Why Being 'School Smart' Isn't Going to Cut It Anymore

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Dale Schwartz is the founder and CEO of Pinstripes, a company that combines bowling and bocce games with fine dining. Schwartz has been involved with various ventures apart from this successful one, and he's carried one piece of advice -- which he heard in passing decades ago -- with him through it all.

He explains that while it's easy to know something really well, or to be "thing smart," it's harder to be "people smart" and understand the strengths and weaknesses of those working for and around you. However, the most difficult skill for a leader to establish is to be "situation smart," or to effectively think about all aspects of a situation and weigh the consequences of various potential decisions.

Click play to hear Schwartz elaborate on how this advice has shaped his ventures.