Solo Entrepreneurship vs. Partnership
Co-founder Mallory Ulaszek digs into the pros and cons — ahem, hurdles — of the two business structures.
Solo entrepreneurship and partnerships aren’t a one-size-fits-all situation. I have the pleasure of having done both for more than five years each, and so I have a keen lens on the pros and hurdles of each. Here, along with a healthy dose of diplomacy, I dig into both.
Solo Entrepreneurship
Background: I opened my first retail store in 2009. It was the beginning of a recession, I had quit my last job with a tiny nest egg, and I threw caution to the wind to open my shop. Oh, to be 24 again with no fear!
Pros:
You can move fast. You’re able to make choices at a breakneck pace because you are the sole major decision-maker. However, if you don’t have the ability to check yourself, things can get out of hand — quickly.
You did it yourself! If this is important to you, and you don’t like to share, then this is for you.
Complete control. You decide the moves.
Hurdles:
Things can get out of hand if you’re not tethered to reality. In my opinion, you really need to check your ego at the door for a solo venture to really work.
It is ALL ON YOU. You are weathering a variety of ups and downs on your own. (Because this cycle is what makes the world go ‘round, expect downs just as you expect successes.) It’s a heavy emotional lift, not to mention a huge mental jungle gym of decisions.
You can never truly shut off. You need a solid #2 who you trust implicitly, and even then, it could be some time before you get any time away.
Partnerships
Background: When I decided it was time to move to a different career path, I knew I wanted someone to help share the success and the hardships. I also knew I had about 50 percent of what it would take to be successful in the industries I wanted to break into. Enter Kelsey, who will lovingly joke I tricked her into a business partnership, which, frankly, I did. (She’s a catch, ok?)
Pros:
A buddy to help hold responsibility. You don’t have to be the only one worrying — you can worry together! (That’s sarcasm).
Two heads can be better than one. Maybe you don’t act as fast, but ideas will be sharper and more thought out, especially if you and your partner are aligned.
Mental health. This goes back to the first point but it carries a lot of weight. You have someone walking with you on this journey, and like any partnership, you should expect to lean on one another.
Hurdles:
You need to clearly define your roles, responsibilities and expectations. You also need a clear exit agreement. (Pro tip: Have a partnership agreement!)
If you don’t build a company based on your combined values, don’t expect smooth sailing. This extends to both work and life: Make sure your personal goals and business goals align. Give yourself the flexibility to change.
Money. Be prepared to talk endlessly about it. It’s exhausting, but you need to be on the same page at all times, and some folks get queasy doing this.
I moved to a partnership because I truly don’t believe I am built to go at it alone. I love my community. I love feedback. I love someone tethering me to reality. I chose my partner with extreme caution. We’ve had a lot of Real Talk moments, and you have to be willing to dig deep with this person. It will feel like a committed relationship — and it is. Just like life partnerships, you will need to wake up and recommit every day to each other.
But, and I cannot express this enough, give yourselves room to breathe, grow and change. No one likes to feel trapped. Talk to your partner and make sure your values are aligned year after year. Life happens, circumstances change, and you must be flexible with those moments.
— Mallory Ulaszek
