Before entering into any venture, an entrepreneur should find out if he really needs a co-founder or if he can pull it off on his own, says K. Vaitheeswaran, co-founder, Again Drinks. He opines that for any startup, both single founder and co-founder system are convenient.
Vaitheeswaran, elaborating on the key factors to be considered while being a single founder or co-founder of a business, says that for a single founder, one should realize his/her strengths. One can be strong in marketing their product or service or he may be an expert in business development.
The first thing an aspiring single entrepreneur should do is to note down all the factors that are important for the success of their business. Categorize them into areas which the founders can do themselves. Develop a team which has take care of the other core areas.
On the other hand, in a co-founder system, make sure that there is decentralization of work. It makes no sense for a group of computer engineers coming together and preparing coding, says Vaitheeswaran. They can create codes, but then there is nobody to sell them. He suggests that in an organization, always look out for different skills and strengths.
Another factor to consider while in a co-founder system is that, you have to ensure that you share a history with your co-founder. Your co-founder can be your schoolmate, college mate, a former colleague or even a customer. It is not advisable to make new people your co-founders. They can be made a part of your team.
Vaitheeswaran cited his own experience in having a familiar person as your co-founder. He launched his fourth startup, ‘Again Drinks’, three months ago. The co-founder of this company is a person with whom Vaitheeswaran had done business twenty years ago. Now they reunite for doing another business. He said that he is comfortable with his co-founder and share a common trust with him. They have shared ups and downs in business together and they learnt how to deal with it which makes them ideal co-founders