This happened to me with two different friends and two different startups.
Many people love the idea of a startup: getting rich, being a tech rock star, and retiring early. Most aren't willing to do what it actually takes to succeed: unpleasant work, long hours, and sometimes little pay off for a long time.
One of my co-founders thought that 'writing something off' meant we could spend money on whatever we wanted and the government would pay for it.
Another friend had me meet with his lawyer and wanted me to sign an agreement where anything I worked on outside of our business together was property of the business (I had 2 other successful companies already running and he knew it) but all of his current work was solely owned by him.
Before I had a chance to tell him 'fuck no', he flaked out and got a job. Since then, he's onto his 3rd startup job and I've been running my successful companies.
Luckily, both startups were in such early phases, I was able to get out early.
I learned the hard lesson that your co-worker or friend doesn't necessarily make a good co-founder. A very small percentage of people will be disciplined enough to see a company from start to success. There are also different stages of a company. In the beginning with no real roles defined, a person might be great. When you become an actual company with products, meetings, deadlines, and customers. That same person might not work out.
Choose your co-founder wisely or you will go through lots of pain and suffering. Don't partner with an 'ideas' person unless they are investing money or giving you important contacts into an industry. If not, it will be difficult to put them into a position later when the company gets to the next stage.
Many people love the idea of a startup: getting rich, being a tech rock star, and retiring early. Most aren't willing to do what it actually takes to succeed: unpleasant work, long hours, and sometimes little pay off for a long time.
One of my co-founders thought that 'writing something off' meant we could spend money on whatever we wanted and the government would pay for it.
Another friend had me meet with his lawyer and wanted me to sign an agreement where anything I worked on outside of our business together was property of the business (I had 2 other successful companies already running and he knew it) but all of his current work was solely owned by him.
Before I had a chance to tell him 'fuck no', he flaked out and got a job. Since then, he's onto his 3rd startup job and I've been running my successful companies.
Luckily, both startups were in such early phases, I was able to get out early.
I learned the hard lesson that your co-worker or friend doesn't necessarily make a good co-founder. A very small percentage of people will be disciplined enough to see a company from start to success. There are also different stages of a company. In the beginning with no real roles defined, a person might be great. When you become an actual company with products, meetings, deadlines, and customers. That same person might not work out.
Choose your co-founder wisely or you will go through lots of pain and suffering. Don't partner with an 'ideas' person unless they are investing money or giving you important contacts into an industry. If not, it will be difficult to put them into a position later when the company gets to the next stage.