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Worth It: How a Million-Dollar Pay Cut and a $70,000 Minimum Wage Revealed a Better Way of Doing Business Paperback – April 10, 2020

by Dan Price (Author)

151

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Dan Price gained worldwide attention in 2015 when he announced that he was instituting a $70,000 minimum wage at his company, Gravity Payments, and would slash his $1 million salary in order to pay for it. While many praised the decision as a bold step toward combating income inequality in the United States, others vilified Price as a radical socialist whose "experiment" was doomed to fail. But behind the headlines and controversy lay a much more nuanced and personal story--a story of an entrepreneur who realized he could no longer claim to be sticking up for his values if he continued to pay his employees anything less than a living wage. How could a business dedicated to helping small businesses succeed fulfill its mission if the people responsible for helping those businesses were struggling to meet their own most basic needs? In this book, Price shares the experiences and events that shaped his decision--from his conservative, Christian upbringing in rural Idaho to the milestones that made him rethink the true purpose of business--and shows how taking a huge risk ultimately helped his company become more resilient and competitive. Calling on leaders to set and execute on their own purpose-driven visions, Price forces readers to question traditional market-centric business wisdom in favor of a more human--and much more sustainable--approach. It’s not easy, he argues, but, in the end, the rewards will be worth it.

Print length

273 pages
Language

English
Publication date

April 10, 2020
Dimensions

5.5 x 0.69 x 8.5 inches
ISBN-10

1734157216
ISBN-13

978-1734157215
See all details

Ariel Dorfman
89
Paperback
38 offers from $13.07

Editorial Reviews

Review

"At a time of massive wealth and income inequality in our country, Mr. Price sets an example that other companies should learn from."--Senator Bernie Sanders

"A small Seattle company shows that capitalism can have a heart."--Nicholas Kristof, The New York Times

"The Dan Price Pay Experiment will either be hailed as a stroke of genius showing that entrepreneurs have underpaid their workforces to their companies' detriment, or as proof positive that Gravity is being run by a well-intentioned fool."--Inc. Magazine

"Pure, unadulterated socialism....I hope this company is a case study in MBA programs on how socialism does not work, because it's gonna fail."--Rush Limbaugh

"A tiny action of personal faith from a Seattle CEO shows us that there is an alternative. The reason it's dangerous..is it reveals to people that there all alternatives."--Russell Brand

"On balance, [Gravity Payments has] prospered."--Michael Wheeler, Harvard Business School

"By implementing an egalitarian salary structure at his company Mr. Price has committed an economic heresy, and like all heretics he is being denounced by the keepers of the true faith."--Steven Conn, W.E. Smith Professor of History, Miami University

About the Author

Dan Price founded Gravity Payments when he was just 19 years old. His mission was--and is-- to help hard-working small-business owners stay competitive against larger corporations by making credit card processing transparent, fair, and easy. Today, nearly 20,000 independent businesses across all 50 states trust Gravity as their processor. Dan captured national attention in 2015 when he decided to slash his salary by more than 90 percent and raise the company's minimum salary to $70,000 a year. Although he's been criticized for what some consider his radical policies on pay and equality, Dan believes businesses have enormous power to promote social good, regardless of what industry they're in, by serving communities instead of shareholders and putting people over profits. His leadership has earned him many awards, most notably Entrepreneur Magazine's Entrepreneur of 2014 and the 2010 SBA National Young Entrepreneur of the Year, awarded to him by President Obama. He lives in Seattle with his rescue dog, Mikey.

Product details

Publisher ‏ : ‎ Gravity Payments, Inc (April 10, 2020)
Language ‏ : ‎ English
Paperback ‏ : ‎ 273 pages
ISBN-10 ‏ : ‎ 1734157216
ISBN-13 ‏ : ‎ 978-1734157215
Item Weight ‏ : ‎ 12.3 ounces
Dimensions ‏ : ‎ 5.5 x 0.69 x 8.5 inches

Best Sellers Rank: #1,298,338 in Books (See Top 100 in Books)
- #279 in Income Inequality
- #635 in Labor & Industrial Relations (Books)
- #834 in Labor & Industrial Economic Relations (Books)

Customer Reviews:
151

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Dan Price

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Dan Price is the founder and CEO of Gravity Payments, a credit card processing and payments technology company he started in his dorm room when he was just nineteen years old. In 2010, he received the Small Business Administration’s “National Young Entrepreneur of the Year Award,” and in 2014 Entrepreneur Magazine named him their “Entrepreneur of the Year.” In 2015, he announced a $70,000 minimum wage at Gravity and cut his seven-figure salary in order to pay for it. He has appeared in numerous media outlets including The New York Times, Inc., Bloomberg BusinessWeek, Fox News, The Today Show, NPR, and CNN and is a sought-after speaker on the topics of income inequality, employee pay, and purpose-driven leadership. He lives in Seattle with his rescue dog, Mikey.

Customer reviews

4.7 out of 5

151 global ratings

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LillibetG

How capitalism with a conscience might just make America great again!

Reviewed in the United States on December 16, 2021

Verified Purchase

I have been following the fortunes of Dan Price Gravity payments since their announcement in 2015. It’s thrilling to see that one entrepreneur with compassion, a conscience, and a strong desire to define success in a way that includes not only stakeholders, but the welfare of all employees combined with good old-fashioned high quality customer service at a fair price has proven that the disgraceful current version of greedy capitalism is not and can never be the way to establish a just society nor to save democracy. Roadmaps for reclaiming the dignity of labor, the obligations of /rewards to business owners, and suggestions for codifying social justice in government are clear and basically simple - apply the golden rule, and everyone wins. Reminds me of Sam “Golden Rule” Jones (1846-1904). Look him up too!

5 people found this helpful

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Miguel Martinez

Worth the read

Reviewed in the United States on September 23, 2021

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For my I/O Psychology class I needed to do a biography on someone I thought was a successful leader. Dan came to mind, the CEO that put those he leads before his own pockets. I decided to start reading this book early, as I am not one to finish a book end to end. Well, as I read, I couldn't stop. A very well written book by an exceptional leader.

2 people found this helpful

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Cara Pitts

people over profits

Reviewed in the United States on January 14, 2022

Verified Purchase

Great perspective of people over profits. Definitely recommend and was inspiring as a small business owner myself. We aim to be able to implement some of these practices.

2 people found this helpful

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WonderWoman

Inspiration and Hope For Increasing Equality

Reviewed in the United States on May 19, 2021

Verified Purchase

Dan Price shares his personal experience and how his values shaped business decisions that led to good outcomes for all. This is a great reminder of how responsible, caring business owners can make a positive difference when they focus on more than profit ans shareholder value.

3 people found this helpful

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Kari Guedea

conversationally written

Reviewed in the United States on April 8, 2022

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I enjoyed reading this book- Dan Price is a inspiration- I hope that more CEOs embrace is values and priorities.

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NJ Nab

This book is worth it. An excellent story about success!

Reviewed in the United States on October 17, 2020

Verified Purchase

The author tells his story of success with a clear and easy to read style. He provides fantastic information and detail about his decision to pay his employees a living wage, and the results of that decision. This is a truly all-American story of success, that everyone should aspire to.

3 people found this helpful

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Shannon Walker

An amazing book by an Amazing human being

Reviewed in the United States on June 17, 2020

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So glad to be able to support such a fantastic human in bettering the human experience and supporting others by doing the right thing.

6 people found this helpful

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Nana

Well “Worth” Reading!

Reviewed in the United States on July 8, 2020

Verified Purchase

Great read and inspiring messages about motivating a team with a win win formula. I thoroughly enjoyed the writing style.

5 people found this helpful

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Top reviews from other countries

Ricardo R.

Great story!

Reviewed in Mexico on September 18, 2022

Verified Purchase

Great point of view on the evolution of business! Change on how business are run is urgent! We have to measure success different!

Amazon Customer

Best Book I've Read in 2021 Thus Far

Reviewed in Canada on April 20, 2021

Verified Purchase

A very interesting story and an excellent book.

Dan is the perfect example of what happens when you invest in employees.

Overall, this book changed the way I thought about business and life. It made me rethink my mindset on business standard methods and government policies.

One person found this helpful