Startup Management
Friend or Liability?
Edward is CEO of a nonprofit startup. He hired Charlie, a high school friend, last summer, to stabilize the company while Edward finished his degree. Charlie is from a prominent family, with a powerful network that has raised a large amount of money for Edward's nonprofit. Both Edward and Charlie are committed to the mission of helping low-income students go to college, and with this shared vision they get along well.
Although Charlie is great at strategy formulation, Edward finds that he is poor at executing plans and taking action. Now that Edward is graduating, he wants to take the nonprofit to the next level, but is concerned about Charlie's lack of execution will hold the company back. On the other hand, Charlie made a major contribution keeping the company afloat the past year, in addition to his family's contributions, not to mention the two have been friends for some time now.
What should Edward do?