Howard Schultz, Chairman Emeritus of Starbucks Coffee
In this episode of Talks at GS, filmed at Goldman Sachs’ Builders + Innovators Summit, Howard Schultz talks about what he learned from growing Starbucks into a global brand, how to incorporate social consciousness into a company, and how he balances short-term costs with long-term goals.
On building the Starbucks brand: “Starbucks, perhaps, was one of the first classic experiential brands. What do I mean by that? The experience in our stores created the equity of the brand. And so, what I preached for these many years is that first and foremost, the equity of the brand is the person wearing the green apron—our people. They're the ones who are carrying the message. And so our goal as managers and leaders in thinking about the brand is to exceed the expectations of our people so they can exceed the expectations of our customers.”
On balancing short-term costs with long-term goals: “We all have a fiduciary responsibility to the people giving us the money to build our company, but I think you always have to ask yourself, how do you make a deposit in the reservoir of the values of the company? And if that reservoir is getting too dry, then you've got to figure out a way to make it because the long-term solution is not chasing the money. The long-term solution is building a great enduring company with your people.”