An interesting comment from Spephen Schwarzman; even entrepreneurs need to work from formalised business plans, but these written plans must not be static – they need to be fluid. Some of my poorer entrepreneurial endeavors have occurred when my business partner either deviated from or refused to follow and update formal business plans. This has unfortunately cost me dearly; this is why I was initially surprised at his comments.
As co-founder and CEO of the Blackstone Group, a New York city based private equity investment bank and largest alternate multinational asset management and financial services corporation, Schwarzman would know better than most what entrepreneurs require, he has a multi-billion dollar business empire founded on entrepreneurial activity. Naturally, entrepreneurship is based on managing risk and taking opportunities when they present. I do have a problem celebrating failure; you certainly need persistence and stamina but I hate to see failure romanticised – I have had enough of that already.
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