View your worst days or significant setbacks as potential “golden horseshoes” or opportunities, as getting fired was the best thing that ever happened to Bernie Marcus, leading to the creation of Home Depot.
Ensure your business always serves the customer first, because when it shifts to serving itself (e.g., focusing on internal careers over customer needs), it inevitably collapses.
Recognize that selecting the right partners, who share your values and vision, is more crucial than securing immediate funding, as bad money or misaligned partners can destroy your venture.
Understand that “bad money” from investors who don’t align with your vision or values is worse than having no money at all, as it can lead you to lose yourself and your company’s direction.
Adhere to the philosophy that you can either make money honestly and sustainably, or you can make money once through manipulation, implying long-term success requires integrity.
Do not waste your time and energy pursuing revenge or lawsuits, as they consume everything and ultimately pay nothing, only benefiting attorneys. Instead, focus on building something new.
If you believe in your talent and ability to create, let go of past grievances and move on with your life, rather than letting them consume your energy.
Seek out business or career paths that are genuinely suited for your talents and interests, rather than staying in a role you dislike, to avoid resentment and be more effective.
Understand that true wealth and “real money” often come from owning equity in a business, rather than just holding big titles or receiving compensation without ownership.
Practice total transparency with your bankers and partners, sharing both the good and the bad, as this builds trust and turns them into strong supporters.
Be willing to walk away from desperately needed funding if a potential partner’s values or control issues conflict with your core principles, even if it means facing extreme hardship.
Build your company by taking care of your people, which includes providing benefits like health insurance, rather than cutting them to please investors.
When facing rejections for crucial support, be relentlessly persistent and remind key allies of the human stakes involved, pushing them to fight for your vision internally.
Prioritize building a valuable entity and a strong company culture, as the entity itself creates value in its name, rather than obsessing over finding the perfect name.
Ensure your physical environment and operations reflect your brand’s authentic identity (e.g., a working warehouse, not a pristine department store) to align with customer expectations and convey action.
Avoid constantly “fronting” products to the edge of shelves or perfectly lining them up, as this suggests low sales and takes too much energy; instead, allow the display to show what’s selling and create a sense of action.
Challenge common industry practices like “facing” products (turning labels out) if they are tremendously expensive and get in the way of offering the lowest possible prices to customers.
Personally engage with customers, even chasing them into the parking lot, to understand why they didn’t buy, learn about unmet needs, and build trust by personally fulfilling those needs.
When a customer needs something you don’t have, personally acquire it from a competitor and deliver it to them, demonstrating extreme dedication and building lasting trust.
Adopt the mindset that customer service is not merely a department but a fundamental philosophy that permeates every aspect of the business and every employee’s actions.
Clearly define the essential elements customers truly value (right assortment, quantities, price, trained associates, availability) and focus on delivering only those, considering anything else a waste.
Pursue growth and recognition by doing unexpected things and continuously learning from mistakes, rather than sticking to conventional approaches.
For marketing and advertising, hire individuals who genuinely understand your target customers, rather than expensive agencies that may produce nothing of value.
Evaluate the quality and effectiveness of a service or product based on its results and fit, not solely on its price, as inexpensive solutions can be highly effective.
Once you’ve found effective creative talent, trust them to deliver their message authentically, even if you don’t know exactly what they’ll say next.
Transition from a sales-driven model to an “everyday low prices” philosophy to achieve more consistent sales, simplify operations, and build customer trust that they’re always getting good deals.
Possess the fortitude and vision to implement significant strategic changes, even when facing internal resistance and potential short-term financial risks.
Understand that what appears to be a strength (like sales spikes) can actually be a weakness, leading to inefficiency and obscuring consistent underlying growth.
Recognize that your own passionate and knowledgeable employees are the most authentic and effective spokespeople for your company, outperforming mascots or celebrities.
Understand that true authenticity cannot be faked or given to an actor; it must come from people who genuinely believe in and live your company’s mission.
Demonstrate that employees are the company by generously recognizing their outstanding contributions, such as sending hourly workers on once-in-a-lifetime trips, to reinforce their value.
For founders and leaders, consistently walk the floors, talk to associates and customers, teach classes, and show up at openings to maintain culture and accessibility as the company scales.
Implement a personal test, like timing how long it takes for employees to recognize you (not for ego, but for engagement), to gauge if associates are making eye contact and connecting with customers.
Understand that company culture scales not through formal memos or policies, but through consistent human connection and engagement, repeated endlessly by leadership.
Actively surround yourself with people who are smarter and greater than you, as they will make you look even better and contribute to overall success.
Foster an environment where disagreement is encouraged and expected, because surrounding yourself with only agreeable people will lead to trouble.
Instill the understanding that everyone’s primary job is to make customers successful, even if it means challenging corporate decisions or bending rules, rather than making executives comfortable.
If culture is damaged, actively reinvest in training, empower associates, and prioritize core values like customer service over mere efficiency to resurrect the company’s foundation.
Operate with the belief that every customer is “on loan” and must be earned daily through every interaction, as the moment you assume they are yours, you risk losing them.
Recognize that individuals may be brilliant in one area but disastrous in another; therefore, build teams with complementary strengths to cover each other’s weaknesses.
Understand that sometimes, to succeed spectacularly, you must “burn the boats” and go all in on a risky opportunity, rather than playing it safe with incremental steps.
Cultivate and trust your gut instincts, especially when making critical decisions about partnerships, as these instincts often reveal whom to do business with and whom to avoid.
Proactively offer exceptional customer service, community support, and respect/training to associates, as these positive actions will be reciprocated with loyalty, embrace, and effective sales.
In the early stages, “sweat the details” by personally addressing every customer’s unmet need, no matter how small or seemingly unscalable, to learn and build lasting customer relationships.
Hire people who are “overqualified” and smarter than you for critical positions, as they have the horsepower to do the job, will make you look better, and can surpass you.
Don’t let the potential of smart hires go to waste; constantly challenge them, give them significant responsibility and authority, and expect them to surpass your own capabilities.
Decentralize decision-making and empower store managers with freedom and confidence, allowing the company to stay close to customers, access field knowledge, and respond effectively to the marketplace.
As a company grows, leaders must transition from being a “doer” who seeks personal satisfaction from doing tasks themselves, to a “teacher” who trains and empowers others to do the work.
Continuously fight against “creeping bureaucracy” by questioning unnecessary paperwork and empowering store managers with a “very long leash” and confidence to make decisions.
Even as a successful founder and CEO, never stop being hands-on; continue to show up unannounced, help customers, and engage with employees to reinforce culture and stay connected.
Adopt the mindset that the more you give, the more you get, as Bernie’s mother taught him, which later influenced his philanthropic giving and business philosophy.