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I was barely out of business school when I initiated a transaction with a top client of my firm. Because the structure was innovative, the client was important and I was a rookie, the deal got lots of attention.
It was wildly successful until an “oops.” I had made a miscalculation that cost my firm $67,000. My salary at the time was $30,000. I went straight to my boss, fearing the worst. He was unfazed, saying “I’ll explain it to the client.”
The client paid the additional amount, and I learned that good managers value innovation and forgive rookie mistakes.
– Kip Caffey, Cary Street Partners