In a powerful and candid commencement address to Princeton’s Class of 2025, Federal Reserve Chair Jerome Powell shared a timeless leadership lesson that resonates far beyond economics: the greatest career mistake one can make is avoiding risks.
Powell, who has served on the Federal Reserve Board since 2012 and as its Chair since 2018, urged graduates to embrace uncertainty, take bold initiatives, and accept failure as an essential step toward success.
“Everyone, and I mean everyone, makes mistakes — take it from an expert — but the bigger mistake is to avoid taking risks,” Powell emphasized. “If you’re not failing from time to time, you’re not asking enough of yourself.”
Taking the Leap: Leadership Demands Courage
Powell painted an honest picture of leadership — nobody ever feels fully ready to take on greater responsibilities. His message was clear: don’t wait to feel prepared. Instead, “Throw yourself into the deep end of the pool, believe in yourself, take risks.”
Failures will come, he warned, but what matters most is the willingness to get back up and keep moving forward. This cycle of bold effort and resilience is the cornerstone of leadership and career growth.
Initiative: The Rocket Fuel of Life
Sharing his own journey, Powell revealed how small moments of courage defined his path. A seemingly simple decision to introduce himself to a then-senator, Nicholas F. Brady, led to an unexpected opportunity — eventually propelling him to serve as assistant secretary of the Treasury and later the Federal Reserve Board.
“A little bit of initiative at the right time can make all the difference,” Powell said. “The initiative is the rocket fuel of life.”
Leadership Beyond the Boardroom
Powell’s insights extend beyond the corridors of power — they are universal truths for anyone aiming to lead, innovate, or simply make a mark in their field. Taking risks, embracing failure, and seizing opportunities are ingredients that create not just careers, but lasting friendships, meaningful relationships, and a fulfilling life.
Final Words of Wisdom
As Powell concluded, the combination of luck, courage to make mistakes, and timely initiative often shapes the most rewarding successes.
For today’s graduates and tomorrow’s leaders, Powell’s advice rings clear: don’t fear failure — welcome it as proof that you’re pushing boundaries and growing.
Source: Based on Jerome Powell’s Princeton Commencement Address, May 25, 2025
