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1. This material is part of the Giving Voice to Values curriculum collection, a collaboration between the Aspen Institute
(www.AspenCBE.org) and The Yale School of Management. The Giving Voice to Values curriculum collection is in the Pilot
Phase of development; do not distribute/reproduce without permission.
1
Mary C. Gentile, PhD As of 9.2008
Director
Giving Voice to Values
GGiivviinngg VVooiiccee ttoo VVaalluueess
A PERSONAL STRUGGLE WITH THE DEFINITION OF SUCCESS
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Conversation with a successful investor/partner in a private equity firm:
In my experience, conversations about ethics in business often ring false, especially in
educational contexts. It’s difficult to get to a real level of honesty.
I see business leaders taking public stands on various values-based issues, like
organizational diversity or the treatment of employees or transparency or the refusal to
take bribes. But most people, especially early in their careers, are not in a position to
drive organizational changes.
There is a big distinction between making the courageous and correct moral decision for
oneself, and being in a position to implement something systemic throughout the
organization. And even making the “right” moral decision for oneself can often feel like a
career limiting move if the wider organization doesn’t seem to value that choice.
In order for the organization to change, someone at a senior level has to care about the
issues. So people often think to themselves, I will make compromises early in my career
in order to make it up the ladder, and then I will take action based on my values when I
am in a powerful leadership position and can really make a difference. The problem with
“waiting it out” in this way is that all those compromises can change you. Generally if
you behaved a certain way to get to your position - whether actively inappropriate or
passively looking the other way - that is who you are or who you have become (despite
whatever personal narrative you have invented to justify your choices along the way).
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This case was inspired by interviews and observations of actual experiences but names and other situational details
have been changed for confidentiality and teaching purposes.

2. This material is part of the Giving Voice to Values curriculum collection, a collaboration between the Aspen Institute
(www.AspenCBE.org) and The Yale School of Management. The Giving Voice to Values curriculum collection is in the Pilot
Phase of development; do not distribute/reproduce without permission.
2
When I have faced highly political behavior that conflicts with my own values, I have
generally chosen not to play. Don’t misunderstand; I’m not an altar boy, and I have made
my share of mistakes in treating peers and team members badly or being dishonest in deal
negotiations. But my best decisions about organizational politics and mudslinging have
not really felt like choices to me at all, because I’m just being who I am. It’s important to
realize that these choices do not necessarily lead to “movie endings;” I have paid a price
in career success and money (and honestly, the sacrifice hasn’t always felt “good” just
because I did the “right” thing). But as I said, there are some things I just was not willing
to do.
Another thing I’ve noticed is that, contrary to the aforementioned rationalization that “I
will be freer to act on my values when I’m more senior in the organization,” the higher
I’ve gone in my career, the more limited and pressured I often feel with regard to my
values. The competition gets tougher (because the people remaining in the game are less
likely to have the most pristine values or integrity) and we all get more sophisticated
about how to play and survive. Most importantly, the stakes get higher and there seems to
be more to lose – personally in terms of family responsibility and ego and financial
success as well as professionally in terms of platform and position – all of which makes it
harder to be courageous.
And I suspect people get better at marketing themselves the higher they go in an
organization, so they can defend more types of behavior. Then when they finally rise
high enough to run the show, they talk about values, but everyone knows the path they
took, and they rarely make those values the cornerstone of success for the next generation
of employees.
I guess it’s important to say that these generalizations may not be true in every company
or industry and also that entrepreneurs may have more ability at an early age to make the
right decision – but even these organizations or entrepreneurs have to answer to investors
or markets who don’t really care about values or at least don’t make their investment
decisions based on values.
An example:
A number of years ago, I built a new area of investments that eventually became an over
$1 billion portion of our $2 billion private equity fund. I was relatively young for the
level of responsibility I held and I found one of my new peers within the firm to be a
highly successful, older and, in my view, rather cynical partner. This partner’s approach
to colleagues as well as competitors was hostile and manipulative, and I figured that he
would eventually blow himself up because of the enemies he made. I tried to ignore him
and stay out of his way, knowing that he probably saw me as a threat since I had made it
to the same level at such a young age. I tried to help the guy when I could, thinking
maybe I could generate good will by being a team player (or at least distinguish my
behavior from his).

3. This material is part of the Giving Voice to Values curriculum collection, a collaboration between the Aspen Institute
(www.AspenCBE.org) and The Yale School of Management. The Giving Voice to Values curriculum collection is in the Pilot
Phase of development; do not distribute/reproduce without permission.
3
But I was wrong about everything. Over time, this guy did not blow himself up (He was a
talented investor and a good manipulator, and his investment track record allowed him a
free behavioral pass from his superiors.) and he found ways to push my buttons and to
call attention to any possible mistakes I made. He made the environment intolerable for
me. I found myself making angry speeches to the CEO in the shower in the mornings,
calling for him to rein in this partner. But in the end, I knew that everyone already knew
this guy was behaving badly and my complaints about him would not be news. People
just accepted the partner’s bad behavior because he was talented. And the only way I
could change the situation would be to fight at his level, using political tricks or slander
to turn folks against him. I just didn’t want to go there.
It didn’t even feel like a moral or values-based decision; it was just not who I was or the
way I wanted to lead my life. Eventually I left the firm and I lost a lot by doing so. Yes,
my career has continued to be successful, but not as successful as his in the American
definition of the term. I still look back at that experience with discomfort. If I had known
what I know now, I would have left sooner because I was angry and miserable for a long
time. I just couldn’t bring myself to believe that the situation couldn’t work out
differently. I just found it hard to accept that talented but bad people can, in fact, “win” in
such situations. Is that OK? I am still ambivalent about it. I don’t think I would have
admitted it at the time, but my decision to leave once I knew the situation wouldn’t
change was delayed somewhat by the high compensation – so I did allow myself to be
bought up to a point.
So you may ask: why am I still uncomfortable? Clearly I have continued to be successful
in my career. That partner didn’t ruin me and what’s more, he didn’t change me. I was
true to myself, even if it took some time, and I didn’t hurt anybody else. So what’s the
problem?
I’d like to say I feel better because I took the high moral ground but in reality, it didn’t
feel like a choice. It would not have been “me.” So the question becomes, why doesn’t
being the kind of person who behaves fairly and with civility ensure success, given the
requisite talent and hard work and commitment? Or, on the other hand, why doesn’t bad
behavior ensure failure?
I’d like to be able to embrace the classical definitions of success, accepting that true
success is not necessarily about “winning” or financial success or always being
recognized and rewarded. I’d like to be able to embrace the idea that true success is more
an internal than external phenomenon. But these ideas often seem overwhelmed by real
world evidence: they contradict the lessons we learn and the messages we digest every
day in school, the media, our communities, about how society measures success. It’s
difficult for your typical hard-charging, Type A individual to accept that it’s OK to make
career-limiting decisions in order to maintain one’s values.
On the other hand, I look at students and young managers today and am inspired by their
instinctive interest in social entrepreneurship, socially responsible investing, and their

4. This material is part of the Giving Voice to Values curriculum collection, a collaboration between the Aspen Institute
(www.AspenCBE.org) and The Yale School of Management. The Giving Voice to Values curriculum collection is in the Pilot
Phase of development; do not distribute/reproduce without permission.
4
desire to live balanced lives. It feels kind of schizophrenic: there is clearly a yearning
for change by so many individuals, but it is hard to create systemic change at a pace that
will actually impact our own careers and lives.
For me, I have begun to think that the only way to deal with the frustration and
ambivalence of these apparently contradictory messages is to put the idea of success and
achievement into the larger context of meaning in one’s entire life. Work success is not
enough; it’s just part of a person.
Still, it is important to be honest about my being able to make this choice. It is easier for
someone who has made a lot of money – whether it is $5 or $10 million, or $100 million
– to make these decisions to redefine success than it is when you don’t have the same
level of security.
So I have begun to take the very challenges that concerned me in my own career and to
work with colleagues who share my views, to take the very market system we have
studied and mastered in our careers and to consider ways to use its strengths to support
values-based organizations. The question I am working on now is: what kinds of changes
may be necessary – at the systemic, organizational and personal levels – to support those
who want to succeed in business and still be consistent with their values? And how can I
play a leadership role in supporting those changes? How can we make the values-
based choice a real, honest, viable ALTERNATIVE for the next generation of
ambitious workers?
Discussion Questions:
• What do you think of this speaker’s view that “The problem with ‘waiting it out’ in this
way is that all those compromises can change you.”? Do you agree? What are the
implications of this perspective for you?
• What do you think of his view that “The higher I’ve gone in my career, the more limited
and pressured I often feel with regard to my values.”? Do you agree? What are the
implications of this perspective for you?
• On the other hand, the speaker also describes how difficult it is for someone to be
consistent with their values when they are not at the “top” of their organizations.
Nevertheless, he then goes on to describe how he still managed to do so. What do you
make of this seeming contradiction? And what do you think enabled him to make the
choices he has?
• Why was it so difficult for the speaker to accept that someone can behave badly and still
be rewarded within an organization?

5. This material is part of the Giving Voice to Values curriculum collection, a collaboration between the Aspen Institute
(www.AspenCBE.org) and The Yale School of Management. The Giving Voice to Values curriculum collection is in the Pilot
Phase of development; do not distribute/reproduce without permission.
5
• How do you think the speaker defines success? Do you think his definition of success has
changed over the course of his career?
• The speaker explains that although he acted on his values, he does not want to pretend
that there wasn’t a price he paid for doing so. Why do you think it is important for him to
acknowledge that?
• Why do you think he is working on the venture he mentions at the end of his
conversation? What has he learned? What is he still trying to work out?
• What are the most important lessons that you personally can derive from the speaker’s
reflections? How will you define success?
(Alternatively, do you react to the speaker’s reflections by feeling positive and
empowered? If so, how? Or do you react to his reflections by feeling a bit stymied in
your efforts to voice and act on your values in the workplace? If so, what would it take
for you to transform that response?)
• And, finally, how would you respond to the questions the speaker poses at the end of his
remarks?