Join Whitney Johnson for an in-depth discussion in this video Deciding on a cofounder, part of Entrepreneurship Foundations.
As you launch your business…you will need to decide if you are going to fly solo…or form a founding team.…There are number of reasons…why you may decide to go solo.…You have enough of what you need,…expertise, networks and money…to get off the ground.…You want to retain 100 percent…of the equity and decision making.…You like to work alone.…According to Noam Wasserman…and author of The Founder's Dilemma,…there is a case to be made for going this route.…
When companies fail, they frequently fail…because of complications around building a team…including disagreements over roles and compensation.…Ironically though, if you do go solo…there's a higher risk that your start-up will either…fail to reach its full potential or fail outright.…In Wasserman's data set of high potential tech…and life science start-ups,…only 16.1 percent were solo founders…whereas more than one-third had two founders…and 50 percent had more than three.…
If you decide to go the route of a co-founder,…here are some tips for ensuring…that you pull together a founding team that works.…
- Cite the steps that can help you find an unmet need.
- Differentiate between a business and a hobby.
- Recognize how to decide between an online business and a brick and mortar business.
- Describe how to protect your intellectual property.
- Explain the best practices for hiring the right people.
- Recall the importance of tapping into networks of expertise.
- Cite the best practices for building a business website.
- Summarize the best metrics to use for your online business.
Skill Level Intermediate
Management Foundations (2013)with Britt Andreatta2h 9m Intermediate
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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