Startups today are like a rage, we all dream of having our own business and starting out a new venture. But we are often confused on whether to start the business alone or have partners. And one of the biggest concerns is whether the investors would fund a solo startup, but one should base their decisions on career choices over these prosaic factors.
But to help you make up your mind, here are the Pros and Cons of having a startup alone
Be your own boss, especially if you are the types who like taking all decisions alone, are stubborn or an introvert, probably starting your business alone could be the best choice for you. You can then dictate your own terms, take your own decisions and make no compromises.
Grow at your own pace, when you aren’t answerable to anyone, your growth pace and progress pace is something you can decide. If you aren’t in a hurry to expand or scale down your business for that matter, you can choose your own path and growth chart.
Explore your own capacities, when you own a business solely, how much you stretch your own wings and how much you outsource depends only on you. You are in full control of assigning work tasks.
Bake your cake and eat it too, yes one of the key benefits of owning the company is that whatever you make out of it, it’s yours only, especially if your company makes it big, you alone will reap the benefits.
It could feel lonely especially in times of pressure because you would have no one to share the business stress with
Lack of ideation, when you are the only one. It’s a well-known fact that one needs to brainstorm with others in order to unleash creative ideas and in some decisions where you cant involve random employees you might not be able to come up with great ideas alone.
Biased behavior towards your own decisions and with no one to contest, you may dig your own grave. Your stubbornness and lack of pushback can lead you down dead ends
Limited investment options, because right from the capital, there would be no shared burden, you would be solely responsible to arrange all funds and even while finding investors, this could become a challenge.
Finding potential employees might serve as a challenge as many workers don’t find it appealing to work for a single person startup, due to the risk of abiding by a solo founder’s ideologies.
So before you start out, do a SWOT analysis of your own self and see how would you perform as an individual player viz a viz within a team and then take your decisions to work out the best for your company.