Former Starbucks CEO and chairman emeritus Howard Schultz once said, “True leadership is defined in the toughest moments, not the smooth ones.” That reminder has rarely been more relevant. The current business climate is far from smooth sailing, and CEO confidence reflects it.
According to the latest Conference Board Measure of CEO Confidence, the index fell to 48 this quarter, with nearly two-thirds of executives bracing for stagflation and citing geopolitical volatility, AI disruption, and trade uncertainty among their top concerns. “There is still a lot of uncertainty overall in terms of economic policy and geopolitical events,” noted Conference Board senior economist Stephanie Guichard in a conversation with Axios.
Uncertainty has always been part of leadership. But today, the volume and velocity of that uncertainty have surged, and that pressure inevitably cascades down to the teams leaders are responsible for.
In a recent conversation with LinkedIn editor-in-chief Dan Roth, Schultz offered two simple, yet essential reminders for leading through turbulence: curiosity and a willingness to “be in the mud.” Simple ideas, often overlooked, but together, they form a framework for leading with both steadiness and humanity when the path ahead is foggy.
Curiosity
“A sense of curiosity is important for a business leader,” Schultz said. Curiosity, for leaders, isn’t a mere soft skill, but even more so, serves as a stabilizing mechanism. Whether it’s market volatility or uncertainty that multiplies, curiosity turns chaos into insight and possibility.
Schultz’s own career embodies this. In 1983, a trip to Italy sparked his fascination with café culture and inspired the now-iconic “third place” between home and work, the cornerstone of the Starbucks brand. That same willingness to observe, explore, and learn directly from people has guided him for decades.
Research highlights its value, as a Harvard Business Review analysis found that curiosity strengthens adaptability, collaboration, and performance, especially during uncertain times. Neuroscience adds another layer as curiosity activates the brain’s reward circuitry and releases dopamine, thus improving learning and cognitive flexibility.
For Schultz, curiosity extends beyond markets or products. It includes a curiosity about people. He has long emphasized that a company should feel human, even joyful. When employees feel genuinely cared for, the business grows stronger. That mindset is both a cultural safeguard and a commercial advantage. Curiosity doesn’t erase uncertainty, but it does lighten the heaviness that comes with it.
Being “In The Mud”
If curiosity keeps leaders open, being “in the mud” keeps them grounded. Schultz’s philosophy of leadership comes from being out in the field. “I’m in the stores—that’s where the action is,” he once said.
It’s not about micromanagement, as it’s more of a proximity thing. As the chain of responsibility rises, reality often recedes behind reports, dashboards, and abstractions. The higher a leader climbs, the easier it becomes to lose touch with the day-to-day texture of the business.
JPMorgan Chase CEO Jamie Dimon echoes this view. “Leaders have to get out. They have to get out all the time. They have to be curious and ask a million questions,” he said in a previous interview.
Gallup’s research reinforces the point: the quality of relationships between leaders, managers, and employees profoundly shapes overall engagement and performance. When leaders are visible, know their people’s names and stories, and listen firsthand, outcomes improve markedly.
By staying close to the ground through listening, observing, and responding in real time, leaders build what Schultz calls a “currency of trust” that no earnings call or perk can replicate. Grounded leadership isn’t about being everywhere. It’s about being somewhere that matters, with the people who matter.
The Simple Leadership Equation From Howard Schultz
Leadership has always required vision. But in today’s environment, vision alone isn’t enough, as it must be paired with grounded awareness. Schultz’s reminders are simple: stay curious, and stay close. Curiosity widens a leader’s perspective when the path ahead is unclear, while proximity keeps leaders bound to reality.
Authentic leadership, as Howard Schultz says, is defined in the most challenging moments. And in a world where uncertainty is the new normal, the leaders who stay curious and connected will do more than adapt. They’ll set the tone for the next era.