Once you decide to start a company, the next biggest decision can be whether to go at it solo or to find a co-founder. There are pros and cons to both choices, but it might help to understand a little more about your own ambitions before you decide.
Issues of control and wealth can often dictate whether you should look into co-founding or not.
Am I comfortable sharing decision-making power with another person or even several people? Am I prepared to distribute equity in the company to others in exchange for their contributions, skills or connections?
Beyond control and wealth, you’ll need to assess what the current gaps are in your skills and knowledge. In what areas of the chosen industry do you have limited experience or connections? You need to be honest with yourself about your shortcomings in order to decide where you’ll need the most help and what shape or form that help will take.
Noam Wasserman, Harvard Business School professor and author of Founder’s Dilemmas, explains many of the traits and preferences of solo founders versus co-founders in our Founders School series and in the video below.
One step further, Wasserman offers a personal survey that helps to diagnose your dilemmas and compatibilities as a founder of a venture. Better prepare yourself by understanding your desires and objectives as a business owner.
Exercise of the Week: Founder Self-Assessment Survey
Let us know about your results and any additional feedback in the comments below!