Business legend Richard Schulze on values that connect: Service, listening, giving back

As the founder of a business worth many billions of dollars and a foundation that has given away hundreds of millions more, you might expect Richard Schulze to have all the answers. But asked to give advice to an audience of students looking to an uncertain future, he talked about the power that comes from engaging with others.

“Just listen carefully and you’re going to make better decisions than you could ever make” on your own, he said, “because you have more feedback, more input, more care, more passion, and more ownership from the people around you.”

A Minnesota native and founder of electronics retailer Best Buy, Richard Schulze spoke recently as part of the University of St. Thomas’ Finding Forward speaker series with the university’s president Rob Vischer at an event co-sponsored by the school’s Schulze School of Entrepreneurship. Talking about the power of connection and community, Schulze repeatedly linked success in an endeavor with the values of listening, relationships and engagement with others – whether they are coworkers, customers, or simply fellow humans.

Fostered by Faith: A Spirit of Giving Back

One source that drives Schulze to engage with others comes straight from his Catholic faith: the Beatitudes shared in the biblical Sermon on the Mount. “For those that are fortunate enough to give back a little some way or another, [Jesus] dropped some hints on ways to think about where you could do that [in] the Beatitudes,” Schulze said. “I like to think [I’m] walking the talk and I’m giving back where the good Lord said, ‘Don’t forget about these people. Do the right thing.’”

In that spirit, the Richard M. Schulze Family Foundation has given away over a half billion dollars since its founding to causes including health care, education and basic human services like food and shelter.

Not only is it the right thing to do, Schulze said, but it’s also a way to pay back for success in business. “I said, wouldn’t it be great to tap into all the communities that are served by a Best Buy store? Because most of my wealth began there, the bottom line for me was they helped make it happen,” he said. His foundation chose to partner with The Power of 100 – Women Who Care giving circles because of their grassroots approach and the local chapters in communities served by Best Buy. The Schulze Foundation now matches every donation made by participating giving circles.

Connection and Open-Mindedness as a Business Philosophy

Schulze said that engaging with others and being open to differing perspectives not only shows a person where they can contribute, it is also a smart business strategy.

Schulze described one eye-opening experience when he was part of a brainstorming exercise at Best Buy with rank-and-file employees from across the organization. “As the CEO, I knew what the challenges were. I had my own thoughts around how I was going to solve this problem. I had the greatest access to facts, information, background, and experience.”

Schulze offered his ideas and sat back, confident the task was solved. But at the end of the session, “we had 34 different ways to think about this problem. I was so blown away with how people stood up and came with a new perspective. I learned my lesson big time” - to stop talking and listen carefully to others.

Whether as mentors, peers, customers, or employees, he said, building bridges to people with different opinions and experiences and really listening to them can supercharge a person in business.

Today, Schulze’s main business endeavor is Aurora Anguilla, a resort in the British West Indies. Even now, he finds that listening and learning before making decisions pays off. By understanding the real needs of guests, even ones they couldn’t articulate – everything from more family-friendly activities to dining options – has helped the resort climb in worldwide rankings.

True to his philosophy, Schulze also focused on the unspoken needs of the island and his employees, setting up a free lunch program in the schools and upgrading the local hospital.

But he went back to lessons learned at Best Buy about the power of engagement and connections to make the experience better. Every employee, he said, follows the ten-five rule: Making eye contact whenever within ten feet of a guest, and speaking with them when within five. This gives employees a chance to better serve needs that might otherwise go unasked, and makes guests feel welcomed and seen.

Anyone can practice that same tactic in some way and will find it makes the world a more enriching, dynamic place. Whether an entrepreneur, part of another organization, or simply a citizen, regular engagement with other perspectives puts people in a position to learn, act and succeed.

Doing so requires confidence and an openness that can feel challenging but is one of Schulze’s secrets to success. “It’s so important that you believe in yourself,” he concluded. “You have to believe that you can be more than you ever thought you could be, and you have to open yourself up to change, to learn and to grow continuously, because change is inevitable.”