It is possible to create a single company or several: each of the two solutions has its advantages and disadvantages . Often, the benefits of one of the solutions represent the disadvantages of the other.
The first advantage to be taken alone is, of course, independence. In fact, one of the great motivations that drive people to undertake is the thirst for freedom, being able to be your own boss.
Another advantage: you do not need to get the agreement of your associates to make decisions. This avoids conflicts between partners .
Another advantage, not the moneys: undertaking alone allows you to make decisions and implement your ideas faster. No need for long consultation meetings !
In undertaking alone, you control everything from A to Z . If you know exactly what you want to do, if you are motivated enough and if you are ready to work hard, starting alone can be a good solution. It all depends on your personality.
Another advantage: as you are alone, all the dividends come back to you . You do not have to share profits with other associates. Interesting, no?
But the big disadvantage of solo entrepreneurship is the workload! Running a business involves a lot of work, not to mention the endless paperwork! You may have your head on the handlebars, which can affect your business.
By undertaking alone, you do not benefit from the critical gaze of others . Nobody will tell you that your idea is irrelevant. This is an advantage – we do not criticize you – but also a disadvantage.
Undertaking alone means having more personal financial capital than if you were doing business with others . Of course, you reap all the dividends, but it is also you who bring all the capital!
In times of hardship or questioning – and there are always some – it can be very helpful to be surrounded by associates.
Another disadvantage of undertaking alone: you have no outside support (if not your entourage). Loneliness, stress, anxiety: undertaking alone can sometimes be a source of bad surprises.
Undertaking to many: advantages and disadvantages
Running a business is a lot of work. The advantage to undertake several , is that you can share and share tasks with your associates.
Undertaking several allows to raise more capital . If you want to create a company that requires heavy investment, undertake more is almost the only solution (unless you are very rich!).
Undertaking to several also allows to benefit from the contacts and the network of all the associates. But also their skills. Managing a business assumes a variety of skills: legal, accounting, financial, marketing. Associating different profiles can be very fruitful for the management of the company.
Another advantage of undertaking to several: the collegial decision-making. Collective intelligence is not just a fashionable concept. It's a reality: working with others can lead to more relevant decisions or solutions. Many brains are better than one !
Last advantage: the different partners or shareholders not only share the benefits, they also share the risks and responsibilities. Undertaking several is less risky.
Undertaking to many also has its disadvantages. First, the process of creating a multi-person society is heavier . It's easier to create a EURL than an LLC for example.
Another disadvantage: you must obtain the agreement of all the partners to make a decision(operational or strategic). This can be a barrier to the decision. Too many meetings kill the decision!
To undertake to several, is to expose oneself to the risk of conflicts between the partners , on the management of the company, on the projects of development etc. This must be taken into account.
In the end, to undertake to several, you must combine several qualities: know to listen to the other, know how to convince others, know how to compromise, endure criticism, know how to question, accept that his opinion does not not always followed.
The skills to undertake alone
Here is a non-exhaustive list of the abilities required to undertake alone :
- Have a strong work capacity (to be work addict)
- Visionary, creative and intuitive
- Have sufficient capital to start
- Be enduring and determined
- To be motivated
- Know how to build relationships easily (have a good network if possible)
- Being autonomous (including knowing how to impose discipline on oneself)
- Have enough experience in the business world
- Love to work alone
- To know how to take a step back, to question
- Knowing how to handle stress and difficult moments (to be cool)
- Know how to manage risk
If you meet most of these conditions, do not hesitate: go for it!