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Risks and Returns: Creating Success in Business and Life

SpeakerS:

Brian Sullivan, News Anchor, CNBC
The Hon. Wilbur Ross, President, CEO and Chairman of the Board, Ross Acquisition Corp. II

“When you're doing due diligence on something, the only stupid question is the one you fail to ask... To me, that's the key to the whole thing.” The Hon. Wilbur Ross

Key takeaways:

  • The importance of adaptability in career development: Wilbur Ross shared his experiences of unexpected career changes early on, emphasizing the value of adaptability and seizing new opportunities as they arise. 
  • Thorough due diligence is crucial: Conducting persistent and detailed questioning without making assumptions is key to successful investment decisions. This approach helps in identifying the true value and risks associated with potential investments. 
  • Distinguishing between apparent and actual risk: Investing in opportunities where the perceived risk is higher than the actual risk can lead to significant returns. This strategy involves critical evaluation to uncover undervalued assets. 
  • Cultural differences between wall street and public sector: There is a stark contrast in reward systems and risk tolerance between Wall Street and Washington D.C. In the public sector, titles and hierarchical positions hold significant importance, affecting power dynamics and influence.
  • Longevity and continuous growth: Age should not be a limiting factor in pursuing new ventures. Wilbur Ross highlighted that embarking on new challenges at different stages of life can lead to continued success and fulfillment.

 

Action items:

  • Foster adaptability and openness to change: Encourage professionals to remain flexible and ready to pivot when unexpected opportunities or challenges arise. This mindset can lead to career growth and resilience. 
  • Implement rigorous due diligence practices: Cultivate a culture of thorough analysis within organizations to ensure all decisions are well-informed and based on comprehensive evaluations.
  • Assess risks critically to identify opportunities: Train teams to distinguish between apparent and actual risks, enabling them to identify and invest in undervalued opportunities that others may overlook.
  • Understand organizational dynamics in the public sector: For those engaging with governmental institutions, gaining insight into the importance of titles and hierarchy can improve navigation and effectiveness within the public sector.
  • Promote lifelong learning and development: Encourage individuals to pursue new challenges and continue personal and professional development, regardless of age, to achieve sustained success.

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