Howard Schultz is an American businessman, fairly recognized as the executive chairman of Starbucks today. Back in the days, he was an owner of Seattle SuperSonics, a member of the Board of Directors at Square, Inc. and co-founded Maveron, an investment group, with Dan Levitan. Now, he is the executive chairman of Starbucks, a famous coffee company after resigning as the CEO of Starbucks in 2016. In that same year, he was also ranked as the 232nd richest person in the United States by a source named Forbes Magazine.
Early Life and Education:
Born in Brooklyn, New York on 19 July 1953 into a Jewish family, Howard Schultz’s father, Fred Schultz, was an ex-United States Army trooper and a truck driver while his mother, Elaine, was a housewife. He has two younger siblings; a sister and a brother. Schultz had a natural talent as an athlete as he spent most of his time playing sports. With this talent, an athlete scholarship to Northern Michigan University was rewarded after graduating from Canarsie High School in 1971. In 1975, Schultz graduated from Northern Michigan University with a bachelor degree in speech communications.
Howard Schultz worked as a salesman as a full sales representative when he was a fresh graduate. Then, he became a general manager for a Swedish drip coffee maker manufacturer, Hammarplast, where he was in charge of a number of twenty staffs. The number of plastic cone filters bought by Starbucks Coffee Company caught Shultz’s eye as he was intrigued to why this coffee-bean shop would’ve bought such a huge sum. He took the initiative to visit the coffee-bean shop that he was so interested about in Seattle. Schultz was impressed with the company’s knowledge on coffee and grabbed the opportunity to keep in contact with the company over the next year. He also expressed his interest in working with them together. Soon, he joined the team in Starbucks as the Director of Marketing.
Whilst on a business trip to Milan, Italy for Starbucks Coffee Company, Schultz realized that coffee bars were present on almost every street he was on. Soon, he learned that coffee bars weren’t only serving usual coffees but instead, they also served as a great hangout or meeting space for working and non-working people around. Once he returned from the trip, Schultz gave his all to persuaded the owners of Starbucks to serve traditional espresso beverages as an additional offer to the current ones like coffee drinks and teas. The first try of the café concept was successful however, the owners refused to continue with the idea and also refused to launch the idea to the whole company, clarifying they did not and had not plan for Starbucks to be in the restaurant business field. Schultz left Starbucks out of frustration in 1985 and was determined to open the first store to start the business. He needed $4000,000 in order to open the store but simply did not have the amount as his wife was pregnant with their first baby. Schultz was offered help from the owners of Starbucks Coffee Company and received $100,000 from a doctor who was impressed by Schultz’s energy to “take a risk”. Within a year, he managed to gather all the money needed to open the first store; II Giornale, which was named after a Milanese newspaper. Schultz’s store serves ice cream with coffee, a space with little seating and also opera music as the background to portray an Italian experience. Two years down the road, with the help of investors, Schultz bought Starbucks Coffee Company and merged II Giornale with it. He renamed the company to Starbucks. Starbucks gained massive expansion across the United States as Schultz reached beyond points to aggressively expand the company. Later on, Schultz wrote two books regarding the company.
After an eight-year hiatus, Schultz returned as CEO of Starbucks in 2008. By this period of time, he was earning a huge sum that consists of 7 digits, almost to 8, which included a base salary.