The most important element to a startup’s success is the team. In a famous study by Harvard Review, entrepreneurship professors discovered the startup teams of three or more founders were almost twice as likely to succeed as individual founders.
This is not a coincidence. When multiple members are on a startup team, it is not only the amount of new ideas that contribute to the startup’s success. Overall decision making is improved and most importantly, each individual member shares less stress.
In a nutshell, the song “Welcome to the Jungle” by Guns N’ Roses defines startups philosophy pretty accurately. Starting a company is a rewarding, but extremely stressful task. There are no rule books to play by, and you can still fail despite pulling all the seemingly right strings.
This is the complete opposite of school or a corporate job. To handle all this mental pressure, having a team that will stand by your side and share responsibility (whether failure or success) will soften any blows and help you overcome even the most daunting obstacles.
In a startup team, it is good practice to have one central leader, or the CEO in most cases, to make the final decisions on matters that are very conflict-heavy. This prevents the team from being stuck on any one topic and not being able to move forward. Note that the CEO does not necessarily have the most benefits in a company, and often has equal or even less shares than cofounders. CEOs are selected for the stole purpose of being responsible and level-headed decision makers.