Bernie Marcus Knew How to Ask Questions. That Became His Success Story

Home Depot founder Bernie Marcus, who died this week at the age of 95, instinctively knew one of the most important keys to success: Ask questions.

In the annals of business history, legendary figures like Bernie Marcus stand out not merely for their entrepreneurial smarts, but for their insatiable curiousity. He didn’t rely on theoretical models or conventional wisdom, he embraced the more pragmatic approach: common sense.

Instead of convening meetings or scrutinizing data, Marcus sought knowledge directly from the source: his customers. He understood that the key to business success lies in understanding the evolving needs and desires of the market.

To gain this invaluable insight, Marcus didn’t hesitate to roll up his sleeves and engage with customers firsthand. He ventured into stores, visited communities, and asked probing questions. By actively listening to customer feedback, he was able to identify trends, anticipate future demands, and make informed decisions that propelled his business to unprecedented heights.

The impact of this direct approach is undeniable. Home Depot, the blockbuster company he founded, has become a household name, shaping the retail landscape. His success serves as a testament to the power of curiosity, empathy, and the willingness to seek knowledge directly from the people who matter most.

Bernie Marcus faced a significant setback at the age of 48. Fired from Handy Dan, a California hardware chain, he found himself at a crossroads. Undeterred, he harbored a vision for a new business model for “the everyman,” a weekend DIY warrior guided by knowledgable salespeople in a fully-stocked warehouse environment.

Marcus embarked on a relentless pursuit of funding, approaching numerous banks and potential investors across the country. Despite his unwavering belief in his idea, he encountered repeated rejections. Even offering substantial equity stakes, including a 50% ownership share or more, failed to sway potential backers. The dismissive responses and apparent lack of interest were disheartening, and the weight of failure seemed imminent.

Yet, Marcus refused to succumb to adversity. He persevered, undeterred by the string of rejections. His unwavering determination paid off when he finally connected with a lone individual at a single bank. This empathetic banker, recognizing the potential in Marcus’s vision, risked their professional reputation to secure the necessary loan.

With this crucial financial backing, Marcus founded Home Depot, a company that would revolutionize the home improvement industry. His story serves as a testament to the power of perseverance, the importance of unwavering belief in one’s ideas, and the transformative impact of seizing opportunities, even when faced with overwhelming odds.

His story also exemplifies the power of asking questions, because just starting up his company wouldn’t be enough to grow it into a success.

Fran Tarkenton, serial entrepreneur and founder of SmallBizClub, who knew Marcus well, relates how Bernie once approached a customer in a Home Depot parking lot. The man was loading a pallet of lumber onto his truck. Bernie said to him, “I see you’ve got all that lumber. Don’t you need to buy the nails?”

“Nails are no good here,” the customer replied.

“No good?”

“No. I buy the lumber here and just go down the street for the nails.”

Bernie went into the store and walked up to the hardware department manager.

“Ralph, are we selling many nails?”

“Not as much as we used to.”

“Why?”

“We changed vendors. The new nails—they bend.”

By talking directly to his customers and knowing how to ask questions, Bernie learned that the nails his stores sold were failing. He didn’t call a meeting or blame the manager or salespeople. He simply had them change vendors, and made sure his people understood the importance of following up with questions.

Bernie Marcus passed away in November 2024 but left one of the most successful business legacies of our time. He was also a mega philanthropist, having donated over $2 billion to various charities, and was a signatory of The Giving Pledge, a commitment to give away the majority of his wealth to philanthropic causes.