CareerPersonal Growth

The Biggest Mistake Friends Make When They Go into Business Together

In an article for CBS MoneyWatch, Jason Mitchell relates the story of the business he started in college with his friend Eric Dieter. The problem they quickly ran into as the company grew was that neither was sure what his responsibilities were. Frustrations grew, and when Mitchell started bringing in most of the clients, he questioned why they still split profits 50-50. What ultimately happened was that Mitchell and Dieter sat down for an honest conversation, where they made a list of tasks the company did and a list of their own personal strengths and weaknesses in business. It turned out Mitchell and Dieter actually had rather complementary skills, and while Mitchell became in charge of finding new business, Dieter happily took on all the financial responsibilities. This is a story where communication and logic prevail, which is the best kind of story. You can read the full story here:

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