In any long career, there are bound to have been challenges and mistakes. Today, I want to share a valuable lesson I learned from a significant professional setback I experienced.

Early in my career, I made a serious error in judgment. While there was never any suggestion of dishonesty – and there never has been throughout my career – I acted on professional legal advice from a major firm without fully understanding the potential consequences. The law was subsequently changed retroactively, leading to an inevitable and unfavorable outcome.

Looking back, I recognize that I "turned a blind eye" to potential issues. It is a stark reminder of the importance of due diligence and the need to question advice, even when it comes from reputable sources. This experience taught me the value of thorough understanding and proactive risk assessment in all professional decisions.

This lesson ties into a piece of advice I often share with my colleagues and trainees, borrowed from the character Nathan Detroit in "Guys and Dolls": "If someone bet me a hundred dollars that an elf would get up and piss in my ear, I would prepare for a wet ear." In other words, always be prepared for the unexpected, no matter how unlikely it may seem.

Throughout my career, I have lived through several international crises that have threatened to destroy my professional life. The oil crisis of 1972, the market crashes of 1987 and 2008, and more recently, the COVID-19 pandemic – each of these events presented significant challenges. Yet, through hard work, adaptability, and the indomitable spirit of my late wife, we managed to weather these storms.

These experiences have taught me two crucial lessons:

Be careful: Always conduct thorough due diligence and consider potential risks, even when acting on professional advice.

Be careful what you want because you may get it: Success can come with unexpected challenges, and it is important to be prepared for both the positive and negative consequences of achieving your goals.

As I continue to provide strategic development advice to emerging companies at Pantheon International Advisors Limited, these lessons remain at the forefront of my mind. They inform my approach to risk assessment and long-term planning, helping me guide businesses through the complexities of growth and development.

To my readers, especially those early in their careers, I encourage you to learn from both your successes and your setbacks. Each experience, whether positive or negative, offers valuable insights that can shape your professional journey and help you become a more resilient and effective leader.

As Oscar Wilde said, ‘Experience is the name a man gives to his mistakes’, learn from experience and learn from other people.