Category: Start A Business

  • 6 Skills Every Entrepreneur Needs

    Starting a business or being an entrepreneur has it highs and lows. It’s an emotional rollercoaster and an ongoing learning curve.

    More often than not, there are soft and hard skills you did not realize you needed, and some of those skills can make or break your trajectory.

    I’ve been an entrepreneur for over two decades now, and as I reflect on my journey, I’ve identified the skills that have been most important in helping me achieve my goals.

    Most skills can be taught to each individual. Some might have a more natural ability to comprehend or understand something faster, or are extremely gifted.

    However, it doesn’t mean that you or anyone else can’t excel in those essential skills when pursuing entrepreneurship.

    Any form of business implies high variance and no guarantees of success at all. But those who learn the skills mentioned below can create a significant edge.

    • Bravery
    • Resilience
    • Consistency
    • Discipline
    • Leadership
    • Bulletproof

    Bravery

    Making bold choices as an entrepreneur and in your journey requires some bravery. You’re often stepping into unknown territory, and that means stepping out of your comfort zone more than once.

    Taking risks and having the ability to remain confident isn’t as easy as it looks. Especially when a single wrong decision can set you back for days, or even weeks.

    Resilience

    If I have to emphasize a skill, then being resilient is my number one pick. I’ve seen more founders crash and burn because they weren’t willing to adapt, respond in crisis situations, or make transformations when the market demands.

    Sometimes, no matter how well prepared you are, there are often variables out of your control.

    Your job and focus should be identifying those risks, adapting, and responding on time.

    Consistency

    Most startups aren’t born overnight. And there were times I wasn’t consistent enough or slipped up. I had no regular routines, and I was postponing tasks that led to procrastination.

    Before I knew it, I lost control of my life and business, which resulted in failures.

    You need to find a routine that will work for you. A routine that helps you remain consistent. It’s not because someone sits 12 hours per day at their desk, they’re more productive.

    I would rather see entrepreneurs work 2 hours per day on their business with hyper-focus, instead of people who go fast one week, but then underperform the next week.

    You’re the business, and being consistent helps you move the needle one step at a time.

    Discipline

    Discipline and consistency go hand in hand. When you’re consistent, you learn to remain disciplined in your efforts.

    Schedule your time, block out areas in your agenda when you don’t want to work, and learn how to eliminate noise or distractions such as social media, email, or chats.

    Implementing digital minimalism helped me achieve this.

    Being disciplined is harder than it looks. We’re often so tempted to respond, or open our phones “to quickly check” feeds or messages.

    The problem with that?

    Once you lose focus or get distracted from deep work, it can take up to 30 minutes to regain it.

    Leadership

    Millions of startups fail because of mismanagement and bad leadership.

    Leadership means something. People who work with you, or for you, often admire you for who you are and what you do.

    It’s your job to motivate them, be responsive, and delegate where necessary.

    You need to learn to make the right decisions for the business and the team during hardship, and that’s not an easy task.

    Be Bulletproof

    If I could count and list every hit or bad beat I’ve taken over the years, there wouldn’t be enough paper in the world to print it.

    The startup scene can be brutal and competitive. Some can be vicious to the point that their sole purpose is to annihilate your business or even your mental game.

    What founders need is to become bulletproof or at least develop a kevlar (thick skin) that doesn’t make them irrational or make bad impulse decisions.

    Some examples I experienced are:

    • Financial losses
    • Loss of clients
    • Bad reviews
    • Developers not meeting deadlines
    • Competition that’s stealing your ideas and clients on top
    • Staff leaving all of a sudden

    You need to learn how to shrug off setbacks and prepare yourself at all times with exit strategies.

    Final Word

    When you’re new to entrepreneurship, you will have to experiment a lot, including trying and learning new skills.

    Each skill in entrepreneurship can be taught, and you will need to dive into the trenches for days, weeks, and years.

    Looking back. A lot of things I used to spend hours or days on, I can now solve in minutes.

    I strongly believe that resilience is the most undervalued skill, but you should put in a lot of study and time into that one.

    Starting a business is not a lifestyle. It’s hard work that comes with more responsibilities than raising a toddler.

  • 8 Tips When Starting A Business As A Beginner

    The creator economy has made a large contribution to a new wave of young entrepreneurs.

    Access to free tools made it possible for those who have greater aspirations and start thinking about career pivots or quit a 9-5 to pursue other avenues at a low cost.

    But starting a business, in any form, is hard and can be scary at times. That’s often mixed with discouraging events, and if it’s not going your way, you might think about quitting.

    But instead, just take a small break, and sometimes going backwards is moving forward.

    This blog post will provide you with some inspiration to put you back on track.

    The tips below are for people who are just starting and might feel overwhelmed with the process.

    I am also going with the assumption that you figured out a brand name or business name. Here’s what you should consider first:

    • Secure all social media handles
    • Spend enough time on your branding & logo
    • Learn how to keep it simple
    • Create a simple financial plan
    • Find a mentor or coach
    • Surround yourself with great people who are better than you
    • Prepare yourself for setbacks
    • Learn how to work without distractions

    Secure All Social Media Handles

    No matter what industry or vertical you’re in, securing all your social media handles is a must. It’s not going to matter if you’re going to use them.

    But you want to have them just in case someone else plans to snatch them or possibly “holds your brand name hostage”.

    Most businesses start with one or two social media platforms, but once they move out of the growth phase, they often want to expand their reach through other channels.

    In case your desired handle or username is already taken, you could opt for a variation such as @getbranda or @brandhq.

    Spend Enough Time On Your Branding & Logo

    Branding, colors, and logo are essential. Too many are undervaluing the strength of brand equity and how often colors can resonate with an audience.

    Companies do refresh their logos maybe once per decade, but whatever you come up with today, make sure you stand 100% behind it.

    The best way to determine your brand identity is to note down the purpose of your business, the vision, and then determine your target audience.

    For example, if you’re an AI-driven business, then vibrant colors are more likely to resonate with an audience than monotone blue and black.

    Once you gather your thoughts about your branding, hire a great designer and give them your notes.

    They can assist you with:

    • Creating a brand book
    • A mood board
    • Unique logo designs that aren’t AI-generated

    I wouldn’t compromise on branding and logo design.

    They’re a reflection of your identity, and if they’re unique enough, potential clients or visitors can associate your logo with your business.

    Learn How To Keep It Simple

    Keep your process and productivity stack to a minimum. I’ve seen people falling down a rabbit hole, making their “process” and “productivity” utterly complicated when they haven’t even figured out their business framework yet.

    I’ve met founders who ran million-dollar businesses with nothing more than Google Docs & Google Sheets to manage their entire administrative backends.

    The simpler your approach, the more you can concentrate on launching and building your business.

    Create A Simple Financial Plan

    This can be as simple as 3 lines in a Google Sheets document, or your entire yearly expenses mapped out to the letter.

    What matters is that you start tracking all your personal expenses and business expenses from the start.

    Map out some of the possible scenarios from worst to best, and start implementing a budget plan.

    Doing this early on can prevent you from getting into a mess later on.

    • Document how much runway you currently have (savings to cover rent, food, utilities)
    • Audit your monthly subscriptions, and eliminate what’s not needed
    • Set a budget aside for your subscriptions that can cover an entire year, so you avoid interruptions or stressful situations
    • Think about a marketing budget, or possible labor costs when outsourcing work
    • Add a cushion of runway for unforeseen circumstances (hardware fails, additional costs, etc.)

    You want to prepare yourself, and a simple financial plan will contribute to that.

    Because it can provide you with a much better idea of where your weak points are and how not to overspend.

    Find A Mentor Or Business Coach

    Sometimes, a few hours of 1:1 coaching each month is worth the money to fast-track your personal growth and operating or launching a business.

    When you’re in a stage where too many hats need to be worn, it’s harder to stay on track.

    A mentor or business coach can often help you with:

    • Improving your ability to make better decisions
    • Mental game of entrepreneurship
    • Introduce you to networks or people who are currently out of reach for you
    • Management & leadership skills

    If you plan on hiring a mentor or coach, try to get one through referrals. If it’s out of your budget, you can try async coaching, which is usually cheaper instead of 1:1 calls.

    Surround Yourself With People Better Than You

    There’s nothing wrong with talking or networking with like-minded people or aspiring entrepreneurs who are at the same level as you.

    But there’s a cap on the knowledge or feedback you will acquire. Simply because they don’t have the experience or have too strong of a startup mindset.

    Try to surround yourself with others who have more experience than you. But have boundaries.

    When they are willing to engage with you or kind enough to respond, be aware that they lead busy lives.

    On many occasions, I asked people to put a stop to their constant asking for free help and questions about situations.

    The moment I referred them to my coaching sessions for structured advice, they stopped responding or asking me anything.

    Don’t be that person.

    • Build your network slowly
    • Respect their time & take it as a win if they respond
    • If you have a question, think hard about how to ask for specific advice
    • Know the boundaries and appreciate that they’re already willing to respond

    Prepare Yourself For Setbacks

    Nothing goes in a straight line, and every business faces hardship or temporary pivots.

    Building any kind of business requires dedication, which often leads to sacrifices, trade-offs offs and setbacks.

    When you invest time and money in your business, the emotional toll of running a startup is inevitable.

    Having a strong mental game will be required when hardship comes around.

    • Learn how to be resilient
    • Expect that competitors might surpass you
    • Expect that jealousy or envy can lead to sabotaging your business
    • Develop a thick skin when others try to criticize you

    Learn How To Work Without Distractions

    If you truly want to make it work, plan accordingly and stay focused. Shut yourself out from distractions that could disrupt your workflow.

    It’s better to work 2 hours per day with extreme focus than 8 hours dabbling around.

    One of the reasons why I don’t respond to or never take unplanned meetings is that if you’re heading back to your deep work, it can take up to 30 minutes before gaining focus again.

    You could try the following:

    • Leave your phone in another room
    • Remove all social media apps from your phone or tablet
    • Set time blocks for when to respond or check emails
    • Work with a simple reminder & task list every day

    Close

    Starting a business can be overwhelming, and it requires focus, discipline, and a lot of temporary adjustments.

    The majority of startups fail because they can’t seem to nail the basics.

    Plan, split your heavier tasks into microsprints, and do one thing at a time. Working slower now can help you work faster in the future.

    Your early-stage growth is also a discovery phase. You’ll find out what you like and don’t like, or where you struggle to execute.

    Some people just go faster because they have mastered different skills than you.

    If you need assistance, hire a mentor or business coach who can accelerate that learning curve.

    Don’t procrastinate, and instead of watching another episode of your favorite TV show, dedicate it to your business.

    Those efforts will compound, even when it feels in the beginning you’re not moving at all, just yet.

  • Why Start A Business When 90% Fail?

    The odds of succeeding with any business are low. However, despite the high failure rate, many people are willing to take the risk of claiming the fame they desire through entrepreneurship.

    I can’t blame them. I did the same, and even though I had my lows and highs, it worked out well.

    Some of the most common I heard from others were:

    • They’re tired of working for someone else
    • They’re willing to take a risk for high rewards
    • Their side hustle turned into a full-scale business
    • They see it as a learning opportunity and not a loss

    Career Pivot & Tired Of Working 9-5

    It’s a recurring pattern with newer generations. Especially with the accessibility and free tools available, it has become more appealing to start a small business as a possible exit from a traditional career.

    Newer generations can learn fast(er), and are led by success stories online or social media. Because of that, some think they’re better suited for entrepreneurship than employment.

    Taking Risks For Higher Rewards

    If you have high risk tolerance and a knack for problem-solving with a pinch of adventure, the odds are you want to build a business.

    Those higher risks can yield much higher rewards than a traditional job.

    But there’s the illusion online that entrepreneurship is more of a lifestyle instead of hard work and grit.

    Even if there are higher rewards involved, always manage your downside risk and commit with the capital/runway you can afford. And never go without a backup plan.

    Betting your life on it can lead to bad decisions.

    The key is managing downside risk – starting with minimal capital, testing ideas quickly and cheaply, and having a backup plan. You don’t have to bet everything on one venture.

    Know your limits (financially, skill-wise, etc) and realize what you know or don’t know

    From Side Hustle To Scalable Business

    The dream scenario for many. Starting a simple business aside, that counts as additional income, and led to a full operational business that supersedes your salary (consistently).

    It’s also the safest route. Never quit your day job when you make a buck or two.

    Ideally, you only consider quitting when you have saved up 12-18 months of runway and have proven that sales have been consistent for at least 6 months.

    Side hustles are also a great way to explore your options, with the least commitment of upfront capital. 

    It’s not uncommon for people to pivot or rekindle other passions through a discovery phase.

    It’s A Learning Opportunity, Not A Loss

    Most startup founders never get it right the first time. And every attempt, even the failures, can be seen as a success.

    You learn:

    • New additional skills
    • To get a grip on business acumen
    • Critical & fractal thinking
    • Being more resilient and reacting better to dire situations

    You’re always forced to wear multiple hats, and for many, that’s a learning curve as much as it is a challenge.

    You “figure it out as you go”, spend your time learning about how to launch, market, and promote your business within your budget or means.

    Final Word

    People start a business because their instincts say so, to take some calculated risks.

    Some people just realize that corporate life is not what they want and are willing to try their luck in business. Others might think that the job market isn’t as solid as before and want to build something in case they’re getting laid off.

    I think most of us are looking for opportunities to learn and push the limits of our capacities, even when everyone agrees that the startup failure rate is excessively high.

    There’s an opportunity for anyone out there to create something for themselves and find an audience who’s willing to buy it.

    The tools, means, and knowledge have become so accessible that with some work, study, and discipline people are willing to gamble on themselves rather than working for others.

  • Who Can Help Me Start A Business?

    Starting any business requires some grit, creativity, and it’s often not a walk in the park. Building a business is one thing. Making it work, grow, and not fail is another.

    Even with easier access to no-code and low-code tools, it remains challenging.

    I failed a few times through trial and error before I found that breakthrough.

    Of course, back then, I was inexperienced, and I also walked around with the idea that everything could be achieved without external assistance.

    I was wrong.

    Not having the right people around you who can help you grow or build a business can be a blocker.

    If I had to start over, here’s what I would do when searching for assistance (free & paid). I will explain why.

    • Close circles (family & friends)
    • Business consultants
    • Startup coaches & mentors
    • Networking
    • Online communities (free & paid)
    • Reddit forums
    • Courses & Educational content (free & paid)

    Close Circles (Family & Friends)

    Even though they will support you through and through, I would always advise keeping it neutral and to a minimum in financial areas.

    A lot of startup founders raise money through family and friends, but you don’t want to end up with disputes or stressful situations over money.

    The other reason is that they are more biased than third parties. I tested that theory a few times and presented a few ridiculous ideas to my closest friends.

    Their response? Enthusiastic and found it a “great idea”.

    It can be a false indicator and misleading, because they’re often not informed about market conditions, viability, or product-market-fit.

    Their support is emotionally-led.

    If your parents are financially stable and are willing to provide seed money, propose it the right way.

    • Present them with a business plan
    • Explain your strategy & product/service
    • Tell them it’s a loan and not a handout

    Treat them as if they were strangers or real angel investors, and you have obligations to repay that loan.

    Business Consultants

    If you can afford it, hire experts or business consultants to get a second or third opinion.

    It’s their job to remain unbiased and provide you with an honest opinion. Even if it’s hurtful.

    But their opinions and experience can be more reliable than your family and friends.

    Expert consultants can charge hefty fees, but they can save you headaches and possibly your entire runway on a flawed business idea.

    If you were to hire a business consultant,

    • Do it through referrals
    • Be selective and make sure he/she has an affinity in your field
    • Map out a detailed scope and what kind of answers you’re looking for

    Just remember that “consulting” is a bit of a flexible term. Hire someone who doesn’t have a jack-of-all-trades record but focuses on a few niches.

    Startup Coaches & Mentors

    I prefer separating them from a traditional business consultant. Because startup coaches & mentors often have a more intimate relationship with clients.

    They’re usually there to:

    • Provide opinions about your strategy
    • Help you through struggles
    • Guide you through growth and scale
    • Assist with the mental game of entrepreneurship

    This often requires more in-depth conversation compared to a traditional consultant who works more hands-on.

    I believe it’s worth hiring a startup coach or mentor in either the early stage or late stage when you’re capped at growth.

    Earlier would imply that you could fast-track your business, personal growth, and accelerate your learning curve.

    Mentors and coaches are soundboards when you’re stuck.

    Networking

    You could go full digital or more traditional. You can’t underestimate the strength of a 1:1 meetup, a handshake, and real conversations.

    Networking events or meetups are a great way to establish real connections and relationships.

    You would be surprised how many amongst them spill the beans or offer expert advice without having to pay for it.

    Don’t be afraid to show up regularly at local events.

    If you’re not living in dense areas, then you can find digital network events in small circles that host Zoom or Google Meet events.

    Online Communities (Free & Paid)

    There are great free and paid communities online. But you have to sift through all the garbage and groups who are only there to promote themselves.

    Most free communities are rather a distraction or have little to no engagement, because nobody is truly invested in the community.

    I favor paid small communities because:

    • Required payment will mean that users are invested
    • It’s usually led by experienced people
    • Users will contribute more because there’s a sense of exclusivity
    • Paid communities are heavily moderated, and self-promo or spam isn’t tolerated

    Reddit Forums

    Some of the forums, like /startups or /entrepreneur, could be valuable. Engaging can be mentally draining, but it’s still a strong resource and wealth of information for you to take notes from.

    You can learn from experienced people who are willing to share some of the knowledge that came from their experience.

    Always keep an open mind, because what worked in their industry might not be as smooth in yours.

    Courses (Free & Paid)

    Last, but not least. Courses and guides. They can be found anywhere, and it’s not limited to text.

    I always make a distinct difference between both.

    • Guides are often written to provide clarity and direction
    • Courses have a more detailed curriculum with in-depth details

    Paid courses are not bad when you’re lacking a critical skill. They can open your perspective, and you can do it at your own pace. 

    Even though founders do not need to know everything inside out, having a basic understanding of other departments or areas can sharpen your skills and awareness.

    You could sift through YouTube, Coursera, or niche blogs that specialize in a specific topic.

    • Understand why you’re learning a skill
    • If the course is paid, what are the short-term and long-term gains?
    • Does it help you scale your business?
    • Does it help you ask better questions when hiring a coach or mentor?

    If the answer is yes, then don’t be afraid to invest in a course.

    Final Word

    Starting a business comes with a steep learning curve. And you need to discover where to plug your leaks or weaknesses.

    Mistakes are unavoidable, and it’s your job to remain resilient during transitions or shifts.

    Prevention can be so much worth. Expert individuals who can assist you can fast-track your growth.

    One of the reasons why founders fail is that there’s a lack of leadership skills or mismanagement.

    Avoid that by investing in the right people, courses, and free resources.

  • Why Do 90% of Startups Fail?

    It’s a staggering number. 90% of startups fail, with over 10% in the first year and 70% in the next 2-5 years.

    In this blog post, I listed some of the most common reasons, based on observation and personal experience.

    Those reasons are:

    • Lack of funding or personal runway
    • Terrible PMF (Product-market-fit)
    • Lack of market research
    • Failing to adapt or being resilient
    • Poor management & leadership
    • Not educated or skilled enough in marketing

    For the record, I made some of the listed mistakes, and that caused setbacks.

    Lack of Funding or Personal Runway

    Before you quit your day job, don’t put yourself into a corner where a lack of money or runway can lead to poor decisions. Those decisions can force you to throw in the towel (too early).

    That “going all-in” dream sounds great on paper, and some of them on social media might have succeeded. But the majority won’t. Ever.

    Lack of personal runway or external funding is a major catalyst in startup failures. Over 40% of them fail because of that.

    • Create a robust financial plan and prepare yourself for unexpected costs, such as extra development, subscriptions, or external help
    • Weigh in on the option of angel investing or fundraising. Bootstrapping a business is not always the most reasonable path. Both come with pros and cons.
    • Find a co-founder if you lack certain critical skills. Giving up equity is hard, but a business that makes no money or never goes to market is worse than owning a part of it.

    Read alsoHow to find a co-founder for your startup?

    Terrible PMF (Product-Market-Fit)

    A big mistake small startups make is that they fail to understand what potential customers or their audience need.

    Doing proper and adequate research can provide you with an edge.

    • Understand what your customer is after
    • React to potential shifts in their behavior
    • Focus on features that are in high demand

    If there’s a lack of interest or a low sales conversion, that implies end-users don’t resonate with the product or service.

    If it’s not providing clarity, you’ve lost your customer.

    When you burn through resources and marketing budgets with no traction, then there’s a misalignment between the offering and the needs.

    • Take your time to conduct proper research
    • Define your target audience
    • Don’t build an-everything-app
    • Learn to identify gaps in blue ocean markets
    • Don’t shy away from market surveys, interviews, or focus groups

    Don’t try to be something you can’t be in an early stage.

    Wanting too much in the beginning often leads to the self-destruction of the product.

    Failing to Adapt, or Being Resilient

    There are two main categories. Those who know when to pivot or to adapt, and those who are stubborn, unwilling to make changes.

    Being resilient as a founder is a skill.

    Markets shift, and customer sentiment is fickle. Your original business plan is most likely invalid in 12 months from now.

    • Be open to feedback from customers. If there is a recurring pattern in complaints or requests, act on it. (Notion and offline mode is an example)
    • Embrace change, whether you like it or not
    • Learn to be resilient, so you’re ready to adapt or recover quickly from difficult situations

    Poor Management & Leadership

    Everyone can start a business, but very few can lead a business. 

    Over 20% of startups fail because of poor leadership and mismanagement.

    Most new founders do not have the effective leadership skills and are unable to:

    • Build a strong, cohesive team
    • Nurture relationships with people
    • Make correct, but sometimes harsh decisions during a crisis (resilience)
    • Create a company culture that fits with the DNA of the product or service

    Lack of Marketing Skills

    I came across great startup ideas, with unique features that could change the course in their verticals or industry forever.

    Except, they didn’t know how to market their brand and product, and were terrible at storytelling to educate their target audience.

    Without the proper branding, understanding how brand equity works, and a lack of marketing strategy, they kept failing.

    Customers aren’t just flocking to your business.

    Your job is to market it so profoundly and tell the audience (or world) a compelling and convincing story that would spark their curiosity, which could lead to conversion.

    Final Word

    Building a startup is a marathon and not a sprint. Early-stage founders often wear many hats, and that’s okay.

    But be educated enough in different fields, and understand what is possibly coming.

    Don’t rush into any opportunity, and certainly don’t just quit your 9-5 job yet before having 12-24 months of runway.

    Once you’re maturing, assemble the right team that can complement the business.

  • How To Find A Co-Founder For Your Startup?

    Startups run by individuals fail more often than those with a founding team. It’s reasonable to give up a portion of your equity when:

    • You’re wearing too many hats and can’t manage the scope of work
    • You’re lacking a critical skill to find that breakthrough
    • You’re considering outside capital (VC, Angel investors,…)
    • You don’t have the financial runway to hire experts, contractors or employees

    If you feel that one or more items are on your radar, then you’re more likely to entertain the idea of having a co-founder.

    But finding the right business that aligns with your vision and the DNA of the startup is not an easy task.

    I observed too many people jumping on the wagon too quickly with random strangers on the internet after a 5-minute conversation. That’s just asking for trouble.

    Instead, try to go local first. At least the same country of residence.

    Try to find a co-founder in your direct environment through real-life networking events, meetups, and even in co-working spaces.

    If you’re guided by a coach or startup mentor, ask them if they know any potential candidates. They’re familiar with your business, situation, and weaknesses, which makes the filtering and selection process easier.

    If you’re not living in dense areas or startup hot spots, then you should build meaningful relationships with people you trust or know for a while, before popping that question.

    Equity is highly valuable, and you’re willing to share it with the person who believes in your startup idea.

    Consider the following:

    • How long have you known each other?
    • Does that person have the same willpower as you?
    • Are they organized?
    • What can they offer, and what skills are you lacking?
    • Do they have enough experience in the industry?

    You can make that list with questions as long as you want, and that’s okay. A vetting process like this can make or break your success.

    Don’t take the bait with people who are overly enthusiastic and start asking for collaborations or partnerships faster than.

    If you feel the conversation is going well, then keep an open mind. Figure out if they are organized, disciplined, and are the right fit.

    Do You Need A Co-Founder?

    If the answer is:

    • I plan to raise money
    • I plan to build something bigger than a micro business

    Then yes.

    Most funded startups have 2 or 3 co-founders. Anything over 3 can get messy.

    Solo founders aren’t the most attractive demographic for investors. Simply because the entire business depends on you, and that turns into a single point of failure with no backups.

    Most investors count the team as 30% or more of the valuation of your business.

    Early-stage startups need to understand that there’s less weight in the idea or product. What matters is the cohesiveness of the founding team.

    Plus, if you’re not looking to build a micro business, then co-founders are desired.

    Anything under 5 million in annual revenue can be considered a micro business, and that might look like a big number, but I know plenty of founders who make around the 5 million mark with only outsourced help.

    Where Do I Find Co-Founders, If Not Locally?

    There are plenty of options, and if I had to start over, I would consider:

    • Joining free or paid communities on Discord to network
    • Join relevant Reddit forums and participate proactively
    • Share your thoughts and journey on a personal blog, which can add to the credibility factor
    • Comment once or twice per day on social media without promoting the business
    • Participate in virtual startup events

    Final Note

    Remember that equity can be very expensive, and you want to negotiate from a position of strength, not weakness, when finding a co-founder.

    Relationships are built fast, but very hard to maintain. Take it slow, building meaningful relationships, or even cold email some for a coffee chat first.

    Ask yourself, without delusions, where you want to be in 5 years from now. 

    Don’t rush into critical decisions that can determine the fate of your startup.

  • Why Are People Obsessed With Finding A Co-Founder?

    I once read a question on Reddit about this subject and why they’re highly sought after. There are several reasons for this.

    If I have to think of the most significant ones, those would be:

    • Lack of certain skills
    • No cash or runway to hire
    • Getting investment ready
    • Liabilities & risk of ruin
    • Growth & management

    Lack Of Skills

    Recognizing your blind spots and acknowledging your weaknesses can significantly hinder your business or growth.

    For example, if you’re not a developer or have limited programming knowledge, it would make more sense to onboard a technical co-founder to close the skill gap.

    You don’t want to face slower growth because you’re limited by your skills.

    A co-founder can solve that problem if there’s no runway for hiring.

    Getting Investment Ready

    Not everyone, but many founders, try to raise outside money in their pre-seed or seed rounds. Whether that’s VC or Angel investors depends on the deal size and stage.

    Most angels or venture capital firms allocate approximately 30% or more of the value to the founding team, not the business itself, but rather the team.

    Flying solo is a huge risk. Especially in B2B.

    It’s about de-risking yourself and the business, especially when you’re seeking outside capital to fuel hyper-growth.

    When there’s a co-founding team that covers the entire spectrum of skills, the chances of getting funding will increase.

    Co-founding teams project strength and confidence, which solo founders lack when approaching investors.

    Investors are the risk takers, and they aren’t thrilled to commit to a startup or business that’s run by a single individual with no backup or co-founding team.

    Growth & Management

    The “wearing too many hats” phenomenon is real with solo founders.

    Even though I was in a similar situation 20 years ago, being alone will limit your growth.

    The real pain was managing all the moving parts, including possible contractors and different areas of the business.

    Having a co-founder can help you manage, streamline inefficiencies, and solve bottlenecks that hinder your workflow.

    Final Word

    While it’s true that founders may be obsessed with finding a co-founder, I suggest you change to a different perspective.

    Instead of viewing it as an obsession, think of it as a rational and strategic choice.

    It’s okay to share or give up a portion of your equity to a skilled co-founder.

    Startups have a 90% failure rate, and the majority are run by solo entrepreneurs who lack runway, skills, or business acumen.

    The right co-founder(s) can reduce that failure rate.