You won't succeed all the time: Yellen To NYU Grads

India Infoline News Service | Mumbai |

Finding the right path in life, more often than not, involves some missteps, Janet Yellen says

Janet Yellen, the chairwoman of the Federal Reserve, told a swirl of thousands of purple-robed New York University graduates that finding the right path in life involves missteps.

“You won't succeed all the time. Even Ruth, Gehrig and DiMaggio failed most of time when they stepped to the plate. Finding the right path in life, more often than not, involves some missteps,” she said.

Speaking to New York University graduates at Yankee Stadium on Wednesday Yellen said, “My Federal Reserve colleagues and I experienced this as we struggled to address a financial and economic crisis that threatened the global economy. We brainstormed and designed a host of programs to unclog the plumbing of the financial system and to keep credit flowing. Not everything worked but we kept at it, and we remained focused on the task at hand. I learned the lesson during this period that one's response to the inevitable setbacks matters as much as the balance of victories and defeats.”

Below are the excerpts of Janet Yellen's speech:

There is an unfortunate myth that success is mainly determined by something called "ability." But research indicates that our best measures of these qualities are unreliable predictors of performance in academics or employment. Psychologist Angela Lee Duckworth says that what really matters is a quality she calls "grit"--an abiding commitment to work hard toward long-range goals and to persevere through the setbacks that come along the way.

One aspect of grit that I think is particularly important is the willingness to take a stand when circumstances demand it. Such circumstances may not be all that frequent, but in every life, there will be crucial moments when having the courage to stand up for what you believe will be immensely important.

My predecessor at the Fed, Chairman Ben Bernanke, demonstrated such courage, especially in his response to the threat of the financial crisis. To stabilize the financial system and restore economic growth, he took courageous actions that were unprecedented in ambition and scope. He faced relentless criticism, personal threats, and the certainty that history would judge him harshly if he was wrong. But he stood up for what he believed was right and necessary. Ben Bernanke's intelligence and knowledge served him well as Chairman. But his grit and willingness to take a stand were just as important. I hope you never are confronted by challenges this great, but you too will face moments in life when standing up for what you believe can make all the difference.

The hard work of building a life that makes a difference is much easier to sustain when you are passionate about what you pursue. When I first came to the Federal Reserve 37 years ago, I was struck by the passion of my colleagues for the mission of the Fed. And these many years later, each day at work, I see the importance of that passion to carrying out the Fed's duties effectively. If there is a job that you feel passionate about, do what you can to pursue that job; if there is a purpose about which you are passionate, dedicate yourself to that purpose.
 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.