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.
Work while you have the light. You are responsible for the talent that has been entrusted to you.
If you try to make such projects, unseen by others, as perfect as any human could, you'll develop skills that other professionals don't have.
When an opportunity comes your way, it's about making sure you're prepared to be the one who can walk through the door and deliver the goods. And I've had a lot of luck on my side and I've been prepared for that luck.
I think I did pretty well, considering I started out with nothing but a bunch of blank paper.
My whole career strategy has been to build a base so that I could take the roles I want to play. I'd hate to think that a shorter part might not be available because I was worried about my billing.
I try to make it look easy, but the behind-the-scenes stuff is the challenge.
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