the collective strength of a team of co-founders. These two different perspectives made me think "What is the right option for me?". I'll dive into that in this article.
The Vital Role of the Founder(s)
My 15 years in consulting proved me that is very hard to deliver and grow even a simple product or service just by yourself. So, the first question for me when I started to work on my first entrepreneurial journey: "Do I hire or do I find co-founders?"
For some, the synergy within the team, complemented by a shared commitment to the same vision, become the driving force behind a successful product or service. It is true, finding those few people to share the same vision, to trust and ideally to have worked together for some years, plus to complement each other might sound like mission impossible. And, it is!
Deciding to start as a solo founder is an act of courage and determination, offering the (impression of) full control over the startup's direction. While this might be true, the entrepreneurial journey is not without challenges. Having no one to share the burden of decision-making and risks, to raise you up when you are down, and to help with skills you might lack can easily become an impossible obstacles for growth and scale.
For me, starting with a group of co-founders was the obvious choice.
Choosing the Right Team: Numbers and Roles
The early days of a startup require navigating through limited budgets, uncertainties and challenges, making it imperative to have a small, very committed and agile team.
So, "what's the right size, how many cofounders should I bring in my startup?".
Many successful founders, accelerators or VCs recommend 2, maximum 3 and I tend to agree. This gives the team the right balance of skills, keeping the split of shares at a motivating level for everyone (including future investors). I will not deep dive in the mechanism for splitting the shares, but I do recommend you read Dan Shapiro's blog and by any means, do not settle on an equal split! Never, ever.
Next, I believe is important to clarify roles and areas of responsibilities without necessarily assigning fancy titles. Your team needs to cover a lot – from product to sales, from customer success to finance and marketing, and many others. If a key skill is missing, that's when you hire! However, what remains critical is establishing a clear decision-making hierarchy in tough times. One, and only one should have the power to take the final decision, in everyone's best interest.
Crafting the ideal founding team is an art, not science - and, mastering management and leadership skills could prove to be a gold mine.
The Evolution of the Founding Team
As a startup matures, so must its founding team. The transition from a team of 3 to a very sophisticated and even international organization often involves an evolution in roles and responsibilities. This evolution, while necessary, may not always align with the aspirations or capabilities of every co-founder or early team member. Recognizing when and how to change team structure is crucial, ensuring that the team's growth aligns with the startup's scaling needs.
There are teams very successful on building startups, up to series A/B, that are struggling to deliver in a complex organizational structure. Others that have no clue how to start a new venture, but thriving in growing and operating large organizations. I, for example, fit in the second category, but I am very stubborn to learn how to be part of a team working to launch and scale a new startup.
So, knowing where you fit, your limits, aspirations and motivations will keep your ego away from taking control of your mind. It is not like, nobody should acknowledge your contribution to what the entire team has achieved. Everyone should be fairly compensated no matter if they will leave or stay with the startup for the entire journey. Maybe, launching a new venture with the new experience and money you get from an exit, might be more motivating for you than to stay in a role that you hate/ doe not fit you.
Concluding remarks
There's no one-size-fits-all answer to whether you should go solo or with a team of co-founders. It’s a personal choice, influenced by many factors like your leadership style and your vision for the business.
If you're thinking about starting a business, consider carefully who will be on this journey with you. It will save you from many headaches.
Originally published on LinkedIn