Going Solo or Working Together for a Business Venture?
A difficult decision for many, should I make this business my own baby or do I want to be part of a group to achieve the same aim?
What are the benefits? You and you alone call the shots. You can move and shake the business whenever you think you should do it. You will decide on all aspects of the business including strategy, sales, cost, marketing and infrastructure development. The business will be a full reflection of your brilliant ideas and works and of course, you will have the whole pie to yourself.
Going solo is the most glamorous entry into the entrepreneurial arena (if you become successful). You will be the envy of your peers and fellow industry lookers. They will be chatting over tea time wondering how (insert your own name here) actually do it. Your own level of satisfaction in regards to your accomplishments and sense of actualization will be the highest here.
Now the bad part. You and you alone will HAVE to call the shots (even if you are not well versed in a particular area). You can move and shake the business whenever you think you should do it (without alternative and better options). You will HAVE to ensure all aspects of the business including strategy, sales, cost, marketing and infrastructure development are well taken care of (even if you lack skills in a particular area). The business will be a full reflection of your flawed ideas and works and of course, you will have all the losses to yourself.
Going solo is the riskiest entry into the entrepreneurial arena. Your peers and fellow industry lookers will be chatting over tea time wondering why (insert your own name here) failed badly. Your own level of regrets and what-ifs in regards to your failures and sense of loss will be the highest here. The challenge here is for you to pick yourself up, and plan for a resurgence of your business or think of the next course of action for your career.
Doing Business as a Group
The Benefits. Banding together to develop a business seems to be the easiest way to start off from ground zero. By gathering different people with the same common goal, but with complimentary skillsets will theoretically ensure that your business can get off to a proper start in the developmental stage. One can take care of marketing, one can monitor costs, one can churn out sales and one or all can decide on the strategic direction of the business.
Without a doubt, two heads are usually better than one. The different perspectives and challenges thrown at each other can lead to better quality decision making. One can have another’s back when things are down. The mental support and motivational pep talks to each other can get a partner who is not feeling that okay to resume confidence and continue to do what he does best. The complimentary skillsets and support levels are definitely the invaluable plus points present in a group set up.
Sounds much easier compared to a solo effort?
The Bad. What started out as common goals and similar level of expectations can swiftly change over time when the business is not doing as well as intended or when the business becomes successful.
From what we’ve seen over the years, companies with too many decision makers tend to break off easily, due to differences in opinions or expectations. Companies with 2 partners with equal ownership of the business, when in dispute, can bring the entire business to a standstill. We have even seen friends turn on each other because of disputes within the business.
The idea of complimentary skillsets must be accompanied by a sense of camaraderie and open-mindedness amongst the co-owners. Co-owners must be willing to give and take constructive criticisms, accept that no one person’s view is always better than those of the others, and a dispute resolution framework be put in place to mitigate any arguments which may take place during the course of business.
AT THE END OF THE DAY
In some cases where business die off, it is not because the business idea is not good enough for the business to fly off the blocks, it may just be a case of either you doing too much on your own, or the presence of incompatible business partners. A well thought out conclusion on whether to go solo or work in a group can aid the sustainability and longevity of a business in the long run.