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Steve Jobs<\/a> and Steve Wozniak<\/a> are the names most closely tied to Apple<\/a>, one of the most valuable companies in history. But 50 years ago, when they were putting pen to paper and officially founding the company, there was a third, lesser-known signature on that document<\/a>: Ronald G. Wayne.<\/p>\n At the time, Wayne was an engineer at Atari when Jobs recruited him to help persuade Wozniak to take the leap and build a computer company. Wayne\u2014who later described himself<\/a> as the \u201cadult in the room\u201d\u2014drafted Apple\u2019s original partnership agreement and was awarded a 10% stake, while Jobs and Wozniak each held 45%.<\/p>\n Just 12 days later, he walked away.<\/p>\n Concerned about the financial risk tied to the partnership, Wayne sold his stake back for $800 and later received an additional $1,500 to formally forfeit any future claim to the company. Today, with Apple\u2019s market cap hovering around $4 trillion, that 10% stake could theoretically be worth more than $400 billion.<\/p>\n Wayne went on to spend decades working as an engineer and living a relatively quiet life\u2014far removed from Silicon Valley\u2014eventually settling in Nevada, where he has relied heavily on Social Security and occasionally sells rare stamps and coins.<\/p>\n But now 91, Wayne said he doesn\u2019t view the decision through a lens of regret\u2014but rather of clarity.<\/p>\n \u201cMy success has never been defined by money,\u201d Wayne told Fortune <\/em>in an emailed statement. \u201cIt\u2019s been defined by acting with clarity, integrity, and sound judgment, given what I actually knew at the time. My perspective has become much clearer over the past year, as I came to understand how far the public narrative has drifted from the facts.\u201d<\/p>\n In hindsight, selling his stake looks like a costly mistake. But in 1976, Apple was far from a sure bet. Jobs had taken out a $15,000 loan to fulfill the company\u2019s first order from a Bay Area computer store\u2014one Wayne knew had a shaky reputation for paying its bills. Unlike his younger cofounders, Wayne already had a house, a car, and personal assets he feared could be seized if the business failed.<\/p>\n For a growing share of young people, entrepreneurship is becoming an increasingly attractive path. Nearly 38% of graduates in the classes of 2025 and 2026 said they are considering launching their own companies<\/a>, according to ZipRecruiter\u2019s most recent Graduate Report<\/em><\/a>\u2014a trend that comes as the entry-level job market has tightened<\/a> considerably.\u00a0<\/p>\n But Wayne has a warning for the entrepreneurially minded: If something sounds too good to be true, it probably is.<\/p>\n \u201cUnderstand exactly what you are agreeing to, particularly in a general partnership, where liability is not limited to your ownership percentage,\u201d Wayne said. \u201cEach partner can be held responsible for the full amount of any obligation.\u201d<\/p>\n While the upside in business can be limitless, so can the downside, Wayne added.<\/p>\n \u201cUnderstand your risk in practice, not just on paper. Have counsel,\u201d Wayne told Fortune<\/em>. \u201cAnd never assume your exposure ends at your percentage, because it doesn\u2019t.\u201d<\/p>\n Still, Wayne hasn\u2019t entirely escaped the long shadow of Apple. In fact, he\u2019s leaned into the irony of his story. Earlier this month, he partnered with Anheuser-Busch<\/a> to promote a different kind of apple: the return of Busch Light Apple, a limited-edition beer that has again sparked a viral rush among fans eager to stock up<\/a>.<\/p>\n \u201cLet me show you where a man\u2019s wealth really lies,\u201d Wayne joked in a promotional video, pointing to a garage full of beer. \u201cYep, still a really good investment.\u201d<\/p>\n<\/div>\nApple\u2019s third cofounder\u2019s advice for young entrepreneurs<\/h2>\n