He had confidence, but he didn't know tech. Our first Skype call had me feeling great. He introduced me to his partners and they were all very interested in what I could do. They flattered my and made me feel important.
They were going to turn this startup into a multi-million dollar business. It didn't take long for me to see the
RED FLAGS. They said they had investors lined up, but when I asked simple questions, they couldn't give me specific answers.
I signed a
Non Disclosure Agreement. I agreed to never reveal the details of the
secret plan. Believe me, it was stupid.
I still can't tell you exactly what it was.
After I found out the details of the project, I wasn't interested in working for shares in the company anymore. I told them they could pay me as a consultant if they needed help. I thought it was a dud once I learned the details, but this wouldn't be the last time I would work in for shares.
The next time someone offered me equity in exchange for work, I thought to myself "Why don't I be a shark and take a bigger percentage?" Before long, it became quite aparent that I was the only one doing any real work. By getting more shares, I was actually committing myself to more responsibility, and no guarantee of more money. They succes or failure of the company was now on me, but I hadn't seen a dime yet. I quit the project and it never went anywhere, but I STILL didn't learn my lesson.
Startups are a dime a dozen. Everyone has a killer app idea, a genius domain name that they registered or a master plan that will WORK FOR SURE... HAH!
My advice: Get paid in cash and cash only. Don't accept promises of becoming rich in the future. Money. Now. As the saying goes, a bird in the hand is worth two in the bush. Learn this lessons now and if you decide to work for equity and posible big payday in the future, make sure you're also getting paid today. Take care of yourself first.
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