Secret Academy Episode - Dan PriceHolding true to the principles and social responsibility that were ingrained in him while growing up in rural Idaho, 30-year Dan Price of Seattle-based Gravity Payments is a CEO who epitomizes the meaning of purpose-driven entrepreneurship. Taking a $970,000 dollar pay cut to help afford raising the minimum wage to $70K at his credit card processing company is just one of many ways Dan has built his business based upon transparency, integrity, and an ability to serve others. Intent on setting a new standard for the way business is done and real value is created, Dan and Gravity have been making national headlines for earning the Entrepreneur of the Year Award recently and sparking a discussion around income inequality, igniting a shift in the business community that’s driven by a competitive necessity to do good.
- What inspired Dan to take a $970K paycut to raise the minimum wage to $70K at his company
- The unlimited vacation model he implemented and how it’s affected workplace engagement
- Lessons he learned from his parents’ work ethic and his experience being in a rock band
- How he started Gravity Payments at age 16 with no VC or outside financing
- Why he started his business simply as a mechanism to help others and bring honesty and transparency to the credit card processing industry
- How prioritizing his ability to serve others vs. make a profit allowed Gravity to grow organically to what it is today through word-of-mouth
- Why he’s turned down huge acquisition offers to buy Gravity and the reason he’ll never sell out
- His goal over the next 40 years which could inspire a shift in the economy that has the potential to massively transform society
- The importance of making decisions that aren’t based on financial motives
- His biggest piece of advice for new or aspiring entrepreneurs
