Five years ago I tried to start a business with a former co-worker and friend. The idea was to create an online dating website for Ukrainians. They are the 3rd largest ethnic group in Canada.
I designed the site and built the front end, Roman did the paperwork and Chris was supposed to create the backend. The business failed, well it never even really got started, but I learned some valuable lessons. First off is keep it simple. Roman was a CMA or something and so everything in our books was by the books. We set up a corporation, bought shares, kept minutes, etc. The reality was we should not have bothered. Also set things up so that each person has repercussions if they don’t do their part. Roman set up the books, I created the design but Chris wasn’t able to finish the back end. To be honest, I don’t think he got very far.
After a year of non-production we separated. Chris and I left the company and later Roman contacted me and asked if we could try again. We got a different developer, Erik, also a former coworker and just as unreliable. Everyone is keen at the beginning and honestly interested in the project but when it is time to knuckle down they were no where to be found.
If there was some sort of monetary penalty or if people had to put in money rather than just say they want to participate perhaps they might be more motivated. I am just as guilty of this as anyone. By the time I finished building Justoilpaint.com, I was tapped out. I was no longer interested in seeing the site develop and grow.
Eventually someone else launched a Ukrainian dating site website, Roman moved to Kiev, and Erik moved to Calgary. I became the sole owner of the corporation, which had done nothing. Now, I am going to dissolve it. I hung onto it for a few months but after Chris contacted me, worried that he was liable for something the corporation may have done or do, I realized I just didn’t care about it anymore.
I wonder if I had had a partner, someone truly motivated, if that company could have succeeded. Being an entrepreneur requires drive and time. You need to find a partner who has both.