New products, new markets, new investors, and new ways of doing things are the lifeblood of growth. And while each innovation carries potential risk, businesses that don't innovate will eventually diminish.
Interpretation
Innovation is essential for business growth and survival.
This quote emphasizes the critical importance of innovation in business. Adena Friedman highlights that new products, markets, investors, and methods are fundamental to fostering growth. Although innovation comes with risks, failing to innovate can lead to a decline in business performance and relevance in the market.
In practice
This quote can be used to inspire a team during a brainstorming session on new product ideas.
One of many strengths that I often see in successful women on Wall Street is a responsible balance between risk taking and risk mitigation - the ability to assess situations smartly and make the right medium-to-long-term decisions without being lured into reckless, short-term profit-taking.
Many women try to advance in their careers by having all the answers; by being the go-to person for information and advice; or by building expertise in a particular field. However, as they progress, gain broader responsibilities, and grow into leadership roles, they realize that their span of control is too vast to be able to know every answer.
Empowering those around you to be heard and valued makes the difference between a leader who simply instructs and one who inspires.
To be able to give away riches is mandatory if you wish to possess them. This is the only way that you will be truly rich.
When I was younger, I felt pressure to become someone else once I became successful.
I believe that we should own the fruits of our labor and the assets of our creations.
I do not think there is any thrill that can go through the human heart like that felt by the inventor as he sees some creation of the brain unfolding to success ... Such emotions make a man forget food, sleep, friends, love, everything.
You must keep sending work out; you must never let a manuscript do nothing but eat its head off in a drawer. You send that work out again and again, while you're working on another one. If you have talent, you will receive some measure of success - but only if you persist.
The only worthwhile achievements of man are those which are socially useful.
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