Dan Gilbert’s Advice to Entreprenerus at #DETSW16

By Amanda Lewan on May 27th, 2016 / Comments

On stage this week at Detroit Startup Week, Entrepreneur and investor Dan Gilbert shared advice and insights for entrepreneurs. Gilbert interviewed a panel of fin tech entrepreneurs including Mike Duncan of Bankjoy, Josh Luber of StockX, Jason Raznick of Benzinga, Steve Robert of Autobooks.

Gilbert moderated the panel diving deep into points of business that all entrepreneurs face. Below are some insights we gathered from the panel.

A lot of times you think of an obvious idea and think it must be done – but don’t ignore it. In the case of StockX, a platform that is the stock market of things, the model for buying and selling is based off of the stock market. Why wouldn’t someone have transferred this successful model over before? Josh Luber took the leap, starting first with sneakers.

You can’t have a Plan B. Only a Plan A. One point Gilbert focused on was never to have a plan B. Your business plan is always plan A. If you have a backup plan, you’ll think about and you won’t be completely focused on building your business.

Invest and hire in “Phds” or “poor hungry and driven” people. In Detroit, Josh Luber pointed out that people aren’t only hungry to work and build something, they also want to help build the city up. This can make a great culture for a startup. Many of the panelists and Gilbert pointed out the importance of hiring folks who want to work hard and are driven to contribute.

Love your people. Love your customers. You can’t have one without the other, Dan Gilbert said on stage. Inspired early on in his journey as a business man to consider company culture, Gilbert quickly realized the importance of an innovative culture and supportive environment. At Quicken Loans he said they encourage and hire folks who treat each other at the company with love, and in turn will treat their clients with care.

Today is the last day for Detroit Startup Week, hosting free events all week for entrepreneurs. Check out the last day here: http://detroit.startupweek.co/

About the Author

Amanda Lewan

Amanda Lewan

Editor @michipreneur. Co-founder Bamboo Detroit. Follow me @Amanda_Jenn. I love telling the story of entrepreneurs and innovators.