Failure is not an option.
Stephen Schwarzman, the billionaire co-founder of the Blackstone Group, has a sobering message for any junior financiers hoping to emulate his success: Think twice.
The New York Times reports that Schwarzman, 67, speaking on Sunday before an audience of Harvard Business School students, said the temptation to start a new financial firm could disguise the considerable risk of failure and the damaging consequences failure brings.
'This is not Silicon Valley, where failure is an option,' Schwarzman said.
'The biggest mistake I’ve seen people make with their careers is, when they’re good, after two or three years — and they happen to be smart — they announce that they’re going out to start their own firm,' he said. 'I have begged, literally begged — I’ve had people come over to my house on Saturday — and begged them not to do that, because they’re going to destroy their careers, because they’re not old enough yet, they can’t raise enough money yet, they don’t have enough credibility.
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