Even though team-based ventures have a higher likelihood of success, their success depends on whether the team is sufficiently complementary in composition, and whether the team has actions in place to manage the diversity in objectives and actions in the team.

Some entrepreneurial ventures are best started alone: if the entrepreneur has all the capabilities required to launch the venture, or when the entrepreneur simply doesn’t find the right people with whom s/he can cofound, single founded businesses are the best option for entrepreneurs. Many studies have shown, however, that the success rate of team-based entrepreneurial ventures  is higher than the success rate of solo entrepreneurs.

The reality of entrepreneurial ideas is that they are most often the result of co-creation. Entrepreneurs build on elements of value creation, value distribution and value capture that they observe, have experienced or that they other people share with them and then recombine through trial-and-error.

The role of the entrepreneur is to come up with great, visionary ideas. From thereon it is just execution. Good entrepreneurs are able to raise money on the basis of this vision, and then pay people that can execute the vision for them.