What does it take to start a super-successful business that could one day hit that billion-dollar valuation mark?
A great idea?
An insane work ethic?
The ability to read markets and understand consumer needs and desires?
The answer is all of the above.
But there’s another thing to consider: how many people does it take to start that super-successful business?
In other words, if your long-term vision is to become the CEO of a startup unicorn, can you do it all alone or do you need a helping hand from one or more co-founders?
That’s the big question OnDeck decided to unpack in its latest study on entrepreneurship.
Using data gathered from business leaders and specialist online sources, it breaks down everything you need to know about starting a business with a co-founder or going solo.
The study outlines some of the big data points regarding businesses with co-founders.
For example, did you know that…
- 8 out of 10 billion dollar businesses started in the last 17 years have two or more co-founders.
- Businesses with co-founders grow 3X faster than startups run by a single person.
- Nearly 15% of start-ups with a single owner fail because the founder doesn’t have the skills or knowledge to do everything themselves.
Partnering with a co-founder might be the best option if you want to plan for long-term business success. But that doesn’t mean it’s an easy option.
Ego clashes, equity splits, and power struggles are just a few of the things you need to navigate when working with a co-founder.
That’s why OnDeck added a breakdown of the biggest co-partner challenges, including how to overcome them.
And if you still decide to go alone, then this study has got you covered. The last section is a step-by-step guide on what to expect and how to succeed when running a business as a single founder.