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Howard Schultz | A story of rags to riches



Howard Schultz
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Howard Schultz is the Chairman and CEO of Starbucks Corporation and is the classic American entrepreneur. His journey to building his own empire was not an easy one. He encountered a lot of failures and struggles. From a small background to being ranked 232nd richest person in America according to Forbes magazine didn’t happen overnight. He has a persistent vision and he put in his maximum efforts to make it happen. Over the years with his hard work and determination he has successfully achieved his dream.

Howard Schultz’s early failures :

Howard Schultz was born in a Jewish family living in Brooklyn, New York. His father, Fred Schultz was an ex-US Army trooper and then a truck driver while his mother Elaine was a housewife. As his family was poor, sports was Howard’s only escape. He was a natural athlete and loved playing basketball and football during his school days. He was awarded an athletic scholarship to Northern Michigan University. Notably he was the first person in his family to go to college. After graduating from the university with a Bachelor of Science degree in communication in 1975, he started working as a salesman for Xerox Corporation.

Howard Schultz ended up rejected 242 times when he tried to secure capital. After he joined Starbucks in 1983 he had a different vision towards building it up. He went on a buying trip to Milan, Italy where he noted that coffee bars existed on almost every street. This is where the ideation got ignited. It occurred to him that Starbucks should start selling coffee drinks not just coffee beans. However his idea wasn’t shred but the company’s founders. He tried to persuade the owners until finally, the owners let him establish a coffee bar in their new store which was opening in Seattle. This was the little step that Howard has needed.

The New Starbucks store was an instant success, bringing in hundreds of people per day. But the Starbucks owners refused to take the idea forward. They weren’t interested in the restaurant business. Frustrated and disappointed Schultz decided to leave Starbucks in 1985 to open a coffee bar chain of his own, Il Giornale. This was also a major success and with two years Howard bought Starbucks under his wing. Despite the several failures he faced through his oath he never gave up his dream. The struggles made him stronger and he successfully achieved what he wanted to achieve.

Life lessons from Howard Schultz’s life :

The most important lesson from Howard’s life is that, intrinsic motivation is a powerful drive. Keep yourself motivated despite the challenges that come up your way. Failure is surely not the end. Get past it with utmost confidence and keep working hard. You need the vision to make it big. Vision is like goals, but bigger. You should keep working towards your vision with the urge to attain success. With persistence and the ability to deal with your failures, success is not too far. Never be afraid to take risks in life for what makes you different makes you unique. Believe your ideas and keep chasing your dreams.

Also Read : Virat Kohli | Failures can be stepping stones to success

How much did Howard Schultz pay for Starbucks?

The original Starbucks management team decided to focus on Peet’s Coffee & Tea and sold its Starbucks retail unit to Schultz and Il Giornale for US$3.8 million.

What is Howard Schultz net worth?

Howard Schultz’s net worth is 570 crores USD (2021),

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