The Starbucks Experience is an interesting quick read that served to remind us what it takes to be the best. We have to think bigger and broader than our competitors and be the best that we can be. Here's two lessons:
1. Great companies (or great individuals for that matter) are always at 100%. Everything matters and no details can be overlooked. We all have our up and down days but to be truly great, we strive to be the best all the time. Great sportsmen, great companies are constantly doing that. That is what it takes to be at the top of the game.
2. Embrace resistance. Nothing in nature grows without facing limiting forces. To work with resistane effectively, one must distinguish between good and bad criticism. We take heed of good criticism while ignoring those that are not true. It is also essential to correct misinformation swiftly. By taking these steps well, we can then grow.
There are only very few retail food chains that has grown so big and sustained for so long. After reading the book, I gained a better understanding why Starbucks is one of them, always trading at very high PER and is currently a USD 120bn company despite its business being brick-and-mortar and being hit badly by the coronavirus.
This is a stock that I would love to own someday. Happy holidays and wising everyone a huat 2021 ahead!