David Schottenstein Openly Regrets “Horrible” Business Decision

Watch: Entrepreneur and Investor David Schottenstein In a keynote address at the Select Business Conference in Crown Heights, he spoke against “gray zone” business deals based on his experiences. video

The second annual Chosen Business Conference, an expo that celebrates Lubavitch-owned businesses and supports entrepreneurs in the community, will be held Sunday in Crown Heights.

Organized by Crown Heights Young Entrepreneurs (CHYE), the event is billed as the largest and most anticipated local business event of the year with over 60 booths.

Sponsorship of this year’s event David “Daddy” Farkesh, Founder of RFK Financial in partnership with MassMutual Metro NY, a leading life insurance agency.

Held at Beis Rivkah’s Rose Hall, it features a trade show and a networking opportunity with business leaders and investors from across the Tri-State area.

It was opened with a speech by a serial entrepreneur and active investor David Schottenstein Entitled “There’s Only One CEO…Important Lessons I Learned The Hard Way.” He explained some of the legal challenges he faced and how he came out of them stronger than ever.

Schottenstein is the founder and former CEO of Privé Revaux Sunglasses and has launched and sold numerous companies and has ownership interests in a number of successful ventures including OneWheel, Mizzen & Main and his latest venture, 7th Heaven Chocolate Co.

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The focus of Schottenstein’s talk was to discuss why entrepreneurs should cultivate their trust in Hashem. Bitachon enables entrepreneurs to always work in an ethical and legal manner that saves them from many financial and legal problems.

“The most important message I hope to get out there is to always remember that blessings come from Hashem,” Schottenstein told COLlive.com before speaking.

“As Jews, and especially as rabbinical leaders, we are proud of our kesh. Many of us follow the Rebbe’s instructions to deeply learn the Shaar HaBitachon in Chovos haLevavos. And yet we too can fall short if we are not careful. It is not enough to know that Hashem is in charge – Hashem is the CEO.

“You have to internalize it. It’s easy to lose focus. When you forget that God determines your destiny, that’s when you create the space for bad decisions. You may think you’re smartly cutting a corner here or there, but sooner or later it will catch up to you. If you remember where your gifts come from, you won’t do things that are remotely questionable or unethical in business.

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In his speech, Schottenstein spoke candidly about his past struggles and the lessons he learned from them.

Hashem set your Parnasai on Rosh Hashanah, so doing anything questionable or even what some might call a “gray area” will never help. You will still earn the same amount of money that Hashem has allocated for you, so you may stay away from even the slightest hint of anything suspicious or immoral. You save money or earn an extra dollar by doing something that isn’t 100% “nice”. Not only will you not gain more, but it will probably come back to bite you and cause you suffering. Whenever you face the consequences, it hurts you, your business, and your family. Trust me, I know from experience.”

“Many businesses are being educated on valuing tzedakah, which is very important. In fact, I remember a speech I heard from a more experienced businessman when I first started working on tzedakah, and that speech made a big impression on me. Since then, I have always made giving tzedakah a priority. But we need to talk more about Bitachon. We need to do better and teach the next generation of entrepreneurs that God is in control and that not only will they not gain more by deviating or breaking the rules, but they will potentially pay a terrible price if they do business the way they do. which God does not accept. By operating from a true neighborhood and recognizing that Hashem is the source of all things, you will end up doing things that you will be comfortable with being printed on the front page of the New York Times.

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And finally, and perhaps most importantly, whenever we’re faced with a hardship or challenge in life, there are two ways we can respond: You can crawl in a hole and be miserable and play the victim, or you can use the challenge for strength. use yourself Bitachon, your family and marriage. In my keynote, I’ll talk about how I did it and how you can do it too.

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