When Howard Schultz of Starbucks is having a bad day, he digs his hands into a barrel of coffee and breaths in deeply. He is then reminded of why he got into the business in the first place – For the love of coffee. Schultz has learned that you need a trick to get your passion back when you are having a rough time.
Schultz learned this lesson when he was growing up and watching the Beatles. As they became more and more popular, “they could no longer hear their own music.” He would say, “they forgot what they stood for.”
In 1987, Howard and a few investors purchased a Seattle coffee house and built it into the market leader it is today by introducing Americans to Europe’s romance with gourmet coffee. By 2002, Starbucks had grown from one store to 5,689 stores, operated in 28 countries, and experienced the highest annual growth rate of any retailer. Yet, sniffing coffee is not Schultz’s only secret to building a great company. Here are 6 other business lessons:
1. Arrive one hour early to critical meetings and walk around the block to calm yourself down and practice your presentation.
2. Speak, do not read in public. Even if you are a skilled orator you will sound canned and passionless if you read your presentation. If you are afraid you’ll forget what to say, write 3 or 4 words on 3×5 index cards before the presentation to stay on point. Finally, tell lots of stories; people are hungry for human contact and are attracted to something they can relate to.
3. Remember that when you hire someone, you are hiring more than their labor. You are also hiring the baggage they bring with them.
4. Be vulnerable. Schultz has cried in front of employees and has opened up about his fears. He says there is no better way to show honesty than by exposing your fears. He says honesty is the top ingredient of success.
5. Be upbeat. Don’t candy coat bad news, but leaders must be optimistic. Business leaders have the intuitive sense that things will work out for the best and do not see the dark side. Go into every situation assuming that you will win and it will give you the courage to take chances.
6. Build a memorable experience by reading and giving into your curiosity. If you attend a seminar, read a book or two on the topic to solidify the knowledge. When Schultz visited the FDR memorial in Washington, he read several books on the Great Depression to feed his curiosity and make the experience more memorable.
There are many lesson business owners can learn from Howard Schultz. Which lesson from Howard Schultz can you apply today?
