December 2000 Newsletter
MEI ENTREPRENEUR OF THE YEAR
DECEMBER 5, 2000
On December 5, Dick Schulze CEO of Best Buy Inc. will be
honored as the 2000 MEI Entrepreneur of the Year. Schulze’s
name will join a long line of stellar entrepreneurs including Earl
Bakken, Irwin Jacobs, Curt Carlson, Carl Pohlad, Leeann Chin,
Harvey Mackay, and Governor Jesse Ventura.
Each recipient has added their individual excitement to the
annual awards ceremony: Carl Pohlad recounting“the deals that
got away,” Leeann Chin telling how family members stymied her
efforts, and Gov. Ventura announcing, “After listening to what your
organization stands for, I have to say that you made a good choice.”
Dick Schulze promises to provide yet another exhilarating dimension
on Dec. 5.
Schulze is no stranger to receiving awards for his business
accomplishments. The reason: This indomitable CEO has beat
many odds in his rise to dominate the $75 billion consumer
electronics industry. Best Buy is the largest volume specialty retailer
of consumer electronics, personal computers, entertainment
software and appliances. Headquartered in Eden Prairie, Best Buy
operates retail stores in 29 states and is on track to have more than
500 stores nationwide by 2004.
The journey from a small stereo shop into a mega enterprise
was characterized by Schulze in an interview with Twin Cities
Business Monthlyas; “One reason we’re successful is that we’re not
afraid to reinvent ourselves, to move with the customer and with
opportunities.”
For Schulze, reinventing himself includes an early failed attempt
to franchise to outstate retailers, combating the Fair Trade
Legislation of the 1970s, and adapting to a superstore format while
competing with the deep pockets of Sears and Wards. Throughout
the years, many have predicted failure for Best Buy, which has
always risen from the ashes.
With each new obstacle, Schulze had to devise a strategy to
thrust Best Buy ahead of competitors. One remarkable example
was eliminating commissions among his sales staff, thus
empowering customers to browse and buy without being bothered,
while providing a new measure of profitability based on high volume.
Schultz’s support of budding entrepreneurs is legendary as
evidenced by a $50 million donation he made to the University of St.
Thomas last February, much of it targeted to the University’s Center
for Entrepreneurship. Honoring that commitment to youth, the
Minnesota Entrepreneurs, Inc. has invited students from the new
charter school, The Minnesota Business Academy, to attend on Dec
5. Accustomed to being mentored by community business leaders,
the students will hear Schulze tell how he led a national trend of
establishing superstores, encountering and overcoming many
roadblocks along the way.
To the young and not so young, Schulze represents the pinnacle
of entrepreneurial accomplishment.
Don’t miss out on the biggest night of the year, December 5, as
Dick Schulze is named MEI Entrepreneur of the Year and speaks on
“Retailing in the New Millennium” at 7 p.m. at St. Thomas, 10th &
LaSalle, Minneapolis campus, Room 203. $15.00 for non-members
and $10.00 for college students.
TLC BUSINESS SERVICES IS THE PROUD SPONSOR OF THE
MEI ENTREPRENEUR OF THE YEAR EVENT ON DECEMBER 5,
2000.
RICHARD SCHULZE OF BEST BUY, INC. – 7 p.m.—St. Thomas
University, 10th& LaSalle – Room 240 A&B
Dover Restaurant, Double Tree Park Place Hotel in St. Louis Park.
Call Bill Lehnertz – 612- 948-1105.
– 7 p.m. – St. Thomas
University, 10th& LaSalle
After 20 years, MEI will switch from the first Tuesday to the
second Tuesday, starting January 2001. Calendar conflicts
including July 4th, Labor Day and elections have adversely affected
attendance over the years. A survey of members and guests
resulted in 60 per cent voting to change to the second Tuesday of
each month.
Mark your 2001 calendars
to reflect this important change!