Entrepreneurial Lessons From Starbucks Founders

3 Memorable Takeaways

Travel is an educational tool that provides
cultural as well as business insights for observers.

It was a trip to Italy where future CEO Howard Schultz first noticed how
the culture there interacted with their coffee in a community setting.
Schultz at the time an employee for a company that only sold
coffee beans tried to persuade his bosses to change their business model.
They were not interested.

Considering how it later turned out were
the original founders shortsighted?

An argument could easily be made that both Schultz and Schultz’s
bosses were correct. Using the metaphor of the Blind Men and the Elephant,
Shultz was positioned atop the elephant and could envision
all sorts of possibilities for an idea that appealed to his values.

On the other hand, Schultz’s bosses could not see the possibilities
from their vantage point…

They had chosen a business model they believed in and could execute.
But Schultz’s new idea would have meant a different set of business tasks and responsibilities outside their interests, motivational levels,
and possibly outside their skill set.

Love of literature and lack of marketing savvy can lead to
amusing and costly mistakes while dreaming up
a new product name.

Pequods reportedly was the name selected before Starbucks was favored…
Takeaway:
1. Draf and evaluating taglines for each name considered
2. Record the names and listening to the playback
3. Place choices on a bulletin board or computer
screen for visual study.

But most important, in addition to observing product naming rules,
check each syllable of the title in question. Look for overlooked issues that
might clash with the product being named.

Peaquods is the whaling ship in the novel Moby Dick.
Can you figure out why the name was scrapped?
See the Mental Floss link.

Dee Adams is the author of
Finding Your Niche: Discover…
https://nichecreativity.com/finding-your-niche-ebook/

References

Own-Super Soul Sunday
Howard Shultz on Building A Business With Soul

Mental Floss.com
10 Things You Don’t know about Starbucks