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3 Ways Your Cofounder Can Improve Your Chance of Success

March 20, 2017

9:15 am

Having a cofounder can be tricky. Between funding disputes and splitting the responsibility, finding the perfect balance can be an arduous process that takes years of trust and confidence. However, if the dynamic is productive, having a cofounder can increase your success and productivity tenfold.

We asked three entrepreneur about the value of having a cofounder. Check out their answers below and start thinking about splitting the responsibility of your startup:

It Mitigates Risk From a Single Point of Failure

When it all comes down to it (and your potential investors), you don’t want to have an entire system reliant on just you. You need someone else in place who’s just as motivated as you to keep the business going. It’s a checks-and-balances of sorts on a system that could otherwise fail if you make one wrong decision or if you simply need to take the day off.

– Jordan Gurrieri of Orbit Path

It Distributes the Burden

Running a business is an extremely involved, incredibly tiring process. I’ve seen my fair share of solo entrepreneurs struggling just to keep themselves afloat. By having someone else on board with your startup, you’re cutting the amount of work you need to do in half – something that’ll work wonders for your sanity.

– Steven Buchwald of Buchwald & Associates

It Doubles the Brainpower

I’ve always thought it’s important to have at least one other person you can count on. It’s helpful to have two minds working to craft the big vision and identify potential hurdles. The ability to divide and conquer is critical in an environment that is constantly shifting and evolving. A good co-founder allows you to look at what lies ahead rather than driving by looking in the rearview mirror.

– Joshua Moe of Odigia

FounderSociety is an invitation-only organization comprised of ambitious startup founders and business owners.

This article is courtesy of BusinessCollective, featuring thought leadership content by ambitious young entrepreneurs, executives & small business owners.

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Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. YEC members generate billions of dollars in revenue and have created tens of thousands of jobs.

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