If you ask billionaire Steve Schwarzman if you should start your own company, he'll probably say no.
The CEO and co-founder of private equity firm Blackstone says it's not smart for younger workers to break away from major corporations to start their own businesses. Especially not in the finance world.
"If you're going to start a business, it's different in finance than it is in the tech world," he tells Yahoo Finance. "In the tech world, starting something and failing isn't great, but it's not horrible. In finance, when you fail, you end up losing a lot of people's money, and they're not happy about it, and they remember it. So the key is, Don't fail."
Schwarzman believes that experience is an invaluable tool necessary to be a successful entrepreneur. But that can only be developed over time. While starting a business at any point involves risk, the wisdom that comes with age can help minimize it.
"It's not for 22-year-olds or 26-year-olds," he says. "I've watched over my career really gifted people who are 26 saying, 'I want to go out and start my own business.' And I said, 'You haven't seen enough bad things yet. You don't have a really sophisticated understanding of risk and things that can go wrong that could really hurt you.'"