Most startups fail. There are so many things that can go wrong when starting a business that might keep you from finding success. You have probably heard an angel investor or venture capitalist proclaim that they “invest in people.” I believe that investors like to invest in people because it is impossible to predict the success of any single business, but it seems a bit easier to put your trust in a great team. If you look at the history of some of our greatest companies you will see a team of 2. Here are few examples of successful 2 person teams:
- Bill Gates and Paul Allen – Microsoft
- Hewlett and Packard – HP
- Larry and Sergei – Google
There are a few reasons why you need 1 and only 1 co-founder.
1. Divide and Conquer – One founder should build the product and the other founder should be out trying to sell the product. Typically the best product development guys are not the best salesperson.
2. Motivation and Encouragement – If you have ever started a company, then you know it is an emotional roller coaster. One day you will think that your company is the next Microsoft, and then the next day you will be worried about making payroll next week. Without a Co-Founder you will likely give up before you even have a chance of success.
3. Lots of Moving Parts – Although 1 Co-Founder is great, more than 1 Co-Founders is nearly impossible. There are just too many moving parts. To keep 3 or more founders passionate, active in the day to day of the business, and financially stable for the amount of time it takes to launch a startup is simply unlikely.
For these three reasons you need to find a Co-Founder that you can trust, who is passionate about the business idea, and has the same goals as you do.
About the Author: Adam Hoeksema is the Founder of ExecutivePlan. ExecutivePlan helps entrepreneurs write more powerful business plan executive summaries in order to raise capital. Adam is also the author of Elevator Pitch Toolkit: Templates, Examples, and Tips for the Perfect Pitch