Building a Business with Purpose: Dan Reich on Giving Back and the Importance of Doing Good
I just came back from a family vacation to Scottsdale, AZ. If you haven’t been, I highly suggest checking it out. Great weather, city, and people. (Weather, perhaps visiting between March and May before it gets sweltering hot).
It also gave me time to unwind just a bit and clear my mind just a bit too. Yet, I still thought about this platform and being as impactful and of service as possible to both my guests and this growing community.
Which is why I’m including my friend and former colleague, Dan Reich, in today’s Sunday Series. Dan is a great person who leads with strong conviction and values. He’s neither afraid to say what he means nor hides what he believes in: endowing his childhood Hebrew day school in New Jersey, becoming a benefactor of his alma mater, University of Wisconsin Madison’s Hillel, and actively helping and supporting the rebuilding of the Southern Israel kibbutzes ravaged by the October 7th Massacre.
Dan embodies the ethos of doing good while doing well. He has started a slew of businesses — currently leading DIBS Beauty and Personal Day.
If you’re someone looking to start a business or any new endeavor then I highly suggest heeding the advice from Dan below.
Sunday Series, April 20th, Dan Reich, Serial Entreprenuer
Key anecdote:
The Shovel Analogy — (I have a conversation with Kass and Mike Lazerow, in the queue, who wrote a book about shoveling as entreprenuers)
Anecdote: Dan talks about giving someone a shovel and telling them to dig a hole. If they have no interest in digging, they won't get very far and will burn out quickly.
Implication: This illustrates the importance of passion in any endeavor. Without interest and passion, it's hard to sustain effort and achieve excellence.
Application: In your own life, focus on activities and work that you genuinely enjoy. If you're feeling burnt out, it might be a sign to re-evaluate whether you're truly passionate about what you're doing.
"When you love what you do when you're passionate about it, I believe you will be the best at it." - Dan Reich
Follow Your Curiosity: Dan emphasizes that the top people in any field are those who are inherently curious and always looking to improve. It's like that itch you've got to scratch – follow it!
Passion Fuels Excellence: Loving what you do is key to becoming the best at it. When you're passionate, the drive and motivation come naturally.
Don't Shy Away from "What If?": Dan's inquisitiveness and willingness to ask "what if" or "why not us?" is a powerful driver. It’s that spark that can turn a simple idea into something extraordinary.
Entrepreneurship Isn't One-Size-Fits-All: There are different paths to starting a business. Whether it's solving a lifelong problem or spotting a unique opportunity, find what resonates with you.
Do Your Homework: Before diving in, talk to potential customers and experts. Gather as much information as you can to validate your idea.
Choose Your Mountain Wisely: Make sure the challenge you're taking on is worthwhile. Is the "sandbox" big enough to play in?
Name It to Claim It: Giving your project a name makes it real and helps you stay accountable. It's like putting a flag on your idea!
People First: When it comes to investing or mentoring, Dan prioritizes the person over the idea. Are they curious, committed, and ready to put in the work? HUGE!
Values Matter: Align yourself with people who share your core values. Life's too short for friction!
EQ is Key: Emotional intelligence is just as important, if not more, than IQ. Empathy helps you truly understand and solve problems.