Steven 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. 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.”
“Every person who’s made that decision, in my view, has failed,” he went on. “Every one of them.”
Instead, Schwarzman said Wall Streeters should focus on apprenticeship, training and bringing something new to the market. When Schwarzman helped start the Blackstone Group, he already had years of experience under his belt. Not to mention a co-founder with a reputation and lots of contacts.
Without the right skills and circumstances, aspiring entrepreneurs won’t be able to succeed. And according to Schwarzman, that kind of failure can be devastating.