If some of the above are true, perhaps it’s understandable why your friend can’t find the time. But in that case perhaps it’s better to end the business relationship with your friend.
If I am very passionate about a side project, I can usually find the time to work on it. But I choose to work a maximum of 4 days a week for a client.
To be honest I feel it’s generally a bad idea to be in business with friends. Often friends might feel they can cut each other a bit more slack in a business relationship and this could cause a fallout of the friendship eventually.