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Stephen Schwarzman
Chairman and CEO, The Blackstone Group
People have observed that you only learn truly by failing, and I was, I thought, a complete failure at this job. I had no economics. I had no ability to read a financial statement. I had never had accounting. They gave me an office and a secretary and some annual reports and assignments. I didn't even know how to approach it. I'm pretty good on my feet, I'm pretty decent at bobbing and weaving, but there's only so long you can bob and weave when you don't have a good base. So it became clear to me, without anybody advising me, that leaving myself in an environment where I was intellectually unprepared was a danger not only to me but to everybody that I had anything to do with. So I went to business school, really, just to deal with this complete lack of preparation that I had. I really didn't like the kind of research-oriented business that DLJ was doing. I found I wasn't particularly good at that either, instinctively, so I interviewed at a variety of businesses out of business school, investment banks and advertising businesses and I think a consulting business.
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