New research carried out by Get Me My Mortgage has revealed that 46% of the largest privately-owned companies in the UK were started by individuals. This smashed the myth that you need a co-founder to be successful.
In the UK there are over 1000 searches each month from users looking online for information about co-founders. The rise in start-ups in the media has led people to believe that you must have a co-founder and be raising funds from angel investors to make it big but that really isn’t the case. If you have a good idea, then there is no reason why you can’t go it alone.
Why do people look for a Co-founder?
Many start-ups look for a co-founder in the early days as a way of getting additional funding or skills that would require a large salary. Generally, start-ups that are bootstrapped (started without investment) won’t have the money to pay for these skills so they will give equity from the company to partner with someone that will help them grow the company. This varies from industry to industry but is seen quite a lot in the tech industry where someone has a great idea but needs a programmer/developer to help them implement it.
Non-tech related industries tend to be started by more solo entrepreneurs or even family members deciding to start a business together. Get Me My Mortgages research also revealed that over 5% of the largest private companies were started by family members.
Why do people say they don’t work with family?
A common saying ‘never work with family’ is often heard as advice for people who are thinking about starting a business this can be due to the additional stress a new business can put on a close relationship. Family fallout and different opinions can also put stress on the family business. There are many success stories from family members that have started a business. Specsavers, one of the largest companies in the UK was started at home by a husband and wife. There are many more examples too.
So if you are thinking about starting up on your own don’t worry if you don’t have a cofounder you really don’t need one if you don’t want one. With the right idea and a good work ethic, you can succeed as a solo entrepreneur.