You’ll see why sometimes the person you know is in business.
Before Howard Schultz turned Starbucks into the global powerhouse it is today – people drank coffee.
When Join Schultz Starbucks in the early 1980s, they had three stores selling Indonesian ground coffee to take home and make your own.
Soon after joining the company, Schultz was inspired by a trip to Italy.
He noticed the sense of theater and community around the coffee shops, which made him realize that Starbucks wasn’t in the right part of the coffee business.
The real business and opportunity was to integrate coffee and destination to create a sense of community in the store.
Schultz felt it could bring the same vibe to the United States and that serving coffee in an open and welcoming environment could be refreshing for people.
What a wonderful idea.
He raced home to talk to the Starbucks founders about his experience.
They rejected the idea.
He continued to refuse him for nearly two years.
So like any good businessman, Schultz left and started his own Italian coffee shop chain.
Unsurprisingly, Starbucks found itself in financial difficulty, and the founders turned back with Schultz’s bid to buy the company.
Starbucks founder Jerry Baldwin made an exclusive 90-day bid for Schultz to raise $3.8 million.
After about 60 days, Schultz had collected about 50% of what he needed before receiving a call from Baldwin.
Jerry Baldwin: “We have a competing buyer,”
“One of your investors showed up from Il Giornale and gave me $4 million in cash without doing my due diligence.”
Schultz’s heart sank, and his enthusiasm did not last long, as he recalls:
“I remember that moment as if the world had just ended,”
“I knew who it was. At the time—there were three giants in Seattle—and one of them was. … I didn’t know what to do.”
When Schultz broke the news, his attorney tried to help and asked Schultz to stop at his office so he could meet the company’s first partner, whom Schultz had never met before.
He was the first partner of the company Bill Gates Senior.
In stark contrast to his son, 6-foot-7 Bill Gates Senior dragged Schultz into Baldwin’s office.
Bill Gates Senior talks to Jerry Baldwin:
“You should be ashamed of yourself for stealing this kid’s dream. It won’t happen. You and I know that won’t happen.”
Within 10 minutes of the meeting, Baldwin agreed to Schultz to buy Starbucks in keeping with their original agreement.
Schultz bought Starbucks for $3.8 million in 1987, which included six stores.
according to Google FinanceStarbucks deserves it now $100.79 billion
Benefiting from Schultz’s original investment in coefficient 26500 And made him a billionaire three times.
Starbucks, led by Schultz and his early vision, is launching its own NFT platform.
Starbucks Odyssey It is launched later this year. The new digital experience combines the already successful loyalty rewards program with the NFT platform.
The platform is built on a side chain ribbed It does not require you to use a Crypto wallet. It will allow customers to earn and buy digital assets that unlock exclusive experiences and rewards.
They completely removed the friction and created an immersive and more convenient experience than heading to a coffee shop.
He’s totally genius.
NFTs have made voucher access to their digital community, but they purposefully avoid the spotlight on technology.
Starbucks is trying to put the consumer experience first by bringing more non-technical people to their Web3 platform.
They even do away with technical jargon and don’t even refer to the word NFT; Instead, their holdings are called:
Starbucks just landed a fatal blow on its competitors
It is the world’s most important coffee chain by revenue, generating more than ten times the revenue of its closest competitor, Costa Coffee.
The coffee giant is showing no sign of slowing down.
Starbucks is already outperforming any of its closest competitors. And it’s easy to see why.
Howard Schultz’s narrative-challenging DNA stretches across Starbucks, especially when others reject their ideas.
They are not afraid to innovate and have a forward-looking and adaptable leadership team.
Sometimes great things are possible with the help of friends like Bill Gates Senior, who passed away in 2020 at the age of 95.
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