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Howard Schultz

The success story of Howard Schultz: From Rags to Riches

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Howard Schultz is the co-founder of the Schultz Family Foundation and former CEO/Chairman of Starbucks. He is most known for having penned the success tale of the American international network of coffee shops.

Howard Schultz
Image Source: forbes.com

Early Life

Howard Shultz was born in Brooklyn, New York. His great-grandfathers were tailors and barrel manufacturers, like many other Americans, and they were immigrants themselves. Both of his parents dropped out of high school, and after the war, his father took low-wage labor jobs. Initially, he considered playing football as a possible career, but his plans to attend Northern Michigan University on a sports scholarship were never realized.

Read More: A College Dropout who built a $20 billion Company Figma

Instead, he remained at NMU and used college debt and part-time jobs to support himself while he was a student. After getting his degree, Schultz stayed in Michigan and spent one year working at a ski resort. After working as a salesperson for Xerox in New York City, he was hired in 1979 as general manager of Swedish cookware company PAI Partners’ American subsidiary, Hammarplast.

Schultz oversaw the American business of the coffee maker manufacturer Hammarplast. In 1981 he went to the Starbucks Coffee Co. in Seattle, to fulfill their orders for plastic cone filters for the first time.

Success Story

Howard Schultz was hired by Starbucks to serve as the company’s director of marketing and sales operations. The company solely sold coffee beans at the time. He transformed Starbucks into his life’s work in just one year. Then he thought that Starbucks ought to sell coffee drinks in addition to coffee beans.

He had this notion while traveling to Milan, Italy. This idea did not interest the Starbucks owners. After that, he decided to establish his own coffee shop, despite the significant financial difficulty. Nevertheless, he was able to secure funding and established three Il Giornale espresso cafes. The business later merged with Starbucks. Under Schultz’s leadership, Starbucks, with its headquarters in Washington, has undergone a significant expansion from 11 locations to more than 30,000.

Originally a regional coffee company, Starbucks has become the world’s leading coffee brand. In 1992, Schultz floated the company on the stock market and used the $271 million value to increase the number of stores in a series of well-publicized coffee wars. Schultz led a roughly $100 billion increase in Starbucks’ market cap from 2008 to 2017.

After 37 years of active management at Starbucks, Schultz announced his retirement on June 4, 2018, saying that he was considering running for president of the United States among other things. In the 2008’s financial crisis, Schultz took back his position as CEO.

Howard Schultz published a book in 2004 named, “Power of Appreciation: How Positive Thinking Can Change Your Life,” The book quickly rose to fame worldwide. In it, he argues that cultivating an attitude of appreciation and optimism is essential for success in any endeavor.

Schultz has committed his time to assisting others in achieving their goals in recent years and has emerged as an outspoken supporter of social responsibility. He also established the Schultz Family Foundation, which aims to open doors for those experiencing obstacles to achievement.

Its concentration is on underprivileged groups, such as persons of color, and youth transitioning into adulthood. In 2020, with a $4.3 billion net worth, Schultz was ranked by Forbes as the 209th-richest American.

Starbucks’ success story is entirely due to Howard Schultz. After all, Schultz was the one who transformed a little Seattle coffee shop into the most well-known coffee franchise in the world. He became a great company leader by taking risks, trying novel ideas, and remaining consistent and unwavering in his efforts.

Cosmas Maduka

The success story of Cosmas Maduka: Rise from Poverty to Billionaire

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Cosmas Maduka is a Nigerian entrepreneur and philanthropist. He is the founder, chairman, and president of the Coscharis Group. 

Cosmas Maduka
Image Source: guardian.ng

Early Life

Maduka was born in the City of Jos. At age of 6, two years after the death of his father, Maduka started his own business. To help support his mother, he stopped attending primary school and began selling Akara, a traditional Nigerian food staple derived from beans. When he was 7 years old he was taken to his uncle to work as an automotive apprentice.

He worked for his uncle in Lagos who sold motorbike parts. At the age of 14, unfortunately, his uncle released him of his responsibilities since Cosmas closed the shop to engage in some religious activity because of his newly discovered faith—Christianity. This incensed his uncle, who decided to compensate Cosmas for his seven years of work with N200. That undoubtedly served as Cosmas’s first solo business venture.

Success Story

Cosmas collaborated with his brother to form Maduka Brothers and began trading automotive parts. They shortly split up due to monetary issues. Cosmas used all the knowledge and contacts he gained while working for his uncle to help him succeed as an entrepreneur. He began purchasing and selling motorcycle parts. Additionally, he purchased items from Boulus Enterprise, a bike and motorcycle retailer. He’d purchase from them, take off the tags, and then sell.

He eventually formed a new partnership with his pal Dave. Its name was CosDave, but it shortly failed as a result of other discrepancies. In 1977, he founded Coscharis Motors, which is now known as Coscharis Group. His name, Cosmas, and his wife, Charity, are combined to form the name Coscharis. Coscharis began importing and distributing auto accessories, spare parts, and other things related to the automotive industry.

As the business developed and prospered, the government of Nigeria decided to issue importation licenses to 10 Nigerian companies in the 1980s. When Coscharis was one of the chosen businesses, a new era for the business began. Maduka claimed that his connections to the Japanese were the reason for his professional success.

Maduka claimed that because of his early interactions with the Japanese people, he was able to cultivate the qualities of dedication, humility, accuracy, and diligence that were essential to his professional success. He vowed to mention it in his autobiography. Cosmas Maduka holds directorships in a number of notable businesses and organizations.

From 2000-2012, he served as a Director at Access Bank Plc, one of the top banks in Nigeria. In 2012, Cosmos Maduka was one of the select individuals awarded the Commander of the Order of the Niger (CON) National Honors by President Goodluck Jonathan.

About Coscharis Group 

Coscharis Group is a conglomerate with a net worth of over $500 million Its various subsidiaries operate in the manufacturing, information and communications technology (ICT), auto care and auto component, automobile sales and services, petrochemical, and agricultural and agro-allied business sectors.

Range Rover, Ford, and Jaguar are just a few of the luxury car brands distributed by Coscharis Motors. Coscharis Motors earned the “Auto Brand of the Year” award at the Marketing World Awards in 2015. In the same year, it also became the sole distributor of BMW in Nigeria. It was also the first company to establish a Ford Ranger assembly plant in Nigeria.

In 2016, Anambra State granted Coscharis Farms permission to farm rice on 5000 hectares of land. Upon completion, the project is expected to employ over 3000 people. According to Top 50 Brands Nigeria, The Coscharis Group is among the list of top 50 brands in Nigeria.

kevin plank

Journey of Kevin Plank from being Broke to Billionaire

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Kevin Plank is a millionaire businessman and philanthropist from the United States. He is the founder of Under Armour, a company that manufactures sportswear, accessories, and footwear. Plank also serves as the company’s executive chairman. In 2021, his net worth was projected to be US$1.8 billion.

kevin plank
Image Source: forbes.com

Early Life

Kevin Plank was born and brought up in Kensington, Maryland. His father was a real estate developer and his mother was the mayor. Plank developed an interest in sports at a very young age while playing football with the Maplewood Maple Leafs. He attended St. John’s College for his high school education before enrolling in the University of Maryland, where he studied business administration and graduated with a BA and an MA.

Kevin Plank was entrepreneurial by nature. Even before starting Under Armour, he started several businesses while still being a university student. He launched many small firms and later utilized the profits to finance his big sportswear endeavor. One of them, Cupid’s Valentine, brought in roughly $17,000 on Valentine’s Day.

Success Story

An unexpected desire of Plank led to the idea for Under Armour. Plank was the most sweaty player on the football field and was searching for an option that’d keep him dry and comfortable as he played—something his sweaty cotton shirts couldn’t. He, therefore, started looking for a suitable material that would allow sweat to escape the body and help the player feel faster and lighter. Plank noticed that compression shorts remained dry during practice.

Hence, he decided to make clothes that vent away moisture using the same material. Before he discovered the ideal match, he evaluated at least seven prototypes. He invited his old teammates to test his method after explaining to them the way his T-shirt would substantially aid and boost their performance on the soccer field.

Additionally, Kevin Plank sent the T-shirts by mail to his pals, asking them to distribute them to the other teammates in the dressing room. As a result, Plank’s T-shirts began to gain popularity. He founded Under Armour in the basement of his grandmother’s home. For about $17,000, he made his first sale to Georgia Tech of his product. Soon thereafter, 20 NFL teams made purchases from him as well.

After his second year, he made sales of $100,000. The product eventually became more well-known, and renowned teams and stores began selling them. Under Armour’s first funding came from Planks’ own savings and debt. While still in college, Plank had earned about $20,000 from selling t-shirts at concerts.

Late in 1999, Plank spent almost all of Under Armour’s funds so that the business could purchase a $25,000 ad in ESPN The Magazine. The company’s staff also agreed to forgo their salary for a few weeks for this purpose.  This proved to be a turning point for the business.

Athletes and teams started buying the product as a result of this advertisement, which generated over $1 million in direct purchases for the subsequent year. In 2010, Plank’s business achieved $1 billion in yearly revenue for the very first time. He attained billionaire status in 2011 when his estimated net worth hit $1.05 billion.

Other Ventures

In 2015, Urban Armour paid over $475 million to acquire two important fitness programs, Endomondo and MyFitnessPall. This was to build a global digital healthcare system to compete with Apple, Fitbit, and Google. In 2014, Plank also donated $25 million to the University of Maryland to promote sports and academics.

Despite the initial setback, Plank managed to build a billion-dollar business. He credits his network of family, friends, and coworkers for this. Plank’s success story gives confidence to business owners who feel trapped after experiencing initial setbacks in their companies.

John Paul DeJoria

John Paul DeJoria Success Story: From Homeless to Millionaire

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John Paul DeJoria, is an American businessman, self-made billionaire, and philanthropist. He is best known for co-founding The Patrón Spirits Company and the Paul Mitchell hair care line. DeJoria is often referred to as a living embodiment of the American Dream. This is because of his achievements in his career and business.

John Paul DeJoria
Image Source: forbes.com

His success has moved him from homelessness to a self-made billionaire and prosperous entrepreneur. He has also been highlighted in numerous publications and documentaries.

Early Life

John Paul Jones DeJoria was born in Los Angeles, California. His father was an Italian immigrant and his mother was a Greek immigrant. He also has an elder brother. Before he turned two, his parents got divorced. When his single mother could not care for both of them, they were placed in a foster home in East Los Angeles.

They remained there remained for a week until John turned nine and reunited with his mother. At the age of nine, John started working alongside his elder brother to sell newspapers and Christmas cards to help support their family. John spent two years in the US Army, but when he got out he couldn’t afford an education. For the next few years, he worked as a caretaker, shampoo salesperson, and insurance salesman among other things.

He learned about hair-care products through his employment in 1971 at Redken Laboratories. He was terminated in 1975 owing to a difference of opinion over business tactics. He trained the management and sales personnel at Fermodyl Hair Care after this, but despite increasing sales, he was once more let go from his position. His subsequent position was with the Institute of Trichology, from where he was laid off because they were unable to pay his wage.

Success Story

Despite everything, John maintained his optimism and drive for success. He decided to launch a company in 1980 with his hairstylist buddy Paul Mitchell. Together they established John Paul Mitchell Systems with a $700 loan. They decided to create products for trained stylists which would help in reducing the amount of time needed to style a client’s hair.

A single-application shampoo and a leave-in conditioner were the company’s initial products. The company achieved over $1 million in gross revenue after two years of struggle, which signaled the start of something spectacular. John Paul Mitchell Systems(JPMS) currently sells more than 100 items in salons in about 87 different countries. JPMS was one of the first businesses to oppose animal cruelty testing.

John Paul DeJoria consistently backed environmental causes and provided funding to Gustin Energy Cos., which would conduct sophisticated oil and gas exploration while keeping the environment in mind. He founded Patreon Spirits Co. with his buddy Martin Cowley after the passing of Paul Mitchell in an attempt to produce smooth tequila. Additionally, his tequila business sells over 2 million cases of tequila annually.

Other Ventures

The Paul Mitchell Schools, which have over 100 locations in the USA, were also founded by John Paul. DeJoria works in both the film and business sectors of the economy. John appeared in several movies, including You Don’t Mess with the Zohan and The Big Tease. He has also appeared as an investor on the reality Television program Shark Tank. In 2021, John DeJoria and Leif Rogers declared their partnership.

Leif Rogers is a prominent plastic surgeon in California. He specializes in facial rejuvenation and microsurgical body restoration. According to John and Leif, they intend to use technology and innovation to improve the world through their business cooperation. They seek to provide answers to the enormous and expanding requirements of the rapidly changing globe.

John Paul DeJoria’s life story gives everyone the belief that everything is possible. His difficulties throughout life and his attitude of never giving up tell us that one shouldn’t quit working or waste valuable time sulking around; the only path forward is to continue ahead and give everything you’ve got.

Amr Awadallah

How a “geek from Egypt” built a billion-dollar data company Cloudera

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Amr Awadallah, an American computer scientist of Egyptian descent is a pioneer in the usage of Apache Hadoop for the analysis of data. He co-founded the company Cloudera. Today, Clouder has a valuation of over US$4.1 billion.  The company provides cutting-edge data management and advanced analytics using Apache Hadoop and the most current recent open-source technology. 

Amr Awadallah
Image Source: bizjournals.com

Early Life

Amr Awadallah worked as an Entrepreneur in Residence at Accel Partners before joining Cloudera. Prior to that, he was VP of Engineering at Yahoo!, where he oversaw a team that employed Apache Hadoop for business intelligence and data analysis across all of Yahoo’s web businesses. Amr Awadallah has a Doctorate in Electrical Engineering from Stanford University as well as a Bachelor’s, Master’s, and Doctorate in Electrical Engineering from Cairo University in Egypt.

Success Story

Amr’s journey is in many ways the essence of Silicon Valley. The story of a determined immigrant, a fateful turn, and the significance of being able to innovate while addressing a genuine customer problem.

Amr didn’t consider starting his own business when he was younger. Large incumbents controlled Egypt’s economy, making it difficult for newcomers to flourish. Amr moved abroad to pursue his doctorate studies because, like his father, he hoped to become a university professor. But when Amr moved to Palo Alto to obtain his Ph.D. at Stanford University, he was surprised by how close the big technology firms he had grown up hearing about were to him.

The “pivot” or change in the situation occurred at Stanford. He discovered that starting a business was feasible and that his experience as an immigrant had benefited him as an entrepreneur. Being an immigrant, he felt at ease with taking chances. He was prepared to leave his native country and everyone he knew, just like other immigrants, in order to embark on a new journey.

Amr thinks that a large number of technology companies are founded by immigrants in part because of this. At Yahoo, Amr held the position of VP of Product Intelligence Engineering. Amr was charged with creating an intelligent search feature for Yahoo, probably in an effort to take on Google.

Amr encountered numerous issues with performance, pricing, size, and flexibility when working on sizable BI and analysis at Yahoo that were caused by platforms like IBM, Oracle, and, Microstrategy. He was asked to explore Hadoop by Doug Cutting, a Yahoo coworker and former chairman of the Apache Software Foundation.

Doug built the original Hadoop software in 2004. Amr started using Hadoop at work, and over the course of the following two years, he was able to reduce the information processing pipeline and complete tasks 10 times more affordably than previously. Amr was persuaded about the effectiveness and affordability of Hadoop.

The same issues Amr had with BI and analytics were being experienced by many other businesses. The remedy turned out to be Hadoop. Soon a brand-new tech business was ready to launch; the founders presented the initial idea to Accel Partners and received the initial funding. In 2008, Amr Awadallah, Christophe Bisciglia, Jeff Hammerbacher, and Mike Olson together established Cloudera, Inc.

About the Company

American software provider Cloudera, Inc. offers enterprise data management tools that heavily rely on Apache Hadoop. Cloudera offers the Cloudera Data Platform which is a set of cloud computing and data processing-related technologies. Several of these solutions are delivered through publicly accessible cloud servers like Amazon Web Services or Microsoft Azure, whereas others are subscriber-only private cloud services. These products are marketed by Cloudera for use in data analysis and machine learning.

Falguni Nayar

Falguni Nayar: India’s wealthiest self-made female billionaire

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In the current modern times, women like Falguni Nayar are making noteworthy participation in the entrepreneurial network of India. Our country brags about successful businesswomen all over the world. Women-led startups offer about 35% higher ROI in comparison with the businesses led by men.

Falguni Nayar
Image Source: newsbytesapp.com

Women entrepreneurs play an important role in increasing job opportunities, wealth, and the nation’s development. The rich list has seen a rise in self-made entrepreneurs this year. Many she-preneurs have made it to the list during the current year increasing the number of women bosses from 13 to 55.

“What makes the Indian wealth creation story truly inspirational is that 67 percent of the list is self-made, up from 54 percent five years ago. Also, 79 percent of the new faces this year are self-made as well,” Anas Rahman Junaid, MD, and Chief Researcher, Hurun India stated. “The wealth creation engine of first-generation entrepreneurs and professional managers is on full throttle and is an important driver for India’s GDP to swiftly reach the $5 trillion mark”, He added.

“It is exhilarating to see the entrepreneurial ecosystem of India contribute a significant amount to this list with the rising number of women entrepreneurs and uptick in self-made entrepreneurs,” Co-Founder & Joint CEO, IIFL Wealth, Yatin Shah, stated.

Source: businesstoday.in

The IIFL Wealth Hurun India Rich List 2022 has become a little more inclusive in the present year. Founder and chief executive officer of Nykaa, Falguni Nayar, has surpassed ‘biotech queen’ and Biocon founder, Kiran Mazumdar Shaw (Net worth Rs. 24,800), to become the richest self-made woman in India and the seventh women billionaire on that list after a mega listing of her beauty and wellness e-commerce platform Nykaa.

Nykaa is India’s first Unicorn startup led by a woman. It was founded by Falguni Nayar in 2012, selling beauty and personal care products via its mobile app and website. Nykaa, which is a Sanskrit word for the actress, became quite popular with young techno-geek Indians, mostly women, who opt for the wide selection of brands in comparison with what was on offer at their local shops.

The 59-year-old Falguni Nayar became the second largest wealth gainer this year with an increase of 345 percent in her wealth after the businessman Ravi Modi of Vedant Fashions.

At the listing ceremony on Wednesday, Nayar said, “I hope the Nykaa journey – an Indian-born, Indian-owned, and Indian-managed dream-come-true – can inspire each of you.”

“The best part about Nykaa is that it lets me access so many global brands that had never been sold in India before,” said 30-year-old loyal customer Sanaeya to the AFP news agency.

Source: hindustantimes.com

Her rank increased by 169 positions to the 33rd spot and Her wealth ranked up by 345 percent, which is about 30,000 Crore INR in the previous year, to report a net worth of Rs. 38,700 Crore. Also, she ranks 5th in the Top 10 biggest gainers list. Nykaa’s wealth has increased by 1,388 percent in five years.

The e-commerce platform has also invested in a few companies this year. It declared the acquisition of an 18 percent stake in clean beauty brand Earth Rhythm for 42 Crore INR and a 60 percent stake in Nudge Wellness for 4 crore INR.

Nykaa’s popularity has increased and so did its brand appeal, with top Bollywood actors such as Katrina Kaif and other renowned social media influencers, and celebrities supporting the e-commerce platform breaking new ground in makeup carts and skincare for tech-savvy Indian women. The brand also developed its in-house brand of products in 2015 and start selling clothes and household products recently. It has a highly increasing street presence with 80 stores in over 40 Indian cities.