6 Entrepreneurship Lessons to Learn From Starbucks

“A successful entrepreneur is one who never stops learning and implements everything that he/she has learned.” These lines fit perfectly for the three individuals who founded one of the most successful coffee businesses, Starbucks.

English teacher Jerry Baldwin, history teacher Zev Siegel, and writer Gordon Bowker had a vision. They wanted to start a business that would keep on thriving for years to come when they were students and they started Starbucks in 1971.

Today, it’s a billion dollar business with over $22.39 billion revenue in a year and has more than 29,324 stores world-wide.

Entrepreneurs can learn a lot from Starbucks as it is one of the biggest coffee stores today. In fact, companies like Afpkg look up to it.

Here are 6 entrepreneurship lessons to learn from Starbucks:

1. Set A Mission

Starting a business with no mission is a mistake that can turn out to be very costly. A lot of entrepreneurs tend to follow this approach and fail miserably and this is also the reason why 90% of startups fail.

If we consider Starbucks in this matter, it had one goal since the beginning – to inspire and capture the attention of its customers.

What separates Starbucks from many other coffee businesses is that it’s not just a coffee house but a haven for people to spend time at and socialize while drinking top-notch, quality coffee.

Moreover, the mission of this business was to expand as much as possible and in a few years’ time, it managed to capture the attention of coffee lovers from almost all over the world as it serves in 65 different countries and is planning to expand more.

Therefore, your first step should be to have a mission so that you can work on it slowly and reach it eventually.

2. Create Memories For The Customer

Unlike Starbucks, there aren’t many businesses out there who give a thought about creating unforgettable experiences for their customers. No matter the gender, age, profession or race, Starbucks welcomes all.

You’ll see lovers on a date, an old couple revisiting a memory related to Starbucks which they experienced in the past, students sharing a laugh together and a lot of other characters, too.

The reason that so many people love to visit the place, again and again, is not just a delicious cup of coffee but the environment and treatment Starbucks offers.

You can implement the same in your business and come up with strategies that can carve memories in the heart of your customers.

3. Make The Customer Happy

The former CEO of Starbucks, Howard Schultz, was moved when he saw the hospitality provided in the Italian Coffee culture, despite it being a small business. The memory got carved in his heart and he tried to implement the same in his business.

Today, no matter which Starbucks outlet we visit, the employees working there are generous, hospitable, and polite to customers and this has quite an impact on customers.

This is one of the reasons that Starbucks loyal customers visit it sixteen times in a month because the coffee, the place, the environment, and the hospitality make them happy.

4. Stand Out From Rivals

From larger cup sizes to writing customer names on the cup, from providing more than 80,000 flavors to offering customization options, Starbucks does it all.

One of the most interesting things done by Starbucks is offering customers to pay from their mobile phones. It requires customers to download the app and pay through mobile order. This is not only convenient but innovative as well.

5. Partnership With The Right Company

Starbucks has always been a smart business when it comes to pairing up with other companies.

In 1993, Starbucks partnered with a book company called Barnes And Noble because what could be a better combination than reading a book and sipping a cup of coffee?

In 2006, Starbucks joined hands with Apple. The partnership benefitted both the companies. Starbucks helped promote iTunes by playing songs available on the store and the coffee house provided good music for free in return.

It has also paired up with several NGOs and companies that work for a cause. This has helped the business receive excellent boosts from time to time and win people’s hearts.

You can implement the same approach in your business and choose partners wisely.

6. Using Social Media Platforms Like A Champ

Starbucks not only promotes its products but also shares customer experiences and their pictures when they are having a great time in Starbucks coffeehouse.

This is a successful branding technique because it attracts more and more customers.

The Conclusion

Starbucks is one of the world’s biggest businesses and is still growing with newer strategies. Take note of how it does business and implement the best practices.