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  • 2021
  • Book

The Heart of Business—Leadership Principles for the Next Era of Capitalism

By: Hubert Joly and Caroline Lambert
  • Format:Print
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Abstract

A remarkable turnaround by a leader with a remarkable philosophy: Find your noble purpose. Put people at the center. Unleash human magic.
"It was fall in Minnesota. It was getting cold and we were supposed to die." This is how Hubert Joly describes the early, dark days as CEO of Best Buy, a job most thought he was crazy to accept. Amazon was tearing a disruptive path through retail, but in the face of that existential threat Joly did something remarkable: he saved Best Buy and remade it into a thriving company rated as one of the most desirable businesses to work for.
Having recently stepped down as Chairman and CEO, Joly is ready to share the leadership principles that underpinned the resurgence of Best Buy and that he believes are at the heart of business: pursue a noble purpose, put people at the center, unleash human magic, and treat profit as an outcome.
There was a time when many would call this a soft philosophy. But times are changing. Best Buy and 180 other companies signed the momentous Business Roundtable statement in support of stakeholder capitalism. The COVID-19 pandemic further pushed many businesses to lead from a place of purpose and with humanity. The changes underway are not a revolt, but a revolution. And Joly provides concrete advice on how to implement principles that can serve as beacons for the next era of capitalism.
Joly himself was transformed from a hard-charging, deeply analytical McKinsey consultant to a leader who believes in what he calls human magic. He will share how so much of what he initially learned about management is either dated, incomplete, or simply wrong—including how to turn around a business, develop and implement a strategy, mobilize an organization, and what it takes to be a great leader.
The leadership principles Joly lays out worked at Best Buy. They can also contribute to the necessary re-foundation of business and capitalism around purpose and humanity.

Keywords

Capitalism; Leadership; Mission and Purpose; Business and Stakeholder Relations; Leading Change

Citation

Joly, Hubert, and Caroline Lambert. The Heart of Business—Leadership Principles for the Next Era of Capitalism. Boston, MA: Harvard Business Review Press, 2021.
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About The Author

Hubert Joly

Marketing
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Related Work
  • L'entreprise, une affaire de cœur By: Hubert Joly and Caroline Lambert
  • The Heart of Business (ハート・オブ・ビジネス)――「人とパーパス」を本気で大切にする新時代のリーダーシップ By: Hubert Joly and Caroline Lambert
  • 商业的核心 新时代的企业经营原则 世界500强百思买前掌门人作品 贝佐斯推荐 By: Hubert Joly and Caroline Lambert
  • 하트 오브 비즈니스 미래의 비즈니스를 위한 안내서 By: Hubert Joly and Caroline Lambert
  • 企業初心 未來企業的新領導準則 By: Hubert Joly and Caroline Lambert
  • O Coração do Negócio Os princípios de liderança e a chave para o sucesso By: Hubert Joly and Caroline Lambert
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