The Knowledge Project with Shane Parrish #69 Stephen Schwarzman: What It Takes
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Nov 12, 2019 Stephen Schwarzman, CEO of the Blackstone Group, shares valuable insights from his career in private equity. He discusses the importance of attracting top talent and the nuances of decision-making under pressure. Schwarzman draws parallels between leadership and elite athletics, emphasizing the need for ethical management practices. He reflects on his journey from corporate instability to founding Blackstone, highlighting the lessons learned through challenges. Additionally, he offers a deep dive into the dynamics of the U.S. real estate market and strategies for navigating its cycles.
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Parental Influence on Self-Validation
- Stephen Schwarzman's parents never praised his achievements, fostering self-reliance.
- He learned to find validation in his own work, not external sources.
Training for Success
- Make deposits in training to make withdrawals on game day, says Schwarzman's coach.
- Push yourself to your limits in preparation so competition feels easier.
Accidental Entry into Investment Banking
- Schwarzman stumbled into investment banking with no experience, landing a job at DLJ due to a kind gesture.
- Despite initial struggles and feeling unqualified, his boss saw potential and predicted his future leadership.