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Why Every Successful Business Needs a Co-founder

Partnering with a co-founder might be the best option if you want to plan for long-term business success.

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Image Credit: Unsplash

What does it take to start a super-successful business that could one day hit that billion-dollar valuation mark?

A great idea? 

An insane work ethic? 

The ability to read markets and understand consumer needs and desires? 

The answer is all of the above. 

But there’s another thing to consider: how many people does it take to start that super-successful business?

In other words, if your long-term vision is to become the CEO of a startup unicorn, can you do it all alone or do you need a helping hand from one or more co-founders? 

That’s the big question OnDeck decided to unpack in its latest study on entrepreneurship. 

Using data gathered from business leaders and specialist online sources, it breaks down everything you need to know about starting a business with a co-founder or going solo.

The study outlines some of the big data points regarding businesses with co-founders. 

For example, did you know that…

  • 8 out of 10 billion dollar businesses started in the last 17 years have two or more co-founders.
  • Businesses with co-founders grow 3X faster than startups run by a single person.
  • Nearly 15% of start-ups with a single owner fail because the founder doesn’t have the skills or knowledge to do everything themselves.

Partnering with a co-founder might be the best option if you want to plan for long-term business success. But that doesn’t mean it’s an easy option.

Ego clashes, equity splits, and power struggles are just a few of the things you need to navigate when working with a co-founder.

That’s why OnDeck added a breakdown of the biggest co-partner challenges, including how to overcome them.

And if you still decide to go alone, then this study has got you covered. The last section is a step-by-step guide on what to expect and how to succeed when running a business as a single founder.

 

Ashley Murphy graduated with a BA (Hons) in English Literature and Creative Writing from the University of Manchester. He began working as a freelance content writer in 2015. He specializes in technology, higher education, advertising copy, and current affairs.

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Success Advice

The 2-Minute Rule: The Secret to Habit Success

By starting with a small, manageable task, it becomes much easier to build consistency

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It’s a given fact that we all want to build habits, goals that we want to achieve, and things that we want to change in our lives. However, on the other side of the coin, it can be hard to sustain motivation and consistency.  (more…)

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Success Advice

20 Ways You Can Become a Powerful Communicator

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Emile Steenveld Speaker and Coach

Some people seem to naturally know how to effectively communicate in a group setting. They can express themselves clearly and listen attentively without dominating the conversation.

Being a powerful communicator is important for several reasons, including building and maintaining relationships, achieving goals, resolving conflicts, improving productivity, leading and influencing others, advancing in your career, expressing yourself more confidently and authentically, and improving your mental and emotional well-being. Effective communication is an essential life skill that can benefit you in all aspects of your life.

But, don’t worry if you don’t naturally possess this skill, as effective communication is something that can be developed with practice, planning and preparation.
 

1.  Listen actively: Practice active listening by giving your full attention to the speaker and responding to what they are saying.

 

2. Use “I” statements: Speak from your own perspective and avoid placing blame or making accusations.

 

3. Avoid assumptions: Don’t make assumptions about what the other person is thinking or feeling.

 

4. Be clear: Express your thoughts and feelings clearly and concisely by getting to the point and avoid using jargon or overly complex language.

 

5. Show empathy: Show that you understand and care about the other person’s feelings.

 

6. Offer valuable insights: When speaking in a group, provide a valuable takeaway or actionable item that people can walk away with.

 

7. Be an active listener: Listen attentively and respond accordingly, incorporating your points into the conversation.

 

8. Choose the right time: Pick the most opportune time to speak to ensure that you have the group’s attention and can deliver your message without interruption.

 

9. Be the unifying voice: Step in and unify the group’s thoughts to calm down the discussion and insert your point effectively.

 

10. Keep responses concise: Keep responses short and to the point to show respect for others’ time.

 

11. Avoid unnecessary comments: Avoid commenting on everything and only speak when you have something important to say.

 

12. Cut the fluff: Avoid being long-winded and get straight to the point.

 

13. Prepare ahead of time: Sort out your points and practice them before speaking in a group.

 

14. Smile and be positive: Smile and nod along as others speak, to build a positive relationship and be respected when it’s your turn to speak.

 

15. Take responsibility: Take responsibility for your own actions and feelings.

 

16. Ask questions: Ask questions to clarify any confusion or misunderstandings.

 

17. Avoid interrupting: Allow the other person to finish speaking without interruption.

 

18. Practice active listening: Repeat what the other person said to ensure you have understood correctly.

 

19. Use your body language too: Use nonverbal cues such as eye contact, facial expressions, and body language to convey your message and build rapport.

 

20. Be aware of the tone of your voice: it should be calm and assertive, not aggressive or passive.

 

By keeping these tips in mind, you can improve your communication skills and become a more powerful communicator, which can help you build better relationships, achieve your goals, and lead a more fulfilling life.

I you want to learn how to become more confident in life then you can join my weekly mentorship calls and 40+ online workshops at AweBliss.com so you can master your life with more success.

 
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Success Advice

Dead Men Tell No Tales: How to Navigate a Mutiny as a Leader in 10 Steps

You’re the manager. You’re the supervisor. You’re the leader. But maybe your people don’t see it that way

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You’re the manager. You’re the supervisor. You’re the leader. But maybe your people don’t see it that way and perhaps that has created a divisive and adversarial working environment that makes it difficult for you to influence and inspire your team in a way that meets your vision. (more…)

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Success Advice

How to Think Like a CEO for Your Future Success

A blueprint for CEOs to draw a disciplined strategy

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Strategic thinking helps CEOs build successful businesses. It helps them establish everlasting enterprises. It is one of the key elements of decision-making. It is different from strategic leadership. It differentiates between leaders from managers.  (more…)

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