Some of my poorer entrepreneurial endeavors have occurred when my business partner either deviated from or refused to follow and update formal business plans. This has unfortunately cost me dearly; this is why I was initially surprised at his comments.
As co-founder and CEO of the Blackstone Group, a New York city based private equity investment bank and largest alternate multinational asset management and financial services corporation, Schwarzman would know better than most what entrepreneurs require, he has a multi-billion dollar business empire founded on entrepreneurial activity.
Naturally, entrepreneurship is based on managing risk and taking opportunities when they present. I do have a problem celebrating failure; you certainly need persistence and stamina but I hate to see failure romanticised - I have had enough of that already.
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