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Starting a business is no easy feat. It requires patience, perseverance and hard work to get a venture off the ground, let alone maintain and grow it. This often raises the question — is it better to start a business alone or with someone else?

The answer depends on a number of variables. What kind of business are you planning to start? Do you trust anyone enough to start a business with them? Do you work better alone?

According to a survey of 513 entrepreneurs in eight Asia-Pacific economies (Australia, New Zealand, China, Hong Kong, India, Japan, the Philippines and Singapore) conducted by Frost & Sullivan in collaboration with Oracle NetSuite, over three-quarters (76%) of entrepreneurs from the region started a business from scratch, with 61% of them doing so alone.

In other words, most people tend to favour the solo approach, but that doesn’t mean there aren’t benefits to bringing a partner along for the ride.

If you are trying to decide whether you go it alone or with a partner, here are some questions to ask yourself before making the decision.

Are you happy to share important decisions?

It goes without saying that starting a business with someone else places a tremendous amount of trust in that person, but do you trust them enough to share important business decisions with them?

This largely comes down to your vision and how you work. If you want to make the final call on everything, going it alone probably sounds like the better option. On the other hand, having a trusted team to bounce ideas around can help you understand how your decisions might land with your target audience.

“Going it alone will allow you full autonomy and control of your vision,” Jason Toshack, VP and General Manager ANZ at Oracle NetSuite, told Business Insider Australia. “Without a partner, the shape your business takes is completely down to you and having complete commitment to your vision will be critical to your success.”

“As your business grows and the need for additional staff increases, you can begin the hiring process without letting go of decision-making power.”

Are you comfortable shouldering all of the risk?

Going solo also means carrying all of the risk. The buck stops with you, for better or worse, which is something you’ll need to be comfortable with. While partnering may mean you have to make compromises, it can make the financial burdens much easier to carry.

“If you decide to partner, the financial risk is shared between multiple sources of cash flow, which will provide peace of mind,” Toshack said.

Having a trusted partner to lean on when things get tough can also be a huge help.

Could you benefit from someone else’s expertise?

Unless you’re pretty well-versed in all aspects of the industry you’re entering into, you probably can’t do everything yourself. Even if you think you can, you’re likely to be less proficient in some areas than others.

Having a partner or team with diverse skills can help you move forward quickly when things start to ramp up. Of course, outsourcing jobs is always an option, but having talent in-house can make things easier.

Are you ready to give up most or all of your time?

Starting a business is tough work, whether you go solo or with a partner, but if you plan on doing the former, you’ll have to be prepared to put in all of the effort.

In other words, having others in the business will allow you to share the responsibilities of running it. This means you’ll be trading half of your say for half of the work.

“Having a second set of eyes or area of expertise can diversify your thinking, broaden your opportunities and lighten the workload,” Toshack said.

Either way, deciding to be your own boss has its benefits and lifestyle advantages. “You decide how, where and when you work, and this flexibility can help maintain a healthier work/life balance,” Toshack continued.

This attitude gels with a decent segment of entrepreneurs, with 37% of respondents from Frost & Sullivan’s research saying “the opportunity to be their own boss was the most attractive aspect of starting a business.”

They’re also not afraid of putting in the hard yards, with 39% attributing willingness to work hard to their success as entrepreneurs.

Read more about the findings in Oracle NetSuite’s Resource Guide for Entrepreneurs and Business Leaders.

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