let me begin by by saying something that perhaps is not generally talked about in
perhaps is not generally talked about in
perhaps is not generally talked about in business and it’s a word that I use to
business and it’s a word that I use to
business and it’s a word that I use to categorize one of the chapters in the
categorize one of the chapters in the
categorize one of the chapters in the book it’s not a word that generally is
book it’s not a word that generally is
book it’s not a word that generally is used in business schools or in business
used in business schools or in business
used in business schools or in business classes and it’s love I’ve been at
classes and it’s love I’ve been at
classes and it’s love I’ve been at Starbucks almost 30 years and I came
Starbucks almost 30 years and I came
Starbucks almost 30 years and I came back to the company in January of o8
back to the company in January of o8
back to the company in January of o8 because of unbridled enthusiasm and love
because of unbridled enthusiasm and love
because of unbridled enthusiasm and love and affection for the company and
and affection for the company and
and affection for the company and 200,000 people who wear the green apron
200,000 people who wear the green apron
200,000 people who wear the green apron and my deep responsibilities to them and
and my deep responsibilities to them and
and my deep responsibilities to them and their families to restore the company
their families to restore the company
their families to restore the company back to its rightful place and other
back to its rightful place and other
back to its rightful place and other than my family I can honestly say that
than my family I can honestly say that
than my family I can honestly say that there isn’t anything that I would not do
there isn’t anything that I would not do
there isn’t anything that I would not do to defend this company and certainly
to defend this company and certainly
to defend this company and certainly enhance its standing in the marketplace
enhance its standing in the marketplace
enhance its standing in the marketplace Starbucks Coffee Company in a very
Starbucks Coffee Company in a very
Starbucks Coffee Company in a very unique way not better than any other
unique way not better than any other
unique way not better than any other company a set out to build a different
company a set out to build a different
company a set out to build a different type of business model and that business
type of business model and that business
type of business model and that business model was based on core values that
model was based on core values that
model was based on core values that specifically was designed to achieve the
specifically was designed to achieve the
specifically was designed to achieve the fragile balance between profitability
fragile balance between profitability
fragile balance between profitability and a social conscience it’s important
and a social conscience it’s important
and a social conscience it’s important that you understand that the foundation
that you understand that the foundation
that you understand that the foundation of the company was created in a very
of the company was created in a very
of the company was created in a very unique way and and that uniqueness in in
unique way and and that uniqueness in in
unique way and and that uniqueness in in in in a very in a way that is hard to
in in a very in a way that is hard to
in in a very in a way that is hard to understand but I’ll trying to explain it
understand but I’ll trying to explain it
understand but I’ll trying to explain it is linked to me not because of my ego or
is linked to me not because of my ego or
is linked to me not because of my ego or my strength of conviction but what I
my strength of conviction but what I
my strength of conviction but what I experienced as a young child I grew up
experienced as a young child I grew up
experienced as a young child I grew up in Brooklyn New York and for those of
in Brooklyn New York and for those of
in Brooklyn New York and for those of you on the East Coast you would be
you on the East Coast you would be
you on the East Coast you would be familiar with the term the projects for
familiar with the term the projects for
familiar with the term the projects for those of you on the west coast it’s
those of you on the west coast it’s
those of you on the west coast it’s federally subsidized housing
and my dad never made more than $20,000
and my dad never made more than $20,000 a year we were a blue-collar lower-class
a year we were a blue-collar lower-class
a year we were a blue-collar lower-class family the rent when I was a kid that my
family the rent when I was a kid that my
family the rent when I was a kid that my parents were paying was 96 dollars a
parents were paying was 96 dollars a
parents were paying was 96 dollars a month for a one-bedroom apartment and it
month for a one-bedroom apartment and it
month for a one-bedroom apartment and it was a tough childhood when I was 7 years
was a tough childhood when I was 7 years
was a tough childhood when I was 7 years old I came home from school 1960 and I
old I came home from school 1960 and I
old I came home from school 1960 and I walked in and my father was spread on a
walked in and my father was spread on a
walked in and my father was spread on a couch with a cast from his waist to his
couch with a cast from his waist to his
couch with a cast from his waist to his ankle he had a terrible he had a series
ankle he had a terrible he had a series
ankle he had a terrible he had a series of really bad jaws but this one
of really bad jaws but this one
of really bad jaws but this one particular job was probably the worst
particular job was probably the worst
particular job was probably the worst he was a diaper delivery man before the
he was a diaper delivery man before the
he was a diaper delivery man before the invention of pampers you can imagine and
invention of pampers you can imagine and
invention of pampers you can imagine and he fell on a sheet of ice and broke his
he fell on a sheet of ice and broke his
he fell on a sheet of ice and broke his hip and an ankle and in 1960 if you were
hip and an ankle and in 1960 if you were
hip and an ankle and in 1960 if you were a blue-collar worker and you got hurt on
a blue-collar worker and you got hurt on
a blue-collar worker and you got hurt on the job you were basically dismissed
the job you were basically dismissed
the job you were basically dismissed there was no workmen’s compensation
there was no workmen’s compensation
there was no workmen’s compensation there was no health insurance and we
there was no health insurance and we
there was no health insurance and we were just I was witnessing at the age of
were just I was witnessing at the age of
were just I was witnessing at the age of 7 literally the fracturing of the
7 literally the fracturing of the
7 literally the fracturing of the American dream
American dream
American dream and and I witnessed what my parents went
and and I witnessed what my parents went
and and I witnessed what my parents went through in terms of my father’s
through in terms of my father’s
through in terms of my father’s self-esteem and just what it was like to
self-esteem and just what it was like to
self-esteem and just what it was like to be left behind now I never imagined my
be left behind now I never imagined my
be left behind now I never imagined my wildest dreams at a kid from Brooklyn on
wildest dreams at a kid from Brooklyn on
wildest dreams at a kid from Brooklyn on the other side of the tracks would one
the other side of the tracks would one
the other side of the tracks would one day be in a position to be part of a
day be in a position to be part of a
day be in a position to be part of a great company or certainly be in a
great company or certainly be in a
great company or certainly be in a position to build a great company but
position to build a great company but
position to build a great company but once I was I realized that that
once I was I realized that that
once I was I realized that that imprinting moment at the age of 7 in
imprinting moment at the age of 7 in
imprinting moment at the age of 7 in 1960 needed to be linked to something
1960 needed to be linked to something
1960 needed to be linked to something for the future of our company and in a
for the future of our company and in a
for the future of our company and in a way I wanted to try and build the kind
way I wanted to try and build the kind
way I wanted to try and build the kind of company that my father never got a
of company that my father never got a
of company that my father never got a chance to work for so almost 26 years
chance to work for so almost 26 years
chance to work for so almost 26 years ago
ago
ago Starbucks became the first company in
Starbucks became the first company in
Starbucks became the first company in America to provide comprehensive health
America to provide comprehensive health
America to provide comprehensive health insurance and equity in the form of
insurance and equity in the form of
insurance and equity in the form of stock options to every single employee
stock options to every single employee
stock options to every single employee including part-time workers that was a
including part-time workers that was a
including part-time workers that was a huge huge commitment on our part and we
huge huge commitment on our part and we
huge huge commitment on our part and we did that when we were a private company
did that when we were a private company
did that when we were a private company still losing money fast forward that
still losing money fast forward that
still losing money fast forward that benefit today will cost Starbucks this
benefit today will cost Starbucks this
benefit today will cost Starbucks this year 256
year 256
year 256 million dollars our largest single line
million dollars our largest single line
million dollars our largest single line item on our income statement other than
item on our income statement other than
item on our income statement other than the price and other than green coffee
the price and other than green coffee
the price and other than green coffee for the whole corporation
”
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