Hard Work and Determination Lead to Success: Lessons From Wilbur Ross' Storied Career
Success doesn’t happen by accident — it’s the result of hard work, determination, and a relentless focus on goals. In Risks and Returns: Creating Success in Business and Life (Regnery Publishing; September 10, 2024), Wilbur L. Ross, Jr. illustrates how this winning formula shaped his extraordinary life. From his humble beginnings in New Jersey to Yale University, Harvard Business School, and a legendary 55-year career on Wall Street, Ross demonstrates how perseverance and a strong work ethic can overcome obstacles and create lasting impact. His journey culminated in serving as Secretary of Commerce under former President Donald Trump, a role that allowed him to bring his expertise to the national stage.
The book chronicles Ross’ role in restructuring over $400 billion in assets and his deft dealmaking, which earned him relationships with global figures like King Charles, Warren Buffett, Carl Icahn and Lakshmi Mittal. Along the way, he managed high-profile bankruptcies for Pan Am and Texaco, securing a spot on Bloomberg’s list of the 50 most influential people in global finance.
Ross credits much of his success to lessons learned from his mentors, who imparted invaluable wisdom throughout his career. He shares these lessons in the book, weaving them into colorful anecdotes and practical advice for readers:
• Take rational risks: Fearlessness combined with careful calculation can lead to transformative opportunities.
• Seize challenges: Within every obstacle lies the seed of opportunity—if you know where to look.
• Verify everything: Trust but verify; assumptions can be costly.
• Adapt and evaluate: Flexibility and fact-informed courage are essential for navigating uncertainty.
Ross’ memoir paints a vivid picture of the man behind the achievements — a disciplined individual who transformed risks into rewards and consistently bet on his ability to adapt and thrive.
From Wall Street to Washington
Ross’ professional journey began at Rothschild, Inc., where he became a key negotiator in some of the most significant bankruptcy cases in history, including those involving Pan Am, TWA, and Drexel Burnham Lambert. In 2000, he launched his private equity firm, restoring industries such as steel, coal, textiles, and banking to profitability.
His move into public service as Secretary of Commerce allowed him to bring his financial expertise to the national stage, advising President Trump on economic and commercial policy. His work supported American businesses and created opportunities for entrepreneurs nationwide.
A Life of Impact
Beyond his professional achievements, Ross has dedicated himself to philanthropy, supporting organizations like the Japan Society, the Brookings Institution, and the Rene Magritte Museum in Brussels. He’s also an advisory board member of Yale University’s School of Management.
For anyone looking to understand how hard work, calculated risks, and relentless focus can drive success, Risks and Returns is a must-read. Ross’ story serves as a powerful reminder that success is built not only on ambition but also on the willingness to adapt and persevere in the face of challenges.
Ross currently resides with his wife, Hilary Geary Ross, and their four children. His life and career offer invaluable lessons for aspiring leaders, entrepreneurs and anyone determined to create their own legacy.