“There are more great business ideas out there than great businesses. The difference is in the people, the execution and the timing,” says Sallie Krawcheck, former president of the Global Wealth & Investment Management division of Bank of America and current owner-leader of 85 Broads, a global women’s network founded in 1997.
Since leaving the world of high finance to be an entrepreneur, Krawcheck has learned many lessons and share some with LinkedIn and Business Insider. “You can make a lot of moderately-sized mistakes running a big business, and even a few big ones. You can only make a finite number of mistakes as an entrepreneur. Many of them involve hiring the wrong people,” she writes.
Not being part of a giant company can liberating but also perilous, she argues. “No monthly business reviews, operational risk committee meetings, staff meetings, OCC meetings, Fed meetings, management committee meetings, executive committee meetings, quarterly strategy offsites can be enormously freeing — but that can mean fewer guard rails… and very few others to blame when things go wrong.”
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