When it comes to building a startup, there are two groups of people: those who go alone and those who go together. However, one of the most important decisions to make when it comes to “going together” is to decide if you want to get the right team or to just get one other person. So, do you need a co-founder, or will a few key founding team members work for you? These two paths might seem similar at first glance, but they represent very different approaches to structuring your business.
A co-founder tends to be more than just another person in the room; they’re your partner for the long haul. If you’re someone who wants to be the brainstormer and wants someone to share the load, then a co-founder could be the right choice. The emotional help and other brain will provide you the help you need to avoid feeling isolated. Also, a co-founder can play a key role in decision-making and business strategy – they’re also as invested as you are more times than not.
These partners are ideal when you’re looking for someone to have the same motivations and drives as you, from the vision down to the day-to-day execution. Whether it’s raising capital, making key decisions, or weathering tough challenges, a co-founder should bring a complementary skill set that fills in where you lack.
If you have the vision and are confident you can lead the entire thing, but you’re also aware of certain areas you’re not the best at, a founding team of specialists might be the way to go. Founding team members are excellent for completing your company’s core focuses without taking on the stress and commitment of a co-founder.
One thing to ask yourself at this stage is: Is the company's DNA complete? If not, then fill the gap with those who can. While they might not have the same equity stake as a co-founder, you can offer them 5% of the business and it’ll ensure a strong commitment. This allows you to build a highly skilled team that complements your strengths while keeping leadership streamlined.
So if you’re wondering who will be the best fit for your startup the key question to ask yourself is: What does the company need most to succeed? If you’re looking for someone with a senior-level mindset who will go the extra mile for or with you, then a co-founder is the best choice. They’ll bring expertise you don’t have and they’ll contribute key insights, close deals, and also offer new approaches to shift the trajectory of your business for the better.
On the flip side of the coin, if you’re just looking for specific skills, it would make more sense to hire specialized team members.
There isn’t a one-size-fits-all approach to this. It comes down to whatever type of partnership you’re looking for, the specific needs of your company, and the roles you foresee evolving as your startups grows. Choose wisely, and you’ll set a solid foundation.