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Key Take-Aways from Howard Schultz: Turning Starbucks Around

I listened to the “How I Built This” podcast with Guy Raz interviewing Starbucks two-time (and now former) CEO Howard Schultz (from September 28).
They discussed how Schultz really took the brand which was a local coffee bean shop into a massive, global brand that we all now know. Then, he talked about his return to Starbucks as CEO when the company started heading into its lowest point – in 2008. This part of the podcast really intrigued me.
Below are some notes I took from his interview starting at 37:40.

Schultz refers to Starbucks difficult years (2008, mainly, like most other companies during that time) as the “years of hubris”. He mentioned how “growth and success began to cover up a lot of mistakes.”Two chief mistakes Schultz realizes that contributed to Starbucks nadir: 1) “too many stores cannibalizing other stores”; and 2) “financial controls and discipline that were in place were not being leveraged – Wall Street and the stock price became an albatross on the company’s neck.…
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