Took the lowest-paying offer she received out of business school.

Fudge explained, "You can't make career decisions just based on money. I hoped that the money would come, and it did, but if I had made my career decision based on the money, I would have been on a totally different career path."

Unfortunately, fear of failure keeps many young leaders from jumping into opportunities. Young & Rubicam CEO Ann Fudge offers this point of view: "Struggle and tough experiences ultimately fashion you. Don't worry about the challenges. Embrace them. Go through them even if they hurt. Tell yourself, there is something to be learned from this experience. I may not fully understand it now, but I will later. It's all part of life, and life is a process of learning. Every challenging experience develops your core of inner strength, which gets you through those storms. Nothing worth doing in life is going to be easy.

She also explains, "Any of us can figure out ways to drive a business for two years and make a boatload of money and move on. That's not leadership. That's playing a game. Leadership is leaving something lasting, whether it is how you treat people or how you deal with a problem."