Are You A Solo Founder? These Tips Might Help Your Next Step

Solo founder - cfamedia

Here is a fact. Founding a business is, not an easy task and I dare say, extremely, difficult, especially, on the continent of Africa.

If you are not prepared, physically, mentally and to a large extent, financially, there is a high probability that, your start-up business, will not survive the first 2 years of its existence.

Some of the most successful founders, scattered around the world, have one, or, two stories to share, on how they rose from, basically nothing, to building companies, worth millions of dollars.

Mark Zuckerberg built Facebook, from scratch and he was rejected multiple times. Jack Ma failed multiple times before he was successful with Ali Baba.

Jeff Bezos worked, extremely, hard, to build up Amazon and Sara Blakely got turned down, by an endless number of investors, before one, would finally, give her a chance.

One thing that is common with the four entrepreneurs mentioned above is that they began with just themselves, alone.

As it is, generally, believed that the odds at which start-up businesses survive, increases, if the founder has a co-founder, most start-up accelerator and incubator programs, would sometimes, only, accept founders with co-founders.

They, also, strongly advise entrepreneurs, that apply, to find. At least, a co-founder.

None of them, outrightly, ban solo founders, from their programs, but they are vocal about their desire, to work with teams.

Despite the fears expressed, by some of these accelerator and incubator programs, data has revealed that some solo founder companies stay in business, longer than multi-founder companies.

A solo founder, basically, start with substantially, little funds because funding becomes difficult to come by and bootstrapping, usually, becomes the only means, to start out.

Here is, however, a verified fact. Most investors, find it, extremely, uncomfortable, funding a solopreneur, but if a solopreneur raises capital and gives up 20% equity, he, or, she, will still, comfortably, own 80% of the start-up, unlike co-founders that, are left with 40% each, after giving up 20% equity.

The Co-founders, eventually, have a low controlling stake, in the company.

Below are 3 things that, a solo founder needs, to forge ahead in his business:

Believe In Yourself

The myth that solo founders can do it alone, should be debunked, as there is, basically, so much that, someone can do once they believe in themselves and work extremely hard.

Data cannot mislead us and a long list of successful solo founders, proves this, to be true.

Assemble A Formidable Team

As you, basically, do not need a Co-founder, to build the next best thing that, this world, has ever seen.

You do not, necessarily, need a Co-founder, to get investors to be interested in what you have to offer.

Assemble a formidable team that believes in your dream, then, work with them, to push up your start-up business.

No one is, taking away the fact that, it is way easier, to grow with a Co-founder, but there is, nothing wrong, with having a go at it, by yourself, alone, with the support of a formidable team that believes in your dream.

Seek Support

Find support. Search for people that, believe in your dream and what you have to offer.

Convince them, about your goals and where your dream of heading. They will be willing to assist, in many ways than one.

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