Taking Risks Means Innovating

December 5, 2014
in Category: Business
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Taking Risks Means Innovating

Life is about taking risks. While we have all heard this before, some of us haven’t heard it enough.

During a speech before Tuck residents, David Leuschen – the Founder & CEO of Riverstone Holdings – used his personal story to instill in others a sense of adventure. After his presentation, many residents left the talk feeling the importance of embracing risk-taking, among other things.

While telling the tale involving his growing up in a ranch, Leuschen reminded the audience of the blandness of a life without colors. Staying within the lines, Leuschen assured the crowd, is not for those trying to make things happen. Living on the edge, however, is more like it.

Innovation is part of life and if you stop innovating, you stop living.

At Leuschen’s company, risk goes hand in hand with innovation. This attitude is what placed the company right up there with the greats when it helped to develop the Master Limited Partnership ownership structure, at least that’s what the Riverstone CEO claims.

David Leuschen (http://www.imdb.com/name/nm1590778/) believes that showing up accounts for 90% of living life, an idea that was first made popular by Woody Allen. To him, sticking with what you choose as a career early in life is important, but putting effort into it is even more important. By revisiting his younger days when he had first started Riverstone, Leuschen reminded the crowd that even as he thought starting the company had been a major mistake, he kept on going. Opportunities didn’t come right away, but his perseverance made him excel.

When it comes to professionalism and taking things seriously, Leuschen claims that having employees directly involved in the company actually boosts productivity. Riverstone people, for an instance, have $900 million or even more of their own money invested in the company.

Due to that, they end up working diligently to ensure that they will see their money again in the first 24 months. Incentives such as this push the company forward while also boosting the confidence of all employees.

When it comes to advice on how to run a successful business, do you think he hit the nail on the head or is he completely off? Share your thoughts.