Business Model Names – Called by many “the McDonald’s of coffee,” Starbucks is perhaps the most famous coffee chain in the world, with more than 21,500 stores in 64 countries. And, as Starbucks itself says, the company isn’t just “passionate” about coffee, but everything that goes with it:
We also offer premium teas, fine pastries and other delicacies to delight the taste buds. And the music you hear in store is chosen for its artistry and appeal. It is not unusual to see people coming to Starbucks to chat, meet or even work. We’re a neighborhood gathering place, part of the daily routine — and we couldn’t be happier about it.
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The story of Starbucks begins in the early 1970s with three students at the University of San Francisco: English teacher Jerry Baldwin, history teacher Zev Siegel, and author Gordon Bowker. The three of them met Alfred Peet, a coffee roaster, who taught them the style of roasting beans.
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After that, they decided to sell high-quality coffee beans and equipment. Before the foundation, Bowker owned an advertising agency with Terry Heckler, who said words beginning with “st” were powerful. So, the founders looked up a list of words beginning with “st,” and found a mining town called “Starbo.” From there, they remembered the name of the main companion in the Moby-Dick book: “Starbuck”. And thus the first Starbucks was born on March 31, 1971 in Seattle, Washington.
Following the initial idea, this first store sold only whole roasted coffee beans until 1976. Five years later, Howard Schultz (Starbucks chairman and CEO from 1986 to 2000, and again from 2008 to 2017) entered a Starbucks store. He joined the company as director of retail operations and marketing the year after Starbucks began serving coffee to fine dining restaurants and espresso bars. In 1983, Schultz traveled to Italy and was impressed with the espresso bars of Milan and saw the potential to develop a similar coffeehouse culture back in Seattle.
So, in 1985, Schultz founded Il Giornale, a coffeehouse that served brewed coffee and espresso drinks made with Starbucks ® coffee beans. Two years later, the original founders sold Starbucks to Schultz. He rebranded his Il Giornale cafes as Starbucks and began expanding the company. By the year 1989, there were 55 Starbucks stores in the United States. Starbucks completed an initial public offering (IPO) on the stock market in mid-1992 with revenues of $73.5 million and a market value of $271 million.
Four years later, its first store outside of North America opened in Tokyo. And, finally, these days, according to Fortune, Starbucks is one of the 500 largest United States corporations by revenue, with a market value of $100 billion and 32,660 stores worldwide.
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In 2022, one of Starbucks’ key executives, Howard Schultz, returned as the company’s CEO, having previously held the position from 1986 to 2000, and then again from 2008 to 2017, as previously mentioned.
To inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.
Simply put, Starbucks makes money by selling coffee, tea, food and other beverages in its company-operated or licensed stores. Other revenues also come from royalty and licensing income, consumer-packaged goods, food service, etc., as Starbucks products can be found in grocery stores, convenience chains, and other places where beverages are sold. Although nearly half of its stores are franchised, Starbucks still makes most of its money from its company-operated stores: this segment makes 81.5% ($22.4 billion) of total revenue, nearly ten times the revenue of its licensed stores. However, it is fair to highlight that licensed stores have shown the highest revenue growth.
Starbucks business model lacks customer segmentation. Anyone who wants high-quality coffee is part of Starbucks’ customer segment. In other words, mass market.
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Employees make and deliver products to customers and assist them in any way they can. This ensures a loyal customer base for the brand.
Sale of beverage (especially coffee) and food in company operated or licensed stores, royalties and licences, packaged goods etc.
Starbucks is a huge coffee company and has an enormous market share. Although the mentioned threats and weaknesses have their explanations and the designated vulnerabilities need to be taken care of, it is still a company that completely dominates its market, and has somewhat disappeared its rivals in the last decade.
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Back in 2011, I joined the International MBA. Coming from a law background, an MBA was a quick way to change direction.
I wanted to pursue a career in business (as an entrepreneur, not a manager). And I wanted to quickly find a career path to move to the US (I’m originally from Italy).
Fast forward to 2013, after completing my MBA, I was able to land a job as an analyst in California with an emphasis on corporate finance and business strategy.
However, rather than being an entrepreneur, I settled into a fixed career path where I – like in the military – felt I had to take a few simple steps and wait a few more years to move up the ladder.
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Fast forward four years since the start of my MBA and three years into my new life in California. I was not satisfied with the career journey I got through MBA.
That’s not why I joined MBA. So I resigned, moved back to Italy, and started my own digital business (a lot of things happened in between, like me moving to NYC for a few months, but for the sake of brevity, let’s skip that part for now).
I found that many of the things I learned in business school were very useful for a linear career path in a corporation.
They didn’t help me as a digital entrepreneur. So I had to go back to studying on my own, experimenting a lot, and in the process, learning some new things from scratch.
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To make things more interesting, I also joined a high-tech startup back in 2016, for which I still head the enterprise unit.
This is a real business world journey and I have learned the hard way over the years to help you make progress into the uncertain business world.
FW is not about quick business education for its own sake; It’s about the minimum dose of business education that leads to action rather than paralysis;
About original and independent research, the fruit of thousands of hours of analysis, study and critical thinking.
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The name might fool you into thinking you’ll learn everything you need to know in four weeks.
Instead, the concept is about embarking on a journey where, in a few weeks, you can learn the basics and apply advanced business concepts to the real world.
Personally, it took me years to master some of the concepts I cover on this blog, and often the transition involves forgetting things that are no longer relevant or never existed.
The real world is very relevant. Things that work in one context may not work, or worse, be disastrous in a new context and environment.
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That’s why I try to stay anonymous. There are tons of tools, frameworks, and methodologies you can use, but each should be evaluated against the environment you find yourself in.
But the process is important. This process remains the same because it helps you understand the context quickly.
In 2015 when I completely shifted focus from my previous career to building digital businesses, I found that the education I acquired through MBA did not help me much in building a digital business.
So I set out to document my new journey and as I went through it I thought about building resources for the business school I wanted to attend while I was building my own business.
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As I release more material into the world, I can gather feedback on whether those resources will be valuable to other learners in the real world, and that’s what drew me in, and still, that’s what keeps me going.
When I hear people send messages about how they worked on resources from; how they started their business; It’s how they’ve transitioned in a career or stepped into a new role that gives me satisfaction and joy.
In order to pursue my passion, research and help more people learn advanced business concepts, I had to sustain myself financially.
The blog is primarily monetized through premium products (courses, books, subscriptions, sponsorships) for people who want to take their knowledge to the next level.
Course Name: Entrepreneurship And Innovation. Company
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