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Abstract

Hubert Joly, former CEO of Best Buy and orchestrator of the retailer's spectacular turnaround, unveils his personal playbook for achieving extraordinary outcomes by putting people and purpose at the heart of business. In 'The Heart of Business', Joly shares the philosophy behind the resurgence of Best Buy: pursue a noble purpose, put people at the center of the business, create an environment where every employee can blossom, and treat profit as an outcome, not the goal. This approach is easy to understand, but putting it into practice is not so easy. It requires radically rethinking how we view work, how we define companies, how we motivate, and how we lead. Part two, chapters 4-7, examines why the traditional view that the primary purpose of business is to maximize shareholder value is wrong, dangerous, and ill-suited to today's environment. Chapter 5 discusses how companies have three imperatives - people, business, and finance - which are linked to each other. However, they are different from a company's purpose. Shifting perspective to focus on purpose and recognize that profit alone cannot drive a business is an integral step in putting people at the heart of business. Visit TheHeartofBusiness.org to learn more. Proceeds from the sales of The Heart of Business will be donated to the Best Buy Teen Tech Centers. This chapter is excerpted from 'The Heart of Business: Leadership Principles for the Next Era of Capitalism’.
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Abstract

Hubert Joly, former CEO of Best Buy and orchestrator of the retailer's spectacular turnaround, unveils his personal playbook for achieving extraordinary outcomes by putting people and purpose at the heart of business. In 'The Heart of Business', Joly shares the philosophy behind the resurgence of Best Buy: pursue a noble purpose, put people at the center of the business, create an environment where every employee can blossom, and treat profit as an outcome, not the goal. This approach is easy to understand, but putting it into practice is not so easy. It requires radically rethinking how we view work, how we define companies, how we motivate, and how we lead. Part two, chapters 4-7, examines why the traditional view that the primary purpose of business is to maximize shareholder value is wrong, dangerous, and ill-suited to today's environment. Chapter 5 discusses how companies have three imperatives - people, business, and finance - which are linked to each other. However, they are different from a company's purpose. Shifting perspective to focus on purpose and recognize that profit alone cannot drive a business is an integral step in putting people at the heart of business. Visit TheHeartofBusiness.org to learn more. Proceeds from the sales of The Heart of Business will be donated to the Best Buy Teen Tech Centers. This chapter is excerpted from 'The Heart of Business: Leadership Principles for the Next Era of Capitalism’.

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