Diving into ‘What it Takes: Lesson within the Pursuit of Excellence’ by Stephen Schwarzman
“We had been so low that individuals would benefit from us. Individuals we knew effectively would simply deceive us. One in every of my favorites was an organization we did an unlimited quantity of labor for and actually helped save. We then went to see the CEO and he mentioned, ‘I really love you guys but we just don’t make these sorts of investments.’”
Once you hear an funding banker recounting the tribulations of elevating a personal fairness fund, your first response is likely to be to get out the metaphorical small violin in your head. However when I met-up just lately with Stephen Schwarzman, The Blackstone Group’s Chairman, CEO and co-founder, and heard a number of statements just like the one above, I got here to understand that he and his co-founder, gents capitalist (and former Commerce Secretary) Pete Petersen, endured their justifiable share of indignities and near-fatal setbacks on the highway to establishing Blackstone in its place funding administration powerhouse.
At 38 years previous on the time of Blackstone’s founding, Schwarzman was already profitable and celebrated for having performed an integral position in orchestrating a rescue of Lehman Brothers from a set of dangerous trades spurred on by its then-trader-CEO Lew Glucksman. However Schwarzman’s journey from banker to Wall Avenue entrepreneur to go of a $500-billion-plus asset supervisor is extra attention-grabbing and nuanced than I had realized. On that foundation alone, Schwarzman’s new ebook simply clears the hurdle charge for the entrepreneurially minded, and particularly for these within the distinctive challenges of scaling a monetary companies enterprise from scratch.