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.
Money is plentiful for those who understand the simple laws which govern its acquisition.
I've seen enough successful writers who no longer seem to care when they are recognized with an award, and I think that's just tragic.
I would rather have a lucky general than a smart general.... They win battles, and they make me lucky.
Writers have told me more than once that I'm a better interview in defeat than in victory, which is a compliment I am extremely proud of.
No illusion is more crucial than the illusion that great success and huge money buy you immunity from the common ills of mankind, such as cars that won't start.
I don't want to be the next Mark Spitz; I want to be the first Michael Phelps
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