Rick Segal writes about the ultimate VC nightmare:
An EBF happens when a founder wakes up one day and ‘flips’ into employee mode. To me, nothing is scarier then a founder saying “It’s just a job.”
This can happen for a number of reasons but the signs are pretty clear.
When you are closing a deal and the entrepreneur negotiates for his/her pay like it’s a job, that’s trouble.
If you don’t feel like you are the owner, jezz, don’t take the money; don’t close the deal. If you feel the need to fight over severance in your employment agreement and it runs 30 pages, bad start to the game. If you worry about ‘ getting fired ‘ and aren’t thinking about the business, who is right for the business, etc, etc, don’t close the deal.