Ethics in entrepreneurship cannot be overlooked, according to the co-founder and former Home Depot CEO, Bernard “Bernie” Marcus at Temple University’s Fox School of Business.
Bernie Marcus is the first Musser Visiting Professor of Innovation and Entrepreneurship at the Fox School of Business. The professorship began in 2015 with the goal of fostering mentorship to students who aim to launch their own ventures.
Marcus founded Home Depot in 1979 when he and his coworker Arthur Blank lost their hardware store jobs in California. The warehouse concept that the pair adopted for their venture caught on quickly, and the company went public in 1981. Marcus retired in 2001 to focus on philanthropic efforts, among which is the funding of services for children and adolescents with autism.
His philanthropy also reaches toward United States Veterans who are employed by Home Depot and their families.
Discussing the challenges that he and Arthur Blank faced in the development of their business plan, Marcus said, “Everyone has that desperate moment in business when someone tries to break your conscience… [so] ethics are critically important.”
He went on to describe the ways in which Home Depot employees stepped in during critical moments for their stores’ communities. During a severe tornado in Moore, OK, for instance, the town’s branch became housing for displaced pets. Also, during Hurricane Sandy on the east coast, local branches of the chain offered supplies to residents of the storm-torn areas free of charge.
Marcus inspired the crowd of students when he said, “People don’t have to be recognized for doing their jobs, but when they do something exceptional, you congratulate them.”