Robert H. Smith
U. of Maryland Commencement Speech
VERY OFTEN FAILURE LEADS TO SUCCESS
May 23, 2008
IN 1914, BRITISH EXPLORER ERNEST SHACKLETON SET
OUT ON AN AMBITIOUS UNDERTAKING: THE IMPERIAL TRANSANTARCTIC EXPEDITION. HE HAD SPENT MONTHS SOLICITING
VENTURE CAPITAL, TO OUTFIT AND EQUIP HIMSELF AND HIS
CREW FOR THE FIRST-EVER TRANS-CONTINENTAL TREK
ACROSS ANTARCTICA.
TO SAY THE EXPEDITION DID NOT GO AS PLANNED IS THE
UNDERSTATEMENT OF THE CENTURY, AND THE TRIP BECAME
A TALE OF HARDSHIP AND TERROR. SHACKLETON’S SHIP,
THE H.M.S. ENDURANCE, BECAME TRAPPED IN MILES OF
ANTARCTIC ICE, AND THE ENDURANCE SANK.
THERE WERE NO OTHER HUMAN BEINGS WITHIN A
THOUSAND MILES. THERE WAS NO RADIO TO CALL FOR HELP.
THEY HAD THREE MONTHS WORTH OF PROVISIONS. AND THE
WORST ANTARCTIC WINTER, EVER RECORDED WAS ABOUT
TO DESCEND ON THEM.
SHACKLETON AND HIS 28 CREWMEN ESCAPED INTO
THREE LIFEBOATS. THEY MADE THEIR WAY TO AN ICE FLOE,
WHERE THEY CAMPED FOR SIX MONTHS. THEN
SHACKLETON LED THEM ACROSS 800 MILES OF OPEN
OCEAN, TO REFUGE ON TINY, INHOSPITABLE ELEPHANT
ISLAND. THE WIND CHILL HOVERED NEAR 70 BELOW ZERO.
SHACKLETON AND A FEW CREWMEMBERS TOOK ONE
OF THE LIFEBOATS AND HEADED BACK INTO THE ICY SEA,
AIMING FOR THE CONTINENT. WHEN THEY REACHED THE
SHORE, SHACKLETON LED HIS MEN ON FOOT ACROSS
MILES OF FROZEN TUNDRA, A MOUNTAIN RANGE THAT HAD
HITHERTO BEEN CONSIDERED IMPASSABLE, AND THEN
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SCALED A GLACIER, TO REACH A WHALING STATION. IT WAS
1500 MILES FROM THE PLACE WHERE ENDURANCE SLIPPED
BENEATH THE WATER. HE COMMANDEERED A SHIP AND
WENT BACK TO ELEPHANT ISLAND FOR HIS MEN. IT TOOK
SHACKLETON THREE TRIES, FIGHTING AGAINST SEAS
CHURNING WITH ICE, BUT EVENTUALLY HE WAS ABLE TO
RETURN AND RETRIEVE HIS CREW.
TWENTY-TWO MONTHS LATER, SHACKLETON BROUGHT
HOME EVERY SINGLE MAN WHO SET OUT WITH HIM ON THE
ENDURANCE. HE DIDN’T LOSE A SINGLE ONE.
SHACKLETON FAILED TO ACHIEVE HIS GOAL OF
CROSSING ANTARCTICA ON FOOT. THE VOYAGE WAS IN
EVERY WAY A FAILURE. BUT IT IS REMEMBERED AS ONE OF
THE GREATEST, MOST HEROIC FAILURES IN THE HISTORY OF
EXPLORATION. AND SHACKLETON IS REMEMBERED AS A
GREAT LEADER, PERHAPS ONE OF THE MOST INSPIRING AND
REMARKABLE LEADERS THE MODERN WORLD HAS
PRODUCED.
I DON’T EXPECT THAT ANY OF YOU WILL BE TRAPPED IN
ANTARCTICA WITH A DEAD SHIP AND THE RESPONSIBILITY
FOR THE LIVES OF 28 MEN. BUT IF YOU ARE AMBITIOUS—IF
YOU ARE A RISK-TAKER—YOU WILL ENCOUNTER FAILURE.
AND THE HIGHER YOU AIM, THE GREATER YOUR POTENTIAL
FOR FAILURE WILL BE.
AT A COLLEGE COMMENCEMENT ADDRESS, IT’S USUAL
TO HAVE THE SPEAKER GIVING YOU ADVICE ON HOW TO
SUCCEED. BUT THIS AFTERNOON I’D LIKE TO GO IN A
DIFFERENT DIRECTION, AND GIVE YOU ADVICE ON HOW TO
FAIL, SUCCESSFULLY.
EACH OF YOU IS INTELLIGENT, TALENTED, AND
ACCOMPLISHED. YOU ALREADY HAVE A HISTORY OF
SUCCESSES, CULMINATING WITH THE SUCCESS WE ARE
CELEBRATING TODAY—YOUR GRADUATION FROM THE
UNIVERSITY OF MARYLAND AND THE ROBERT H. SMITH
SCHOOL OF BUSINESS. I’M SURE YOU HAVE WORKED HARD
FOR YOUR SUCCESSES. I AM CONFIDENT THAT MANY
SUCCESSES STILL AWAIT YOU.
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SO WHY WOULD I BRING THE NOTION OF FAILURE TO
YOUR ATTENTION ON THIS DAY, WHEN WE CELEBRATE YOUR
SUCCESS?
I HAVE TWO REASONS THAT I’D LIKE YOU TO
THOUGHTFULLY CONSIDER.
FIRST, CONSIDER THIS: IT IS FEAR OF FAILURE, THAT
LEADS TO A FAILURE OF PRINCIPLES.
RECENTLY WE HAVE SEEN MANY PUBLIC INSTITUTIONS
BROUGHT LOW BY THE MISDEEDS OF THEIR SENIOR
MANAGERS. IMPORTANT AND HIGH PROFILE PUBLIC
INSTITUTIONS HAVE FALLEN. EVERYONE FROM THE MEDIA TO
THE GOVERNMENT HAS LOOKED ON IN HORROR AND DISMAY.
AS THESE ETHICAL BREAKDOWNS HAVE COME TO LIGHT,
PEOPLE HAVE WONDERED WHY. WHAT WOULD CAUSE A
PERSON AT THE HEIGHT OF THEIR CAREER, OFTEN ENJOYING
UNPARALLELED SUCCESS, TO RISK EVERYTHING THROUGH
AN UNETHICAL DECISION? WHY WOULD THEY EVEN
CONSIDER IT?
I AM CONVINCED THAT WHEN PEOPLE CHEAT, IT IS
BECAUSE THEY ARE AFRAID OF FALLING SHORT. WHEN A
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STUDENT CHEATS ON A TEST, IT IS BECAUSE HE IS AFRAID OF
RECEIVING A POOR GRADE. AFRAID OF DISAPPOINTING HIS
OR HER PARENTS. AFRAID OF THE CONSEQUENCES, THAT
WILL RESULT FROM NOT KNOWING THE MATERIAL.
WHEN A SENIOR MANAGER COVERS UP CORPORATE
MISCONDUCT, IT ISN’T MERELY GREED THAT MOTIVATES HIM.
IT IS FEAR OF BEING PERCEIVED AS UNSUCCESSFUL.
STUDENTS WHO CHEAT ON A TEST, BECAUSE THEY ARE
AFRAID, GROW UP TO BE SENIOR EXECUTIVES, WHO LIE
ABOUT THEIR CORPORATION’S QUARTERLY EARNINGS, ALL
THE WHILE ASSURING ANALYSTS THAT THEY ARE DOING
JUST FINE.
WHY? BECAUSE OF FEAR. FEAR OF DISAPPOINTING THEIR
STOCKHOLDERS, OF NOT MAKING THEIR PROJECTED
QUARTERLY EARNINGS, OF LOSING RESPECT OR LOSING
FACE IN THE MARKETPLACE. FEAR OF FAILURE IS THE
SECRET MOTIVATOR BEHIND MANY BAD DECISIONS.
HERE IS A SECOND THOUGHT FOR YOUR
CONSIDERATION: THOSE WHO ARE AFRAID TO FAIL, ARE
NEVER ABLE TO REACH THEIR TRUE POTENTIAL.
THIS MAY SEEM CONTRARY TO THE COMMON WISDOM.
ISNT’ IT THE FEAR OF FAILURE THAT DRIVES PEOPLE ON?
THAT MAKES THEM TRY HARDER, GIVES THEM THE WILL TO
SUCCEED?
IN FACT, THAT IS NOT THE CASE. THE PERSON WHO IS
AFRAID TO TAKE RISKS AND MAKE MISTAKES, WILL NEVER
ACHIEVE EVERYTHING OF WHICH HE OR SHE IS CAPABLE.
THAT IS BECAUSE FAILURE IS THE MARKER THAT TELLS US
WHEN WE HAVE REACHED OUR LIMITS. ONE OF THE
GREATEST MISTAKES YOU CAN MAKE IN LIFE, IS TO BE
CONTINUALLY AFRAID YOU WILL MAKE ONE.
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IF YOU DON’T TAKE RISKS THEN YOU ARE SHORTCHANGING YOURSELF. BECAUSE YOU WILL NEVER KNOW
HOW MUCH MORE YOU ARE CAPABLE OF ACHIEVING, UNTIL
YOU COME TO THE PLACE WHERE YOU CAN’T ACHIEVE ANY
MORE.
IF YOU HAVEN’T FAILED YET, THEN YOU AREN’T RISKING
ENOUGH. IF YOU HAVEN’T FAILED YET, THEN YOU SIMPLY
AREN’T TRYING HARD ENOUGH.
OVERCOMING THE FEAR OF FAILURE, IS VITAL FOR YOUR
FUTURE SUCCESS. FEAR WILL KEEP YOU FROM ACHIEVING
THE GREATEST MEASURE OF SUCCESS, FOR YOURSELF AND
THE ORGANIZATIONS YOU WILL ONE DAY LEAD.
SO LET ME START BY ASSURING YOU THAT FAILURE IS
NOT THE END OF THE STORY.
IT IS POSSIBLE TO FAIL IN A WAY THAT LEAVES YOU
SMARTER, STRONGER AND BETTER POSITIONED FOR FUTURE
SUCCESS, IF YOU LEARN FROM YOUR MISTAKES AND
SETBACKS.
GREAT INNOVATORS THROUGHOUT HISTORY, HAVE
UNDERSTOOD THAT UNSUCCESSFUL VENTURES ARE OFTEN
A NECESSARY STEP TO SUCCESS.
THOMAS EDISON IS FAMOUS FOR INVENTING PRODUCTS
THAT CHANGED THE WAY WE LIVE, INCLUDING THE LIGHT
BULB, THE PHONOGRAPH AND THE FIRST MOTION PICTURE
CAMERA. HE CREATED THE FIRST INDUSTRIAL RESEARCH
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LABORATORY AND FOUNDED GENERAL ELECTRIC. HE HELD
1,093 U.S. PATENTS. EDISON WAS A ONE-MAN FACTORY OF
IDEAS.
BUT HE HAD JUST AS MANY BAD IDEAS AS GOOD IDEAS.
BEHIND EACH SUCCESSFUL CREATION, EDISON LEFT A ROOM
LITTERED WITH IDEAS THAT JUST DIDN’T WORK OUT. WHEN
ASKED WHAT HE THOUGHT ABOUT THESE DISAPPOINTING
EFFORTS, EDISON ONCE SAID, “I HAVEN’T FAILED. I’VE JUST
FOUND TEN THOUSAND WAYS THAT WON’T WORK.”
EACH SETBACK TAUGHT EDISON SOMETHING HE NEEDED
TO KNOW. PERSEVERING THROUGH THOSE TEN THOUSAND
NECESSARY FAILURES, WAS WHAT ALLOWED EDISON TO
CREATE SO MANY SUCCESSFUL PRODUCTS.
HENRY FORD, WHO CHANGED THE WORLD BY
INNOVATING MANUFACTURING TECHNOLOGY, ALSO
UNDERSTOOD THIS PRINCIPLE. FORD SAID “FAILURE IS
SIMPLY THE OPPORTUNITY TO BEGIN AGAIN, THIS TIME MORE
INTELLIGENTLY.”
I HAD THE OPPORTUNITY TO EXPERIENCE THIS FOR
MYSELF AS AN UNDERGRADUATE HERE AT THE UNIVERSITY
OF MARYLAND.
BY THE TIME I WAS 16 YEARS OF AGE, I KNEW THAT I
WANTED TO BE IN REAL ESTATE AS A BUILDER. MY
GRANDFATHER HAD BEEN A CARPENTER CONTRACTOR, MY
FATHER WAS A BUILDER, EVEN THOUGH HE GRADUATED
COLLEGE AS AN ACCOUNTANT.
IT SEEMED TO ME, THAT STUDYING ENGINEERING WAS
THE APPROACH TO GIVE ME THE BEST TOOLS TO FURTHER
MY AMBITIONS.
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ONE OF MY COURSES AS A FRESHMAN IN THE SCHOOL
OF ENGINEERING WAS MECHANICAL DRAWING, WHICH
REQUIRED NEATNESS AND THE ABILITY TO VISUALIZE
ISOMETRIC DRAWINGS AND SPATIAL RELATIONSHIPS. I
DIDN’T GET IT, IN FACT MY FATHER ARRANGED FOR AN
ARCHITECT FRIEND OF HIS TO TUTOR ME, BUT TO NO AVAIL –
IT WAS NOT REGISTERING.
MY PROFESSOR UNDERSTOOD MY PREDICAMENT AND
SUGGESTED THAT I GO TO THE STEVENS INSTITUTE OF
TECHNOLOGY IN HOBOKEN, NEW JERSEY FOR A BATTERY OF
APTITUDE TESTS. THEY CONFIRMED THAT I PROBABLY
WOULDN’T BE A VERY GOOD ENGINEER, BUT THAT I DID HAVE
APTITUDE FOR FINANCE, MONEY AND BANKING AND
ACCOUNTING AND BUSINESS.
I REALLY WANTED TO BE THE FIRST ENGINEER IN OUR
FAMILY, BUT IT WAS NOT MEANT TO BE. I SWITCHED TO
BUSINESS AND ACCOUNTING, MY GRADES IMPROVED
DRAMATICALLY, AND I WENT TO NIGHT SCHOOL, WHILE AT
MARYLAND, TO STUDY PLAN READING AND ESTIMATING. IT
WORKED OUT PRETTY WELL, EVEN THOUGH I FAILED TO BE
AN ENGINEER. AND NOW I CAN HIRE VERY ABLE ENGINEERS.
THAT KIND OF EXPERIENCE COULD HAVE BEEN
FRUSTRATING. BUT IT POINTED ME IN THE DIRECTION OF A
CAREER FOR WHICH I WAS BETTER SUITED, WHICH MADE ME
HAPPIER, AND WHICH HAS ALLOWED ME TO CONTRIBUTE TO
MY COMMUNITY, IN A WAY THAT WOULD NOT HAVE BEEN
POSSIBLE, IF I WAS SITTING AT A DRAFTING TABLE
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SOMEWHERE. THAT EARLY UNSUCCESSFUL ATTEMPT TO BE
AN ENGINEER WAS AN IMPORTANT MARKER IN MY LIFE,
BECAUSE IT POINTED ME, IN THE DIRECTION I NEEDED TO GO.
AT THE CENTER OF EVERY SUCCESS STORY IS A PERSON
WHO EXPERIENCED SIMILAR DISAPPOINTMENTS. YOU MAY
BE DISAPPOINTED IF YOU TRY SOMETHING AND IT DOESN’T
SUCCEED. BUT YOU ARE DOOMED IF YOU DON’T TRY.
SOMETIMES OUR SETBACKS ARE SLIGHT, PASSING
THINGS. THAT IS CERTAINLY WHAT WE HOPE FOR WHEN WE
FAIL. BUT THE TRUTH IS THAT GREAT FAILURES ARE
SOMETIMES MORE VALUABLE TO US, THAN SMALL FAILURES.
THE GREATER YOUR VENTURE, AND THE MORE YOU RISK,
THE FARTHER IT WILL PUSH YOU. THE MORE YOU RISK, THE
MORE IT WILL SHOW YOU WHAT KIND OF MAN OR WOMAN,
YOU REALLY ARE. SOMETIMES YOUR GREAT VENTURES WILL
BE UNSUCCESSFUL. THAT CAN BE VERY HELPFUL. THE
GREATER YOUR FAILURE, THE MORE YOU WILL LEARN FROM
IT.
SUCCESS ISN’T PERMANENT, AND FAILURE ISN’T FATAL.
THE AMAZING SIDE BENEFIT OF EACH SETBACK YOU
ENCOUNTER, IS THAT IT GIVES YOU AN OPPORTUNITY TO
LEARN, BUT NOT IN THE USUAL INCREMENTAL FASHION.
FAILURE GIVES YOU THE OPPORTUNITY TO MAKE A LEAP OF
LEARNING.
WHEN YOU HAVE COME TO A PLACE WHERE YOU HAVE
EXHAUSTED EVERY OTHER OPTION, THAT IS WHEN YOU SAY
“THERE MUST BE A BETTER WAY TO DO THIS.” AND IN
FINDING THAT BETTER WAY, YOU WILL DISCOVER GREAT
SUCCESS.
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CAREERS ARE MADE WHEN YOU COME UP AGAINST
SETBACKS AND YOU WORK TO DISCOVER THE BETTER WAY
OF DOING THINGS. THE MEASURE OF SUCCESS IS NOT
WHETHER YOU HAVE A TOUGH PROBLEM TO DEAL WITH, BUT
WHETHER IT’S THE SAME PROBLEM YOU HAD LAST YEAR.
GREAT DISAPPOINTMENTS CAN LEAD TO GREAT
SUCCESSES. CHRISTOPHER COLUMBUS WAS A RISK-TAKING
ENTREPRENEUR. HE STARTED OUT, NOT KNOWING WHERE
HE WAS GOING AND UPON ARRIVING DID NOT KNOW WHERE
HE WAS AND IN RETURNING DID NOT KNOW WHERE HE HAD
BEEN, AND HE DID IT ALL WITH BORROWED MONEY.
BUT HIS GREAT DISAPPOINTMENT WAS ALSO THE
SOURCE OF A GREAT, UNEXPECTED SUCCESS, NOT JUST FOR
COLUMBUS PERSONALLY BUT ALSO FOR ALL THOSE WHO
SUPPORTED HIS ENTERPRISE. CHRISTOPHER COLUMBUS IS
REMEMBERED FOR THE GREAT SUCCESS OF HIS GREATEST
FAILURE.
LET ME TELL YOU ABOUT A DISAPPOINTMENT OF MINE
AND WHAT I LEARNED FROM IT.
BETWEEN CRYSTAL CITY AND SKYLINE CENTER I BUILT
TWO MIXED-USE PROJECTS THAT TOTALED 59 HIGH RISE
BUILDINGS. CRYSTAL CITY WAS BUILT PRIMARILY ON LEASED
LAND WITH VERY FAVORABLE TERMS FOR 99 YEARS.
SKYLINE CENTER WAS BUILT ON FREE AND CLEAR LAND,
CONTRIBUTED BY THE LAND OWNER FOR A 50% OWNERSHIP
INTEREST.
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AS A RESULT OF THIS FINANCIAL ENGINEERING, WE HAD
TREMENDOUS FLEXIBILITY OVER A LONG PERIOD OF TIME, IN
A BUSINESS THAT IS HISTORICALLY VERY CYCLICAL.
THAT SERVED US WELL, AND WE HAD GREAT SUCCESS IN
THE 1960’S, 70’S AND MIDDLE 80’S.
DURING THIS PERIOD, WE BUILT UP A LARGE, TALENTED
ORGANIZATION. I WANTED TO START NEW PROJECTS, THAT
WOULD ALLOW GROWTH AND OPPORTUNITY FOR THE NEXT
10 – 15 YEARS, FOR ALL OF OUR EMPLOYEES.
WE LOCATED SUITABLE LAND IN VIRGINIA FOR NEW
PROJECTS, BUT IT WAS ONLY AVAILABLE WITH A
SUBSTANTIAL CASH PAYMENT. THIS SHOULD HAVE BEEN A
WARNING SIGNAL FOR ME TO STOP AND RETHINK.
HOWEVER, OUR OVERALL CASH POSITION WAS STRONG, OUR
OPTIMISM HIGH, AND OUR GOALS TO PROVIDE CONTINUITY
FOR THE ORGANIZATION WERE LOFTY, AND THE RISKS
SEEMED MANAGEABLE.
THEN THE REAL ESTATE CYCLE TURNED DOWN, BANKS
BECAME OVEREXPOSED, THE FED PUT ENORMOUS
PRESSURE ON THE BANKS AND WE HAD SUBSTANTIAL
PERSON LIABILITY TO THE BANKS. A VERY UNCOMFORTABLE
SITUATION. THESE TWO PROJECTS WERE
DISAPPOINTMENTS.
BUT FROM THEM I LEARNED AN IMPORTANT LESSON: TO
STICK TO OUR CONSERVATIVE LAND ACQUISITION POLICY.
THIS PROVED A SUCCESSFUL STRATEGY.
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IN JUNE 1994, WE WENT PUBLIC VERY SUCCESSFULLY
WITH OUR RESIDENTIAL COMPANY; MERGED IT IN 2001, AND
SOLD THE MERGED COMPANY IN 2007.
IN DECEMBER 2001, WE ALSO MERGED OUR COMMERCIAL
COMPANY WITH ANOTHER COMMERCIAL REIT AND HAVE
LIVED HAPPILY EVER AFTER. MISSIONS ACCOMPLISHED.
DON’T LET THE FEAR OF DISAPPOINTMENT, KEEP YOU
FROM REACHING FOR THE HIGHEST, MOST AMBITIOUS AND
BREATH-TAKING GOALS. THE TRAGEDY OF LIFE, DOESN’T LIE
IN NOT REACHING YOUR GOAL. THE TRAGEDY LIES IN HAVING
NO GOAL TO REACH.
TAKE THE RISK. REACH FOR THE HEIGHTS. AND WHEN
YOU DON’T SUCCEED, EMBRACE YOUR FAILURES, AND
LEARN SOMETHING FROM THEM. HIGH EXPECTATIONS ARE
THE KEY TO EVERYTHING. IF YOUR SHIP DOESN’T COME IN,
SWIM OUT TO IT.
BE A COURAGEOUS RISK-TAKER. RISK FAILURE IN YOUR
PURSUIT OF SUCCESS. AND WHEN YOU ENCOUNTER
DISAPPOINTMENT—WHEN YOU MAKE A MISTAKE—USE THAT
EXPERIENCE TO DISCOVER SOMETHING NEW ABOUT
YOURSELF.
SEE EACH SETBACK AS A MARKER, TO SHOW YOU WHICH
WAY TO GO.
OR MAKE A LEAP OF LEARNING, THAT WILL TAKE YOU
AND YOUR ORGANIZATION TO A DIFFERENT SUCCESS, ONE
THAT PERHAPS, IS GREATER THAN YOU COULD HAVE EVER
IMAGINED.
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DON’T ALLOW FEAR OF DISAPPOINTING OTHERS KEEP
YOU FROM PRINCIPLED LEADERSHIP. FREEDOM FROM FEAR
WILL ALLOW YOU TO MAKE THE BRAVE DECISIONS
NECESSARY TO LEAD AN ORGANIZATION, AND LIVE A LIFE,
THAT IS ABOVE REPROACH.
IT IS IMPORTANT THAT YOU KNOW HOW TO FAIL. BUT I
WOULD BE REMISS IF I DIDN’T REMIND YOU OF THE THINGS AT
WHICH YOU SHOULD BE CAREFUL NEVER TO FAIL.
DON’T FAIL TO ALWAYS HAVE A DREAM. IT ISN’T A
CALAMITY TO DIE WITH DREAMS UNFULFILLED, BUT IT IS A
CALAMITY, NOT TO DREAM.
MICHELANGELO SAID THAT “THE GREATER DANGER FOR
MOST OF US LIES, NOT IN SETTING OUR AIM TOO HIGH AND
FALLING SHORT, BUT IN SETTING OUR AIM TOO LOW, AND
ACHIEVING OUR MARK.”
DREAM BIG, THE BIGGER THE BETTER. ACCEPT THAT
FALLING SHORT IS PART OF THAT PROCESS—AN INEVITABLE,
VALUABLE AND USEFUL PART OF THE PROCESS. WHEN
FAILURE COMES, DON’T GIVE UP. WORK THROUGH THAT
EXPERIENCE TO CONVERT YOUR DREAM INTO REALITY.
BEING DEFEATED IS OFTEN A TEMPORARY CONDITION.
GIVING UP, IS WHAT MAKES IT PERMANENT.
BECAUSE, AS TEDDY ROOSEVELT SAID, “IT IS HARD TO
FAIL, BUT IT IS WORSE TO HAVE NEVER TRIED TO SUCCEED.”
DON’T FAIL TO MAKE A DIFFERENCE.
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IT IS EVERYONE’S DUTY TO BE USEFUL AND FULFILLED. IT
IS YOUR PRIVILEGE AS A HUMAN BEING TO IDENTIFY WITH
CAUSES BEYOND YOURSELF, TO CONTRIBUTE TO YOUR
COMMUNITY, AND MAKE A DIFFERENCE TO THE WORLD
AROUND YOU.
THE WORLD TODAY IS VERY DIFFERENT FROM THE DAY I
GRADUATED FROM THIS SCHOOL, AND IT IS CHANGING
ALMOST TOO SWIFTLY TO COMPREHEND. IT IS VITAL THAT
YOU BECOME INVOLVED, THAT YOU TAKE AN ACTIVE PART, IN
SHAPING THE WORLD WHICH YOU ARE GOING TO INHERIT
FROM MY GENERATION.
I’VE TAKEN THE OPPORTUNITY TO BE INVOLVED WITH
THIS SCHOOL, BECAUSE IT IS MY DREAM THAT EACH
STUDENT WHO GRADUATES FROM IT, WILL BE AN AMBITIOUS
DREAMER, A COURAGEOUS RISK-TAKER, AND A PRINCIPLED,
ETHICAL LEADER, WHO WILL WORK TO MAKE THIS WORLD A
BETTER PLACE.
FINALLY, DON’T BE AFRAID TO DREAM BIG. WHEN YOU
CEASE TO DREAM, YOU CEASE TO LIVE. DON’T BE AFRAID TO
TAKE RISKS. TAKE THE BIG SWING. AIM FOR THE HIGH MARK.
ACCEPT THAT DISAPPOINTMENTS WILL BE PART OF THE
PROCESS, THAT TAKES YOU TO SUCCESS—THE SUCCESS TO
WHICH EACH OF YOU ARE BOUND, AND WHICH I KNOW EACH
OF YOU CAN ACHIEVE.
I KNOW YOU EXPECT GREAT THINGS FROM YOURSELF.
YOUR PARENTS EXPECT GREAT THINGS FROM YOU. THE
SMITH SCHOOL EXPECTS GREAT THINGS FROM YOU. THE
UNIVERSITY OF MARYLAND EXPECTS GREAT THINGS FROM
YOU. AND I EXPECT GREAT THINGS FROM YOU.
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IT IS A GREAT HONOR AND A PRIVILEGE FOR ME TO HAVE
MY NAME ASSOCIATED WITH YOURS AS YOU GO OUT INTO
THE WORLD, TO PURSUE YOUR DREAMS. I WISH YOU A
FUTURE FULL OF BOTH ENLIGHTENING FAILURES, AND
RESOUNDING, LONG-LASTING SUCCESS.
THANK YOU.
BEFORE I SURRENDER THE PODIUM BACK TO DEAN
FRANK, I’D LIKE TO SAY A FEW WORDS ABOUT THIS
REMARKABLE AND VISIONARY LEADER.
FROM THE VERY FIRST MOMENT WE MET, HOWARD
FRANK IMPRESSED ME AS A MAN WHO DREAMED BIG
DREAMS—A MAN WHO UNDERSTOOD WHAT IT MEANT TO
TAKE BIG RISKS AND CHANCE FAILURE IN ORDER TO
ACHIEVE BIG RESULTS.
PLEASE JOIN ME IN THANKING DEAN HOWARD FRANK
FOR HIS YEARS OF SERVICE TO THE SMITH SCHOOL.