Challenges for solo founders / solo entrepreneurs
Hey fellow solo founders/entrepreneurs,
Just wanted to ask if you've ever wished you had a partner just so that they could:
- Help you stay focused/accountable
- Give you feedback on your ideas
- Give constructive criticism
- Just help you through the emotional rollercoaster of building a business
If so, what did you do to alleviate that problem of not having a partner to work with?
Did you find some solution you can share with me?
Or was it really not that big of a deal for you at the end of the day?
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Having experienced running a business with a co-founder and without (now), I prefer not having one. Obviously, sample size is a whopping two, so I am skeptical of this conclusion for myself, let alone touting it more broadly.
Staying focused / accountable has not been a major issue with me. I haven't found a better accountability partner than my stagnant bank balance.
I am past the brainstorming phase. Today, feedback comes from users. I get more feedback than I can read. Current unread feedback emails sit at 646. When I was brainstorming ideas, I just asked other indie hackers, acquaintances who worked in the same market, and target users via cold email / social media.
Emotional rollercoaster - I occasionally vent to my close friends, fully expecting they can't relate, but the act of doing it helps. I have also cultivated a small group of business owner-friends whom I touch base with monthly. They are also solo founders, and we have cultivated a good carmaderie over the last year and half. Most commonly, though, I just take a break, ignore work for a couple days and indulge in Netflix or a novel.
Also, even though I am a solo "founder", I still interact with the same freelancers on a weekly basis. This also helps a lot in not feeling alone.
Very interesting, sounds like you've got it all running pretty smoothly now. :)
In 2019, I founded a company with a partner. Then took on a third co-founder a few months later. We attended a top 5 accelerator, raised seed funds, and all of those startup things. Having multiple founders created internal politics and mind games that were unproductive. It was frustrating to the point where I resigned.
As of now, I am a solo entrepreneur and much happier. If you want a co-founder for emotional support then it is probably unrealistic. Everyone tends to get selfish the moment the money becomes real. If you want a co-founder for constructive criticism, then look for an advisor instead. Co-founders tend to have their own agenda. As far as focus and accountability, yes. However, a business coach does the same for far less cost.
Hi, thanks for sharing your experiences. Just out of curiosity, do you currently have an advisor or business coach or peer group? Or not necessary for yourself?
I have a business coach (paid) and several advisors (free).
In my experience, a paid business coach is the fastest way to move forward due to accessibility. You can find great advisors for free but they are limited to the amount of time they can spend.
What do you primarily use the business coach for? Also can I ask roughly what range of price their services costs?
My coach is a previous founder with 2 big exits. He tells me how to write copy, how to sell, how to network, and makes sure I am not overcomplicating things.
Did you know him personally before he became your coach? Or did you find him online somewhere?
No. I meet him at a Business Lunch where he was the speaker. Afterward, he signed his book for me and we talked.
When I worked for Apple I learned to value small groups of smart people. In my experience, a partner/team is essential because no one is an island. Your skills can be the counterpoint to another’s and vice versa.
Hi! Thanks for sharing your experiences. Btw, where did you find your own small group of smart people? And how often do you utilize them?
Too be 100% transparent, it is still a work in progress. I've tried, via Indie Hackers to add some devs, to no avail. Human capital is the single greatest asset any company, even startups, can possess. It is hard as hell to build a team, which is probably why so many roll solo. I'd wager that it isn't a 'choice' as much as a reaction.
Ohhh so you were looking for smart people to join your team. I was thinking that you were looking just for other smart solo founders to chat with.
That’s Indie Hackers in a nutshell.