Successful entrepreneurs, founders and CEOs have their own strategies that have guided them up the corporate ladder – like Dan Price, founder and CEO of Gravity Payments.
Dan Price founded the credit card and financial services company Gravity Payments in his student residence at the age of 19, making him one of those entrepreneurs with an exceptional CV. But that’s not what Price has become so well known for: In 2015, he announced that he would pay all of his 120 employees an annual salary of $70,000 and cut his own salary significantly in return. What is the philosophy behind it and what career tips does he have for people with great professional ambitions?
Number 1: Promote the well-being of the team
The philosophy behind the $70,000 annual salary leads directly to Price’s first career tip: back then, he wondered how his team could be productive when employee well-being isn’t guaranteed. In this case, Price has been able to improve the financial well-being of employees as CEO, but the philosophy can also be followed from less influential positions – those who take care of their team’s well-being will, according to Price, have greater success with their colleagues. And in the case of the salary increase, the success was huge: just three years later, according to Forbes, the number of customers had increased by 80 percent and the company’s monthly turnover had risen to four million US dollars.
Number 2: Well-considered risks can be worthwhile
In his book Worth It, Price says he prides himself on being different from other entrepreneurs in many ways. Nevertheless, he admits that he believes that an old-fashioned career tip should be followed: Risks are worth it. In his opinion, however, only if they are well thought out.
Number 3: Never do anything just because you were told to
A speech by the successful founder and CEO is linked on the Gravity Payments website. In it he explains that everyone – as far as provided for in the company structure – should decide for themselves about their next steps and you should never do something just because someone else said so: think for yourself is the motto. It is also good for your career and enjoyment of work if you only take on projects that you are passionate about and that are important to you.
Price writes on his website that doing things differently than everyone else can be beneficial to success – as long as your strategy is well thought out and you believe in its success.
Number 4: Business is private and personal
Price explains in his book that he considers the concept of clear separation of business and private life to be outdated. According to his philosophy, business is nothing more than private. In his opinion, entrepreneurs should internalize this idea and act accordingly. If you know which private matters are currently occupying the business partner, you can accommodate them more easily and find better solutions for all parties. Because according to the philosophy from tip one, it is of no use if the business partner is not focused and cannot fulfill his part of the agreement or the contract for private reasons.
Number 5: Ask the boss directly how to earn more salary
Price told people.com magazine a tip for anyone who wants to make more money but doesn’t have an easy raise: “Go to your boss and tell them you want to create more value. […] Ask them to help you come up with a plan to help you do that.” The idea is that when employees create more value, they’re worth more to the company, so they can make more money. A manager is gratifying also certainly about ambitious employees.
Number 6: Money is not everything
The last tip reflects Price’s personal motto: According to his book and speeches, there are a few things that are far more important to him than his salary or his company’s profits. The idea that there are more important things than money is also widespread outside of entrepreneurial circles. According to the experienced Price, there are three things that make you happier at work than the salary. According to the information portal Startupgrind, this includes finding out what you are really good at, recruiting customers who are really important to you and having a positive influence on your own environment. Managers also need to understand the needs and desires of their employees.
Editorial office finanzen.net