To Co-found or not

[NotSo]

I am in the process of securing £1mil for a new business venture. I was initially intent on having a co-founder, but now come to think of it - why go through that headache when I can just hire my way out. So my question is, when should one seek out partners for a venture and when should one go solo ?

 

[cjd]

When you need the skills and/or the money, but if you need to ask that question I'm skeptical of your ability to raise £1m.

 

[NotSo]

But if the money is at hand then surely the required people can be hired instead. I've dogmatically held onto the belief of a co-founder but this is the first time where my offering is robust enough to have a number of angels intent on digging in because the market need is so great, hence the sudden reticence.

 

[Mark T Jones]

It's highly unlikely (but not impossible) that you possess all of t he skills to grow a successful business in the way investors will want.

If your investors are smart they will have the power to remove you from the board, which they won't hesitate to do if they find you aren't running things as r hey wish. I've seen this happen many times, mostly on srcond round funding.

 

[NotSo]

So what skills are required @Mark T Jones ?

 

[fisicx]

That depends on the business and your experience.

£1m of funding is a sizable chunk that suggests you need an FD. You may need an Operations Manager. Maybe someone to look after the supply chain. Someone else for Marketing.

Employees will have a vested interest in the success of the business. Contractors less so. And are likely to be more expensive.

 

[Mark T Jones]

So what skills are required @Mark T Jones ?

It depends largely on the business, but to get a list rolling

Man management
Planning/forecasting
Marketing
Manufacturing
Legal
Accounting
Distribution
Process

Yes, you can outsource them, but you need enough knowledge to outsource effectively.

Most important though, what discussions have you had with investors on the topic?