|'An entrepreneur is somebody who doesn't
have the word 'failure' in his lexicom,' Sam Zell told those attending
last week's 42nd Annual Business Leadership Award at the School of
Business Administration. |
Zell, shown here with Business School senior Jeffrey Nzoma, is chairman of Equity Investments Group, the largest reals estate investment trust in America.
Zell and Ann Lurie, the widow of his late business partner Robert H. Lurie, recently gave the Business School $10 million to create an institute for research and teaching in entrepreneurship. Photo by Bill Wood, Photo Services
Entrepreneurs, he said, reject conventional wisdom, are able to seize opportunities with a sense of urgency, take risks and think outside the box. And they never accept failure.
An entrepreneur is somebody who doesnt have the word failure in his lexicon, said Zell, chairman of Equity Investments Group, the largest real estate investment trust in America. Sometimes deals dont work out, but they never fail. Failure is accepting a resolution, when in fact a true entrepreneur uses his energy and self-confidence to live through difficult times. Failure is part of the process, but it isnt a conviction. It only restarts the process.
Zell and Ann Lurie, the widow of his late business partner Robert H. Lurie, recently gave the Business School $10 million to create an institute for research and teaching in entrepreneurship.
Bob and I were always challenged by the idea that our society would benefit greatly by a greater emphasis on entrepreneurship, self-reliance, and understanding and undertaking risks, he said. And so in the creation of this institute, I hope that I can challenge the University to recognize that this is a whole arena where we dont have answers, but have lots of questions. The challenge and the goals should be to answer those questions, recognizing that no answer, in and of itself, is a full answer.
We want to create an environment where risk is not avoided, but where its evaluated. We want this institute to be a beacon, a magnet for the University, for the business community, for people with ideas.