Don't you think that some people would be hesitant to join a startup as a cofounder with a product already in development?
It doesn't matter. Good co-founders are much more sensitive to the fact that you pitch your "great idea" and still haven't done anything about it -- based on experience organizing a co-founders meetup for two years now.
No. Actually these may be people who are very interested in startuping, but do not want to make the first jump.
Personally, I would be hesitant to join a startup as a cofounder with another cofounder who hadn't shown the initiative to begin necessary work as early as possible, regardless of circumstance.