How common is this? Would love to hear some thoughts and hopefully, encouragement!
My first business was done with a former best friend, the type I'd trust with my life. But these things happen. People have different values or priorities. And some don't commit fully. We had different values - he wanted a Ferrari and I wanted to create high quality jobs. He wanted something to boast about to friends, and I wanted something that wouldn't be a part of my identity.
Eventually met a great co-founder - he was a stranger I bought a book from via Facebook. When I asked him to be my co-founder, that was the second time I met him in person.
It's a lot like dating and marriage. Every mentor I met put it that way. It's a mix of luck and hard work that puts you in a position to be lucky. Some people get lucky early, some never, most never really figure it out. Eventually you just settle for someone who isn't perfect, and a big part of it working is to put in the effort to make it work.
It also only works if you're a giver and find someone who is similar. If you're the type who takes as much as you can (most people in business and elite jobs are), it's going to be really tough. There's just too much gray area, too many prisoner's dilemmas.