[digler999]

opposite question as the other poster: what do you do if you have a great idea (naturally everyone thinks their own ideas are great) but don't have the entrepreneurial spirit ? I've been working on a project for a couple years, still have about 25% of the work to go for it to be MVP, but I'd really like to find a business partner/investor. I'm afraid to reach out though because I dont know how to protect myself from being screwed.

[riklomas]

Sometimes you just gotta give it a go. I'm not saying quit your job and do it full time, but if someone is going to steal your idea, then they're going to steal your idea tomorrow or in a years time.

Everything is a risk, but you don't want to get to 90 and think "damn it, I should have done that business".

The worst thing that might happen is you might run out of cash, give it up and get another job. Or someone will rip you off (be it a biz partner, investor or rival) and you give it up and get another job. It's stressful and not fun, but you're not going to die if your startup fails.

[digler999]

> if someone is going to steal your idea

Just to clarify, I (gladly) fell out of love with my idea and dont so much worry about people "stealing" it. I'm more worried about a business partner building an "escape hatch" in the partnership contract and screwing me out of ownership/stake. Not sure if that changes your answer or not.

[ux-app]

I recently bought on a partner for my business. It was definitely the best thing I could have done. He's an absolute champ and has the same hunger for success as me. Our skills are complimentary and our little business is slowly but surely growing.

Of course protect yourself. Have a contract. Never go with a vague contract and then hope for the best. Have everything in writing. Ownership stake, expectations an escape hatch for either of you in case of a falling out etc. For us there was a clause stating that the contract could be nullified by either party within the first 90 days for any reason.

I had worked on my side business for 3.5 years at the point I partnered up. My partner first spent 2 months working away and we didn't formalise the agreement. We were making sure that we were going to work well together.

I finally said that we can't go on like this and we really need to formalise his ownership etc. We discussed figures and arrived at an arrangement that worked for us both.

In the end, for me it came down to this: own 100% of 0 or X% of a real business.

Once that clicked for me, bringing on and trusting a partner was an easy choice.

[riklomas]

Yes I agree with this. I think if you're going to offer equity too, offer equity that vests over a longer period of time (3-4 years) might help keep them connected and give them a reason to stay with the business too. Make them work for ownership of the business.

[pc86]

This is why you have an attorney.

[soneca]

I have experience with startup marketing and definitely have the "entrepreneurial spirit". I can offer guidance+actual work help on the business side (as long as it can all be performed remotely), expecting no equity or even payment from the start. When I prove my value, i.e. earn you real money, we discuss compensation (most probable payment in cash, not equity).

I assume the risk of not succeeding to grow your business and the risk of succeeding but you deciding to dismiss my work and not compensating me. No contracts, only verbal agreements to start off.

I've done this kind of deal twice before with moderate success in both. If you are interested, email me (on my profile) with more details about your product.

[6stringmerc]

Not OP but I found that pursuit of a Patent can be a protection avenue that opens up opportunities for business partnership/investment long-term. Granted it does take personal capital in the US, as it's not exactly cheap, but it's a functional approach in some avenues. Hope this helps.