Mentors and entrepreneur’s common sense say “you need help, get a co-founder.” It’d be crazy to do it alone, right? In some cases it is true and you generally should look for some help to fill the gaps in your skill set.
10 years ago, an article on Microsoft’s site appeared which suggested that 2.09 people starting a business was the statistically optimal number or, in other words, that, two heads are better than one.
A decade has passed. Today, 45.9% of startups that raise $10 million or more only have 1 founder while the average number is down to 1.85. Why? There are a few excellent reasons why we’re seeing such a trend. Here’s my take.
Contracting and freelancing expertise are cheaper than ever. Your skill gap can be filled with someone, who isn’t taking 50% of the company home with them every night. If you need technical help, having a co-founder might cost you millions. By freelancing the same skills that you could’ve had with a cofounder, you can save most of it!
Contrary to the popular belief that suggests that freelancing is equal to outsourcing, the freelancing community has grown to host 34% of the American workforce. That number’s expected to grow to 50% by 2020. If that’s the case, it’s best to start getting used to it!
Freelancers, in some ways, also have similar risks as small business owners. Their livelihood depends solely on them. Surely, it’s a smaller scale, but it’s the closest thing to having a co-founder without actually having a co-founder.
Finding a freelancer is much faster than finding a co-founder too. In addition, it is also easier to break up. There are no disputes, just a terminated contract.
If you aim to hook up with someone to start a company together but struggle to find anyone notable, think about working with contractors at first. After all, for fellas like Drew Houston of Dropbox and Pebble’s Eric Migicovsky, starting the company alone turned out to be a successful solo venture.
Maybe yours could be too.