Should you form a team or stay as a single founder?
What are the benefits and where do you go on to find the right people?
Also, Where to find good investors for pre-seed companies
A team is better but not necessary. It depends on your strengths. However, I would strongly advise that you get feedback and input from others.
The benefits of having a team are that they can complement your skills and work can be divided up. The team does not have to be investors, employees or partners. At first, I would look for trusted advisors and mentors.
Do you have much of a startup ecosystem where you live? An excellent way to find the people you seek is to network with like-minded people.
Attend startup events.
Go to meetups.
Get involved in hackathons.
When you go ensure that you have a pitch
Here is a simple template that I give my clients.
As a <person with the problem> I want to <perform an action> but I am < obstructed by hurdle> causing <pain point>.
My idea will < address pain point > by < reducing, bypassing or removing hurdle> causing <improved result>
If you want to go fast, go alone. If you want to go far go together
- African Proverb
I hope this helps
Research shows that you need someone you respect to call you on your s#!t and vice versa. Single founders get too caught up in their own thinking suffering from many biases - primarily confirmation and egocentric biases.
You can certainly do it on your own if you are egoless and multi-talented. Otherwise, search for a co-founder you can fight with in a healthy way.
I have been on the management team of 10 startups and my experience bears out the research. The last four were unsuccessful and all were singular founders.
There is nothing that says the first people to run a company are all founders, but they will certainly need to be a team. Broadly, it is always better to be a single founder, even though this is CoFoundersLab. Each additional partner you take into the leadership of your business multiplies the complexity of the decision making dynamic.
There are certainly ways that you can reward early employees with a stake in the company without giving them control or decision-making authority. Profit-sharing is one common model.
In a very simplistic way, there are six fundamental business skills. No person masters more than two. So, you will always need the help of others, employees, advisors, or other professionals, to fill the skill gaps. In that sense you will always need a team even if you are a solopreneur working for yourself. Your accountant, lawyer, coach, advertising agency, etcetera will fill in those skill gaps.
The question you should be asking is not WHERE to find investors, but what attracts investors. Again, in very simplistic terms, you doing your homework to reduce risk to the absolute minimum is what attracts investors. This means starting with validating your marketing strategy, then testing your assumptions, then letting that information inform your product development, in that order. Investors want as close to a sure thing as possible. You have unlimited time to build and test your plan before you put someone else's money at risk. Do that pre-work before letting anyone know you would like to borrow money.
You may even find that there's a way to take a piece of your idea and generate some revenue immediately, allowing you to build your business organically instead of with an investor as your ATM. This will be far better for you in the long run, and I wish that more people looked at their opportunities this way, making them answerable to revenue from the start, not some date down the road.
A low-risk plan with all of its steps validated in advance is going to draw people (workers) and investors to you.
How many partners is not a question to me.two partners is enough for my proposed company.i am willing to work under the invester and boss.i don't have any ego .my aim is this innovative yarn should be get success.