How Did Howard Schultz Get Rich?

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Howard Schultz was raised in a working-class family in Brooklyn, New York, where there was never a lot of money. Seeing his parents suffer financially made him all the more determined to make a better life for himself. He worked hard in school and was the first in his family to graduate from college. His life taught him the value of perseverance, and that attitude stayed with him throughout his business career.

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Selling Xerox Machines Taught Him The Skills Howard Schultz Needed To Succeed In The Business World

Under Schultz, Starbucks grew from a handful of stores to thousands around the world. He kept all the shops up to the same standards of quality and service. His aggressive growth policy and consistency of the company allowed Starbucks to dominate the coffee market. His fortunes grew with the business, and he became one of the richest people in the business world.

Expanding Starbucks Across The World Made Him A Billionaire And Turned The Brand Into A Global Coffee Empire

Under Schultz, Starbucks grew from a handful of stores to thousands around the world. He kept all the shops up to the same standards of quality and service. His aggressive growth policy and consistency of the company allowed Starbucks to dominate the coffee market. His fortunes grew with the business, and he became one of the richest people in the business world.

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Offering Stock Options To Employees Helped Starbucks Succeed Even More By Creating A Loyal And Motivated Workforce

One of Schultz' most notable actions was offering employees stock options, which he termed "partners." This gave employees a true interest in the company and motivated them to work more hard. When employees were rewarded, they provided quality service, and this attracted the customers back to the company. This strategy paid off for Starbucks and helped Schultz' wealth grow.

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Introducing Premium Products And Seasonal Drinks Increased Starbucks’ Profits And Kept Customers Excited About New Offerings

Schultz made Starbucks more than another coffee house by constantly introducing new beverages and high-end products to the menu. Seasonal favorites like the Pumpkin Spice Latte were massive sellers, bringing in millions of dollars each year. Making the menu new and exciting made people come back and this made Starbucks one of the most profitable coffee chains in the world.

Stepping Away From Starbucks And Returning To Fix Problems Showed His Commitment To The Company’s Long-Term Success

He stepped down as CEO more than once, but whenever Starbucks faced challenges, he returned to fix them. His leadership rescued the company from difficult times and continued to expand it. This showed his dedication to the business and that his ideas were still valuable in making Starbucks profitable.

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Investing In Other Businesses And Writing Books Helped Him Build More Wealth While Sharing His Knowledge With The World

Howard Schultz has also benefited from investments in real estate and other companies. Howard Schultz also shares his experiences with the globe in his leadership and business books. His non-coffee business activities helped him grow his wealth.

Thinking About Running For President Showed He Wanted To Use His Success To Make A Bigger Impact

At one point, Schultz considered running for president of the United States. Even though he did not, the mere fact that he would even consider it showed how much he wanted to leverage his wealth and power to effect change. His success had given him a platform to speak out about issues of importance, and he has used it to advocate for what he believes in.