Howard Schultz - Teaching Business

Keywords: #LifeLessons #Life #Leadership

Table of Contents

Howard Schultz

Being Entrepreneur

  • Cost to starting business today is lot easier due to technology
  • Have a great discipline and thoughtfulness
  • Balancing responsibility for customer and investors.

Self-Doubt

  • All people have some insecurity.
  • Self-Doubt is common.
  • Personal decision - are you willing to sacrifice for this endevour.
  • Have courage and conviction
  • Ability to look back and live your life to the fullest.
  • If you know you have it, just jump into the pool.

How did I start ?

  • I didnt have all the answer back then.
  • 1987 - 11 starbuck stores.
  • Belief to build a different kind of company.
  • Company to give health insurance and stock options to part time workers.
  • Success is best when shared.
  • Free college tuition to every single employee.

Expanding to China

  • 3500 stores and opening a store a day.
  • Transfer of culture to un-american place.
  • Understand your customer and customer region.
  • After 9 yrs of being unsuccessful.
  • Belinda Wong - CEO of starbucks china. Integrate the culture of company and regional culture.
  • Family unit is important in china.
  • Value based company is not in conflict with profit based company. we have to make profit.

Be curious

  • Be intellectly curious.
  • Having courage to put yourself in uncomfortable positions.
  • Put yourself in learning position
  • Life experience of learning, observing and practicing your craft.
  • We learn from mistakes and we learn from the environment.
  • Humility of rejection will teach you so much.

Ask Questions

  • self-awareness of sitaution and culture of the company.
  • Creating relationship before asking questions.
  • Understand the strategy and how decisions are made.
  • How a company makes a decision. They teach them so much
  • Not have a fear of failure. You need to ask questions.

Find a mentor

  • Mentorship will evolve. whom you respect and whom you can relate to.
  • Know what you’re asking your mentor of the obligation.

Disrupt

  • There is always a place for niche player.
  • If we present ourselves in different , they can do something a big company cannot do.
  • Be sponge and talk to all your peer.
  • There are things you cannot prepare for.
  • Observe and learn from everywhere.

Focus

  • There has to be priority in an Organization
  • There can be 3 to 5 big audicious goals that you can manage.
  • Engage with people
  • Ask questions on everything. Be curious.
  • Get your hands dirty
  • Don’t operate at the high level.
  • Every meeting - One chair will be partner and another share is customer.
  • Will this decision will make our customer’s proud. Debate more before making decisions.

Find Right Investors

  • Do your homework about investors and their history.
  • How they act and do they share your values. Can you rely on them when things get difficult.
  • Create a scenario and ask them about how they deal. Make due diligence about the investors.
  • We have lot of insecurities, with healthy level of skepticsm.
  • you will be served well, if you under-promised and over deliver.
  • Let them know why are you in the business.
  • Know about investors. Know their history understand their values.

Overinvest in culture

  • Most underestimate the concept of culture.
  • Understanding the human behaviour and empowering people to create a behaviour. It is the foundation of the company.
  • Define the culture early.
  • It is like raising a child. Teaching child for self-esteem.
  • This action is not consistent to the culture of the company, then swiftly stop it. It is who we are, it is why we do something. - Do culture audit. Having honest conversation. Bring people from all walks of life and come talk to the team.
  • Work-Life Balance. It is the fundamental issue for young minds. we need to decide about this early. Establish responsibility. Company should develop deep level of sensitivity on work environment.

Hire a Value based Team

  • Team should be the priority. Company should attract like-minded people to join the team.
  • How to balance out the pay. If he is not interested in equity when joining a startup that is a red flag. He is not looking out for future,long term and not hungry.
  • Everyone going in same direction is important.

Interviewing a canditate

  • Intimate conversation. Reduce tension.
  • " What’s the last book he read ?” - he is not curious.
  • your opportunity to show that you are a servent leader.
  • You will make hiring mistakes. Involve many people to interview that person.
  • Culture fit is very important. Prep org for new hires. before a new hire makes a decision, he needs to be immersed into the business.

Don’t manage, lead

  • No one wants to be managed. People wanted to be valued.
  • Its a team sport.
  • Balance input. Don’t micromanage.
  • Give early feedback. Establish the culture early on
  • Many people are conflict avoidant. If you’re not honest with the person. One standard for everybody. that is excellence.
  • Be specific about excellence
  • Show your displease , as it can affect downstream

Cannibalize yourself

  • You have to control your destiny. You cannot allow others to dictate what you have to do
  • Do your homework for the market. Be mindful of compeititors. But compeitition should be there in the decision making room
  • Pricing is not competitive edge. It is not sustainable
  • You have to invest in the future of the business.
  • Innovation - it must be distruptive. You have to fracture and disturpt the market / norms.
  • Chasing too many things too early is not good. You cannot multi-task. You cannot spoil the core business. Know if you have resource
  • Same time, don’t be afraid about innovation. You have evolve to be innovative naturally

Leadership in crisis

  • Self-Belief in crisis situation is vital
  • Be transparent about challenges and address the needs and thereby letting them know what is going to be affected
  • Do I have trust on people. How I can ask them if I am not transparent and granualar enough ? We have to be transparent
  • Significant Cuts - Do it early. 100% empathy while doing this.
  • Every company has experienced some kind of disappointment down the line
  • Success has to be earned everyday
  • Remind people , what sacrifices and culture we had to get it here

Conclusion

  • If you work with high aspirations and surround with good people who share your values, you can acheive it
  • It’s a team game and understand sharing success with each other