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How to Make Smart Business Moves Like Daryl Katz Daryl Katz is the proprietor of a huge business portfolio that includes around 450 Rexall drugstores in Edmonton, the Edmonton Oilers, and Edmonton city real estate. In 1990, he started the Katz Group that now employs 8,600 persons in 1800 various stores located throughout Canada. Wouldn’t it interest you to match the entrepreneurs impressive business moves and become your own success story? Make Bold Moves Many times, holding on to one type of business for long is risky for your investment. As such, intelligent business persons like Daryl Katz diversify their investments whenever there is a good chance to do so. Katz was a lawyer by training in the first place, and he actually owned a firm, yet that did not stop him from taking interest in his father’s business which was not related to law in any way. Despite not being very significant, that was likely his first brave call.
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After taking up major drugstore acquisitions, Katz could have easily receded to some kind of safety zone and focused on his current business, yet he didn’t. The investor demonstrated interest in the sports industry after seeing an opportunity to invest there, and then he bought the Edmonton Oilers. Currently, he also owns an entertainment company as well as real estate.
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Be Persistent When There’s a Great Thing Going The value of perseverance is typified the most by Katz’s interest in acquiring the Edmonton Oilers. In 2007, the investor made a bid of $145M for the Canadian hockey team, which the owners rejected immediately. Despite presenting two appreciably improved overtures the same year, he was denied. But on July 2, 2008, Katz became the official owner of the Edmonton Oilers after his fourth $200M had been accepted. By 2016, according to Forbes, the team is worth above $450M. This is surely a persuasive narrative of clever persistence that rewards generously over time! You also can make it by tirelessly going after investments that have good prospects for reward, based on your reliable assessment. Track the Gaps and Fill Them An entrepreneur succeeds by identifying gaps and filling them. Although Katz owned several pharmacies in the U.S. and Canada, he decided not to compete directly with the major chains that dominated the drugs market. In its place, he targeted the smaller towns in which he set up hundreds of pharmaceuticals that catered to the demands of the largely underserved market. As a budding entrepreneur, it’s easy to see that you won’t succeed by just imitating others, instead, you’ll make it by being innovative and seeing opportunities where nobody else is involved. Daryl Katz is an investor who has an outstanding approach to investments that’s a fine example to all.