Famous Entrepreneur Quotes
Howard Schultz’s Quotes
“I feel so strongly that the reason I’m here is I dreamed big dreams.”
“Sometimes the difference between success and failure, winning and losing, is a very fine line between those people who’ll continue to move forward.”
“If we wanted to exceed the expectations of the customer we had to first exceed the expectations of our people.”
Howard Schultz’s Top 10 Entrepreneurship Rules for Success and Business
He grew up poor and was the first in his family to go to college. He became Fortune Magazine’s 2011 Business Person of the Year. He’s one of the richest men in America with a net worth of 1.5 billion dollars. He’s Howard Schultz and here are his top ten rules for success.
Rule #1: Dream Big Dreams
I feel so strongly that the reason I’m here is I dreamed big dreams. I dreamed the kind of dreams that other people said would not be possible. I’m also living proof this isn’t a Hollywood movie. I come literally from the other side of the tracks.
If you saw where I grew up and we took a picture of it, the neighborhood, the setting. You say it’s not, it’s impossible that someone could come from there and get here. But it is possible. And not to sound too trite it’s possible because we still live in a country where the entrepreneurial spirit is so alive and so well.
And anyone in this country if you dream big and surround yourself with great people and leave your ego at the door and share a success with others. And have a little luck along the way you can do anything.
But there will be people along the way and I remember this, who will say to you, you know you’re dreaming too big. It’s not possible. Those things just can’t happen. Don’t allow anyone, friend, family, acquaintances, teachers whoever it is, don’t allow anyone to tell you that what you are dreaming for yourself and your family is not possible.
It is possible. Don’t be one of those people 20 years from now are going to be walking around a nine-to-five job miserable and angry and bitter because you let your dreams get away from you. Because you did not believe stronger enough, strongly enough in yourself and what was possible.
Don’t allow that to happen. This is an unbelievable time. And I can’t encourage you enough to continue to think that things are possible and that your dreams can come true.
Rule #2: Change Your Mindset
How many people have you met in your life who have said things like, “I had that idea.” “I knew about that.” Or I, “I was so close but I gave up.” I think sometimes the difference between success and failure, winning and losing, is a very fine line between those people who’ll continue to move forward.
Rule #3: Have A Heart
In August of 87 we had 11 stores and a hundred employees and a dream to create a national retail company around the coffee experience, good coffee in America. But there was another dream I had. And that was to build a different type of company.
A company that potentially could achieve the delicate balance between profitability and the fiscal responsibility of building shareholder value. But the balance of also having a heart, benevolence and integrating a social conscience in everything the company would do.
And hopefully one day, remember this was ’87, the company would be known as much for its values, its culture, its guiding principles as it would the quality of its coffee. Fast forward from ’87 to ’89 and ’80 and 1990 the company was beginning to get some traction.
We had about 50 stores. We still were not making money. And I think we all realized at the time that we were not in the coffee business serving people but we were in the people business serving coffee.
That if we wanted to exceed the expectations of the customer we had to first exceed the expectations of our people. We made a very important strategic decision early on that franchising could not maintain the culture and values of the company.
That all it would be would be an access to cheap capital. And so we continued on track of opening and building a company owned system.
Rule #4: Celebrate Mistakes
I’ve said for years that that you to celebrate your victories and really celebrate your mistakes. And what I mean by that is that you have to learn from the mistakes that you make. And you’ve got to create an environment where people are not afraid to take a risk and not afraid to do things that are beyond what the expectations are. At the same time you’ve got to set up a framework for how those things are managed and judged and evaluated.
Rule #5: Don’t Advertise
But I believed very strongly that we could build a different kind of company. I never believed, never. I think it would have been arrogant to believe that we could have a thousand, 2,000 or 7,500 stores in the US and around the world.
But something really magical started happening and it started happening as a result of not advertising or conventional consumer classical marketing. The fact is that Starbucks spends very little on traditional advertising.
It started happening because we demonstrated to ourselves and now the world that to build an enduring, sustainable, long-term business and consumer brand it’s not about fancy marketing. It’s about establishing a very powerful and unusual emotional relationship with the customer.
Rule #6: Care For Yourself
But I’m also here to tell you that I feel strongly that long-term value for your shareholders cannot be achieved in an enduring sustainable way unless the management of the company is completely and comprehensively committed to creating long-term value for the employees.
And the two are directly linked together. And any company, any management team that turns its back on its people and doesn’t share the success of the company with the people who do the work are not going to finish the race.
Rule #7: Have A Strong Values
I think something that has happened the last couple of years that I have noticed which I think is powerful and it is a see change is that the consumer has begun in many ways to perform what I would call loosely a cultural audit of companies, of brands, and of products and services that they are asked to support, to buy.
And the cultural audit goes something like, for the first time businesses recognize that there is parity in the marketplace. Parity on price. Parity on features and benefits. And the consumer, as a result of that, has significant choices as to what they’re going to buy and support.
But for the first time they’re asking questions beyond the characteristics of the product, or the service. They’re asking about values. They’re asking questions about how you take care of your people. Whether or not you’re giving back to the community in which they live and work.
Rule #8: Do What You Love
I think that success in business is a very difficult thing to achieve. And it’s more difficult today probably than any other time despite the vast number of opportunities.
And as it relates to finding your calling in terms of what the opportunity or the entrepreneurial adventure is going to be it has to be linked to something that you are so passionate and crazed about that you’re willing to knock down walls and climb mountains and do the things that are going to put yourself in a position of sacrificing so many other things for its success.
And you can only do that when there’s a compelling underlying feeling that you have that this is something I’m going to fight to the death for. And without that, I think it’s going to be a commodity based experience not only for the customer, but for you.
And I think that you can’t really succeed at the levels that you want to unless you find that thing that you’re so passionate, excited, and in love with.
And I think because you’ve got it along the way you’re going to have to convince so many other people to believe in you and the idea and the opportunity and the struggle and the obstacles that are going to come can over only be overcome by this passion that you have in which you’re going to be able to get people to follow you over those hurdles. I know it sounds a little bit sophomoric but it’s so true.
Rule #9: Exceed Expectations
This is the key of unlocking the success of our business and hopefully the businesses that you either are thinking about, working for, or a part of. And it’s this, it’s so basic. We all want the same thing. Break break away the differences between what I just described, language, politics.
The way people dress, their history. It doesn’t matter. We all want the same thing. We want to be respected as employees. We want to be appreciated as customers. We want to feel dignified in the workplace and who we are as people.
And we want to go into a store and for that brief moment of whether we’re buying a cup of coffee or whatever it might be, we want some value for our money. And the human condition of all of that between business and the consumer and everything everything everything else in between is the human condition of the human spirit.
If you can exceed the expectations of your people, if they feel they’re working in an enterprise or a company that values them as human beings and not as paychecks values. Values them as human beings and not a line-item on the balance sheet.
And they in turn can take that feeling of being respected and appreciated as an employee and share that with someone else. A paying customer. Whether it’s in Kuwait or Dubai or the opening of Starbucks France where people said it wouldn’t be possible. It can work, and it is sustainable.
Because the human spirit has no language. And in a time in the world when there is such cynicism and a fracturing of trust if you reach out and appreciate and respect another human being. it comes back to you you
Rule #10: Stand For Something Important
Because not every decision is an economic decision. Despite the fact that the site statistics that are narrowing crime we did provide a 38% shareholder return over last year. I don’t know how many invested but I would suspect not many things, companies, products, investments, have been termed 38% over the last couple of months.
Having said that, it is not an economic decision. The lens in which we are making that decision is through the lens of our people. We employ over 200,000 people in this company and we want to embrace diversity If you think respectively, that you can get a higher return than 38% you got last year it’s a free country. You can sell your shares of Starbucks and buy shares in other companies, thank you.
Thank you so much . I made this because Catan JIJ 95 asked me to. So if there’s a famous entrepreneur that you want me to profile leave it in the comments below and I’ll see what I can do. And I’d also love to know which of the top 10 lessons from Howard you love the best.
Leave it below, I’m going to joining the discussion and I’ll see you soon.
Howard Schultz’s Rules
- Dream Big Dreams
- Change Your Mindset
- Have A Heart
- Celebrate Mistakes
- Don’t Advertise
- Care For Your People
- Have Strong Values
- Do What You Love
- Exceed Expectations
- Stand For Something Important
I hope you enjoyed this article, make sure to check my Howard Schultz video on his Top 10 Rules For Success as well.