Learn from Billionaire Steve Schwarzman, Avoid These 2 Things If You Want To Get Rich

Learn from Billionaire Steve Schwarzman, Avoid These 2 Things If You Want To Get Rich

Having a wealth of USD 23.5 billion or IDR 336 trillion (1 USD = 14,326) in 2021 then made Stephen Schwarzman one of the richest people in the world.

His fortune came from The Blackstone Group, a global private equity firm he founded in 1985 with Lehman Brothers Pete Peterson.

Here are 2 of Steve Schwarzman’s main mistakes, which you can learn from:

1. Not Asking For Help When Starting a New Job

One of Steve Schwarzman’s most common pieces of advice is to ask for help when you enter new territory. He says in interviews, in seminars, whether it’s a new career, relationship or hobby, it’s best to do the same thing you would do in an unfamiliar environment, ask and ask for help if you are unable or confused.

Schwarzman admits that he started his career in finance doing the exact opposite. In his first job with investment bank ‘Donaldson, Lufkin, & Jenrette,’ the billionaire said “Totally untrained. Nobody helped me. They just left me at work and I was too shy to ask for help,” says Schwarzman.

2. Approaching Investors Without Preparation

When he started Blackstone with Peter G. Peterson, Schwarzman made what he called, “every entrepreneur’s mistake” and it nearly cost his business.

They just started wooing investors for early private equity funds, and started by doing what they thought would be best: they approached the investors they knew best.

The logic is simple: If they knew these people, they would most likely believe them. The problem is that Schwarzman and colleagues don’t really understand all the chats with these investors.

Instead of going into every field meeting prepared to counter any and all objections, Schwarzman and Peterson fell short on every approach. They are blind and unprepared because they don’t practice. They think there is no need to prepare anything with investors they already know.

However, please note that it is important to prepare everything by finding out the background of investors and others. The goal is for you to enter the conversation with the investor to attract attention.

Business News