Howard Schultz, the Coffee King Essay Example

Struck Coffee Tea and Spice Company to one of its owners, Gerry Baldwin, and eventually got hired as their marketing director in 1983.

Around that period while visiting Milan, Italy on behalf of Struck Coffee Tea and Spice Company, Schultz unexpectedly encountered a thriving coffee culture that inspired him. In 1985, Howard Schultz came up with an idea to expand Starbucks' variety of coffees to attract more customers and foster community. However, the company's executives rejected his proposal and chose to stick with their existing strategy. Undeterred by this setback, Schultz approached a newly opening coffee bar that year and introduced the popular "latte" drink which drew approximately one hundred customers daily.Due to resistance from the founders, Starbucks saw Schultz leave the company in 1985 and establish his own coffee bar named II Georgian. After two years, he successfully secured investors to acquire Starbucks and merged it with his new venture. As a result, Schultz became both CEO and chairman of Starbucks. Convincing investors that premium-priced coffee could succeed was a challenge due to people's familiarity with instant coffee at home.

In 2000, Schultz stepped down as CEO but returned after eight years to lead the company once again. Under his leadership, Starbucks expanded its choices and varieties available to customers. During a 2009 interview with CBS, Schultz expressed his aim of not just providing sustenance but also nourishing people's spirits through business.

As of 2013, Schultz had an estimated net worth of $1 billion according to Forbes' "Forbes 400" list, ranking him at number 311 among the wealthiest individuals in the United States. He also ranked at number 931 on Forbes' global list of billionaires.

Currently, no other

company can match Starbucks when it comes to selling coffee beverages or operating locations. By 2012, Starbucks had grown to over 17,600 stores across 39 countries with a market capitalization valued at $35.6 billion.

The company continues its growth by opening a new store every twelve hours and attracting nearly forty-four million customers per week.Howard Schultz has achieved success in his business ventures and also contributes philanthropically by auctioning off opportunities to meet him and donating the proceeds to charitable causes. The Starbucks Coffee Company, founded in 1917, remains committed to sourcing and roasting ethically-sourced Arabica coffee from around the world. Schultz's perseverance through challenges, long hours, and demanding work has propelled Starbucks to its current position, validating the immense benefits of his unwavering dedication.