Some entrepreneurs think that starting a new business by themselves is the most valuable learning experience. That’s probably true — but it doesn’t necessarily mean that it’ll be a successful experience. It can be tempting to make that leap all by yourself. After all, aren’t startups the most lucrative if you have complete control over everything? Not so fast. There are several important reasons why launching in tandem with others is a wise idea. Here are a few.
1. Overcoming Isolation
One of the most challenging aspects of launching a startup is the possibility of paralyzing isolation. While time alone is necessary for creative work, it’s easy to get bogged down in circular thinking unless you’ve got other people and perspectives bringing fresh ideas. If you decide to remain a solo entrepreneur, you’ll need to work doubly hard to stay in contact with mentors and colleagues in your field in order to stay inspired and motivated. Bringing in a high-quality partner from the start can help prevent those feelings of isolation.
2. Fostering Cooperation
Having even one other person on your team will bring an opportunity for you to hone your communication and negotiation skills that are vital for good customer relationships. You’ll face challenges together, learn to mesh your working styles in a way that’s beneficial, and have stimulating discussions (and disagreements). Then, when you interact with stakeholders, your ability to be empathetic and persuasive will be well-honed.
3. Encouraging Innovation
Startups tend to be the most successful when they have people with vision, skill, and integrity running them. It’s also crucial to create a product or service that people actually want and keep cash flow as steady as possible. If you have more than one person leading the startup, the possibility of these factors being in place is raised exponentially. Think of Steve Jobs and Steve Wozniak of Apple, and how their complementary gifts created a product and lifestyle brand that has flourished for decades.
4. Building a Strong Foundation
Startups involve long hours and Herculean effort. If you work with good people, you’ll pull each other through. Rejections are easier to take — and customers seem to hold startups with more than one person in high regard, so your “yes” may come more often. The foundation you build by working with someone else will help you weather the inevitable ups and downs.
Launching a startup requires careful decision making. Keep these considerations in mind as you plan.