Jamie Dimon says you only need to talk to someone for this many minutes to change your life

Jamie Dimon, the chairman and CEO of JPMorgan Chase, was the commencement speaker at Ohio State University last week. Of all the things he’s learned over the years, it was his conversations with people throughout his career that gave him the most insight.

It only takes 15 minutes

Like so many great pieces of advice, his rules are simple. The Wall Street titan stressed the importance of being a lifelong learner and observing the people around him.

“You can learn more from speaking to someone in 15 minutes than spending your life doing something. I learned a lot about what to do and what not to do by watching other people,” he said.

Many of the most successful people in our world today faced significant setbacks, and Dimon is no different. In 1998, Citigroup fired Dimon at the direction of Dimon’s long-time mentor.

Rather than sulking away and lamenting his situation, he moved forward and became the CEO of Bank One in 2000. Bank One was a smaller bank based in Chicago and was acquired by JPMorgan Chase. Dimon was kept on the payroll when they merged and led JPMorgan Chase to become the nation’s largest bank after overcoming the Great Recession. 

What we can learn from Dimon’s Ohio State University commencement speech

Dimon has made a name for himself for his unwavering ability to voice his opinion on controversial topics. From his original leadership methods to harsh criticism of bitcoin, Dimon never holds back from speaking his mind, even when his stance is at odds with the age-old principles of Wall Street.

Authenticity is at the core of Dimon’s communication philosophy. In fact, based on language analysis alone, Dimon is 40.7% more authentic than the typical Fortune 100 CEO.

Despite his wild success, Dimon isn’t quick to advise others — a testament to his unflinching modesty.

In his speech, Dimon stated, “I’m always hesitant to give advice because it sounds like I did everything right. But I assure you, I did not.”

He followed up by telling the graduates about his life lesson of learning from his failures. One of the more memorable parts of his speech included, “All of you have been affected by Covid-19 in different ways. Your future is bright, but as you get older, it is inevitable that you will face tough times and failure both personally and professionally. How you deal with failure may be the most important thing in whether you succeed.

People who slip up or receive discipline often shut down and feel victimized. Failing can either inspire you to be better or shut down to avoid similar pain in the future. 

However, those who learn from mistakes and vow to avoid the same mistake in the future often climb higher and achieve more success than they thought possible. 

A major life hack is to learn from the lifelong lessons of others

Each of us chooses a path in life that teaches us lessons unique to our situation. Rather than relying solely on our experience learned from a lifetime of situations, we can speed up our knowledge by learning from the lifelong lessons of others — in a much shorter amount of time.

Speaking with others about their experiences and what led them to their success is a great way to learn from their mistakes and create valuable networks. Humility and persistence attract others, and with these characteristics, you will be more able to connect with people who can help you in your journey.