An article on Forbes last year noted that out of 28 million small businesses in the United States, 22 million of them are non-employers – these are businesses where the owner is self-employed with no additional payroll or employees.
Related:The Entrepreneur’s Checklist: 7 Things You Need To Start A Business
As an aspiring entrepreneur, the question of whether or not to find a co-founder seems like a big deal. However, as the statistics reveal, to a major chunk of business owners out there, the absence of a co-founder is really not a deal-breaker.
Having said that, there are multiple scenarios where having a co-founder makes sense. Consider web-based product or service companies. Most of these businesses have two clearly distinctive roles – a technology role and a marketing role. The skills necessary to be successful in these roles are vastly different. As a result, it is quite common for businesses in such industries to have multiple co-founders.
So, how do you decide if you need a co-founder or not? Here are some questions to consider:
Does your business require multiple skills?
To put this in another way, are there multiple roles that need equal focus in your business? Consider a retail store business. Such a business requires someone to keep track of inventory, market the business, and deal with suppliers. But at a startup stage, none of these roles require more than a few hours everyday. You don't really need a co-founder. On the other hand, if you are in the software making business, product development, and product marketing are two equally important roles that take up significant amount of time. Having a co-founder does make sense here.
Do you have compatibility issues?
Not everyone is cut out to launch a business with multiple co-founders. In the book, “How We Did It : 100 Entrepreneurs Share The Story Of Their Struggles & Life Experiences,” Jay Barnett, the owner of Australian startup Priority Pickup says, “Don't go into partnership with anyone. No matter what else you may do wrong or right, friends and money don't mix. It may seem like it is a heavy load to carry all yourself at first, but you will be better off in the long run. Get advice from as many people as you can (qualified people with proven results), but don't go into partnership with anyone.”
Not everyone may relate to Jay's point of view. It's ultimately about how compatible you can be when running a business with a co-owner.
Are you looking at VC funding?
How do you plan to fund your startup? Are you looking venture capitalists? If the answer is yes, then you should go for a co-founder by all means. Venture capitalists bet on teams and rarely bet on individuals. The reason is simple – an individual owner could simply choose to walk away from the business, or meet with an accident some day and that could virtually end the business. With a team in place, one could be rest assured that what affects one individual in the team does not cause a major disruption to the overall business.
Have you found your partner?
Finding a co-founder can wait. But the success of failure of businesses are largely dependent on the time of launch. A startup that provides free SMSes to customers today may not really go big considering the advent of services like WhatsApp. Every business needs a right time and a right location to succeed. Let not the time fly past you while you are waiting for the perfect co-founder. If you are losing time, go ahead and launch the business yourself.
Do you have a co-founder for your business? What are your thoughts on this topic? Please do provide your feedback by commenting below.
Is your job search turning into a grind with no end in sight? It may be time to take a step back and reevaluate your entire approach.
In cold weather climates, the beginning of spring is a time to clean the house and get organized—a practice known as spring cleaning. Through the years, spring cleaning has taken on a larger meaning with people using the time to organize and declutter things in their lives.
For professionals on the job hunt, a little spring cleaning (metaphorically speaking) could be a great way to reinvigorate your job search. Here are a few strategies your job search spring cleaning should include.
Reevaluate Your Job Search Approach
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Make a list of the last handful of jobs you applied for and see if you can identify any positive or negative trends. Consider things like:
How did I learn about this job?
How did I apply for the job?
Did I earn an interview?
What was the ultimate result?
A lot can be learned about your job search approach just by answering these questions and identifying patterns. For example:
Negative Trends
You discovered five jobs through job boards, applied to all of them via the job boards, and never heard back from any of them.
The common pattern here is applying through job boards. This isn't to say that job boards don't serve a purpose in the job search process, but they have their limitations, and you can't run your job search entirely off of them. When you apply through a job board, there's a good chance that your materials will never get past the applicant tracking system (ATS) and never be seen by an actual person.
One simple fix is to research who the hiring manager or recruiter is that posted the position and email your materials to them directly.
The more efficient fix would be to take a proactive approach by putting together a bucket list of companies that you want to work for and start making connections on LinkedIn with people who work at those companies. You may already know some people who work there or have connections that can refer you to some individuals.
This is a great way to network your way onto a company's radar.
Positive Trends
You applied to three jobs via referral, were invited to two job interviews, and made it through multiple rounds of interviews for one of the jobs before being passed over for someone with a little more experience.
The pattern here is that getting referred to a job by a professional acquaintance is a great way to land a job interview. This indicates that you're leveraging your network well and you should continue to focus on your networking efforts.
The next step is to review the interview process and determine what went well and what needs to be improved. Sometimes the interviewer will provide feedback, and that feedback can be valuable. However, not everyone is comfortable with giving feedback.
Chances are you probably have a good idea about areas of improvement and the skills you need to gain. Put together a plan for addressing those shortfalls.
The good news in making it deep into any interview process is that it indicates that the company likes you as a potential employee (even if the timing just wasn't right) and the experience could be a roadmap to a job with that company at a later date, or another similar opportunity elsewhere.
Give Your Resume & Cover Letter Some Much-Needed Attention
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Are you continuously sending similar resumes and cover letters to each job opening with only minor adjustments? If so, your strategy needs some serious spring cleaning.
The reason why it's so important to tailor your resume is that throughout your career, you acquire numerous skills, but the job you're applying for may only be focusing on 6-8 of those skills. In that case, those skills must rise to the top of the resume with quantifiable examples of how you successfully used those skills at previous jobs.
Remember, recruiters go through hundreds of resumes. They need to be able to tell from a quick glance whether or not you're a potential candidate for the position.
While updating your resume, you could also spruce up your LinkedIn profile by highlighting the skill sets that you want to be noticed for by recruiters.
As for writing a good cover letter, the key to success is writing a disruptive cover letter. When you write a disruptive cover letter, you're basically telling a story. The story should focus on how you connect with the particular company and job position. The story could also focus on your personal journey, and how you got to where you currently are in your career.
If your resumes and cover letters aren't unique, now is the time to clean things up and get on track.
Build Your Personal Brand
Just because you're looking for work doesn't mean that you don't have anything to offer. Use previous career experiences and passions to build your personal brand.
Ask yourself, "How do I want other professionals to view me?"
Pick an area of expertise and start sharing your knowledge and experience with your professional network by pushing out content on your LinkedIn and social media accounts. Good content can include blogs, social media posts, and videos.
By sharing content about your experiences and passions, you slowly build your personal brand, and others will start to notice. The content could lead to good discussions with others in your network. It could also lead to reconnecting with connections that you haven't spoken to in years, or making new connections.
You never know when one of these connections could turn into a job lead or referral. The trick is to get on people's radars. So, when you're cleaning up your job search, be sure to build a plan for personal branding.
Maintain Healthy Habits During Your Job Search
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Your job search is important, but it's even more important to know when to pull back and focus on personal health and spending time with family and friends.
There are actually things that you can do for your own enjoyment that could help your job search in the long run, such as:
Grab coffee with a friend - It's good to engage in light conversation with friends during challenging times. And if your job search does come up, remember that most people have been through it themselves and you never know when a friend may provide you with a good idea or lead on a job.
Volunteer - Volunteering is a great way to get involved in the community and help others. In addition, if you develop a little bit of a career gap while looking for a job, you can always talk about how you filled that time volunteering, if you're asked about it during a job interview.
Continue to focus on other passions - Are you a fitness nut? Blogger? Crafter? Continue to do the things that bring you happiness. And if you're in a position to profit from your passion through a freelance job or side hustle, even better!
Spring is the perfect time to clean up and improve your job search so you can land the job you want. If you're struggling to find a job, follow the tips above to reinvigorate your job search—and watch your career blossom!
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This article was originally published at an earlier date.
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