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Today's Giant: Howard Schultz

Howard Schultz, the man behind the global coffee phenomenon Starbucks, is an extraordinary figure in the world of business. His journey from growing up in a poor neighborhood in Brooklyn to creating a coffee empire is truly inspiring. Here are some key lessons from his leadership style:

1. Passion and Belief: Schultz's passion for coffee and belief in the concept of a 'third place' between work and home drove Starbucks' success. Encourage your team to find their passion and believe in their ideas, as these can be powerful drivers of success.

2. Employee Empowerment: Schultz has always prioritized his employees (or 'partners', as he calls them), offering benefits such as health insurance and stock options even to part-time workers. This approach fosters loyalty and motivation. Encourage your leaders to value their teams and invest in their well-being.

3. Quality and Consistency: Schultz's commitment to quality and consistency has made Starbucks a trusted brand worldwide. Encourage your leaders to prioritize quality in their work and maintain consistency, which can build trust and loyalty among customers.

4. Social Responsibility: Schultz believes in running a business that is profitable but also socially responsible. He has demonstrated this through initiatives like hiring veterans and supporting ethical sourcing. Encourage your leaders to consider how their work can contribute positively to society.

Ron's Insights:

"Howard Schultz's story is a testament to the power of passion and the importance of treating employees well. His commitment to quality and consistency has not only created a successful business but has also positively impacted communities worldwide.

BONUS: So let’s break down how he can charge $5 for a cup of coffee. Remember before he came along, 50 cents was the normal price. He did it by changing everything, so you couldn’t compare the two. The sizes of his servings aren’t named the same, the drinks were all different names. I don’t think he would have won if your experience was “Id like a med coffee” and still be able to charge $5. So if you find yourself competing in an environment with low prices, think Starbucks, and change everything."-Ron Douglas

Tomorrow's Giant: Reid Hoffman. The co-founder of LinkedIn and a prominent venture capitalist, Hoffman's insights into creating professional networks and investing in promising ventures are invaluable. Tune in tomorrow for insights from his journey.

Until tomorrow,

Mentoring Giants Team