3 Things You Can Learn From Daryl Katz
Whether you’re a fresh, young entrepreneur or you’re simply looking for ways to make your business grow, one of the best ways you can learn is by taking note of positive examples. Daryl Katz is one well known businessman from whom you can learn. Katz came from small beginnings in Edmonton, Canada, where his father operated a local pharmacy. After Katz graduated from law school, he decided to come full circle by investing in the pharmaceutical industry. A series of smart business moves turned him into the success that he is today.
What are some specific things you can learn from Katz’s story and lifestyle?
Don’t Be Afraid To Move On
Katz’s business empire began with the pharmaceutical business, but he chose not to define himself by only one industry. After he helped expand the Canadian Rexall brand of over the counter drug products and drugstores in Canada, he sold the business for $3 billion. Rexall still had plenty of potential for growth when Katz decided to move on, so why did he sell so soon?
One reason is that he foresaw a shift in the winds of the pharmaceutical business. In order to stay competitive, Rexall would need to expand its food and health offerings. The company that bought Rexall was in a better position to change Rexall’s landscape than Katz and his empire was by itself. The lesson? Keep a finger on the pulse of your industry and know when it’s time to make a change, even if that change is as major as selling your business.
Pursue Your Passions
What good is going into business if you can’t fall in love with what you do? Daryl Katz understands the importance of passion, which is why he bought the Edmonton Oilers hockey team in 2008. He grew up as a fan of the NHL team, and now he can be a part of it. He also loves his hometown. Recently, Katz has been focusing on an ambitious project to build up the Edmonton Ice District, the area of the city’s downtown where the Oilers’ arena is located. The plan is for the area to have office towers, a large hotel, a community ice rink, a winter garden, and a light rail transit stop.
Diversify
Katz isn’t afraid to dabble in multiple industries. He’s seeking to expand his business empire’s presence in the Hollywood film arena. He even bought a Los Angeles home worth more than $9 million that puts him near the heart of Hollywood’s glamor. Katz is also intensely interested in real estate, as the previously mentioned downtown Edmonton Ice District project shows.
Katz began as the son of a pharmacist, became a lawyer, and eventually turned into one of Canada’s wealthiest and best known businessmen. He isn’t afraid to stretch his wings and try new things, which is an important lesson for anyone who wants to make a name for him or herself. While Katz’s story is remarkable, it isn’t inconceivable that anyone with some business savvy could achieve similar success. When you know when to move on, pursue your passions, diversify your interests, and put yourself on the path to prosperity.
