Source: Fortune.com
Summary
Stephen A. Schwarzman, Blackstone’s cofounder and CEO, shared a story about a major investment mistake he made in the mid-1980s, which cost the company its original investment value. Schwarzman was pulled aside by an investor who screamed at him, but he took responsibility for the mistake and learned from it. He repositioned himself for success and has since become a self-made billionaire. Other business leaders, such as Jeff Bezos and Sam Altman, have also shared their own stories of making mistakes and learning from them.
Our Reading
The numbers tell one story. Schwarzman’s mistake was a career-altering moment, but he took it personally and repositioned himself for success. Bezos and Altman have also made mistakes, but they’ve learned from them and moved forward. The strategy enters a familiar phase: owning mistakes and getting on track. “Setbacks are terrible, but they also are great teachers,” Schwarzman said. Mistakes come with a hefty price, but they can also lead to wisdom and success.
Author: Evan Null
