Former Best Buy CEO Hubert Joly: 'Business must lead in new ways'

Hubert Joly
Hubert Joly is a former chairperson and CEO of Best Buy.
Courtesy of Carlson

One of Minnesota's most prominent business leaders says business should be about pursuing a noble purpose — unleashing human magic — and treating profits as an outcome, but not a goal.

Hubert Joly was the chairman and CEO of Best Buy and he's out with a new book this week, "The Heart of Business."

He said business leaders must think about what the world needs and generate better human connections.

How you “make purpose the cornerstone of the strategy” can be found in the “intersection of four things:”

  1. What the world needs.

  2. What we’re good at and what we can execute.

  3. What we’re passionate about

  4. How we can make money.

It’s important, Joly says, to “connect individual purpose in life with the purpose of the company.”

Joly was interviewed — remotely — by Rebecca Henderson of the Harvard Business School. She is the author of “Reimagining Capitalism in a World on Fire.”

Use the audio player above to listen to the program.

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