10 Success lessons you can learn from Howard Schultz, the billionaire CEO of Starbucks
Howard Schultz’s belief in his ideas coupled with determination and hard work have been instrumental behind his success.
There are many lessons to be learned from this billionaire CEO of Starbucks. In this article, we list 10 such lessons.
Have big dreams
Schultz dreamt of making Starbucks as the third place for everyone after home and office.
He risked his steady career to establish Starbucks as a place to socialise, relax and work irrespective of the age and profession.
Stick to your core
In 2008, Schultz re-joined Starbucks as the CEO and realised that its financial crisis wasn't because of the economic recession but the company’s shift from its core value of enhancing the consumer experience.
Schultz believed that it is the core values of your business that makes you unique. Hence, Starbucks started "My Starbucks Idea” to enhance the consumers’ experience.
Starbucks built its brand identity without employing advertising techniques. It earned the brand value by its customers’ experiences and their word of mouth publicity.
Schultz believed that authenticity in brand value is what helps a business to be successful.
Celebrate your mistakes
One of the prominent qualities of a leader is to accept that he knows less, to admit failures and work on them.
Also, business leaders need to be humble and share their mistakes as it helps them to be collaborative, open-minded, thereby encouraging employees to voice their opinions.
Focus on people
Schultz credits the success of Starbucks to its people and thus makes sure the company takes care of them. He believes in creating and maintaining an influential company culture for improving teamwork and getting a satisfying output.
Starbucks provides its employees with medical insurances and offers stock options to motivate and appreciate them.
Don’t stop amidst adversity
Schultz believes that difficulty is the time when a leader moulds the future of his business. Tough times are inevitable for any business, but consistency and a clear vision is what helps you to tackle the problems and guide others.
Choose the right partners
A business should always choose partners who upgrade their brand value and not make them compromise for better sales.
Starbucks’ partnership with Apple was one such deal that enhanced the consumer experience of both the brands.
Don't fear risks
From leaving his job to taking Starbucks to the heights of success, Schultz took risks and created opportunities, which brought him and the brand prosperity.
A business stagnates in the absence of risks which help it to grow, learn, fail and then succeed again.
Innovation in any business is significant. It encourages teamwork, identifying problems, embracing new ideas and then risking hard work to bring in a change in the world. At the same time, it brings profits and goodwill along with success.
Give back to society
Schultz had experienced financial insecurities and helplessness in his childhood. He believes in making a difference in every way he can. Thus, he contributes in every way in giving back to the society, in whichever manner possible.
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