In his MasterClass, Starbucks CEO Howard Schultz shares business strategies relevant to basketball. Learn from other domains, carrying fresh ideas. I've promoted the Starbucks LATTE principle here.
Do a personal inventory of your time, priorities, and impact. Adjust based on our findings.
Our "income statement" should be a report card of what we already know. We need a feel for the health and values of the company. Our team is our company. Did enough of us get "in the mud," getting our hands dirty?
At the BOD meetings, Schultz keeps two empty chairs, one representing an employee (player) and the other a customer (community). Does our business (team) make our people and our community proud?
In evaluating management hires, ask what book are they reading and why? We're looking for clues about our prospective leader's curiosity and values as well as building relationships.
After hiring, it may still not work. Schultz says, "This is who we are; it appears this is who you are. I don't think it's a fit."
The Starbucks CEO expects, "one standard for everybody." If we tolerate mediocrity from one person, then do we accept it from everyone? He says uniform terminology help establish what excellence is. "Our individual and collective responsibility is to the 300,000 plus people...to preserve and enhance the company for them and their family."
"Investors" in our program have responsibility. Schultz does due diligence of those who want to provide capital to his operation. Investors should believe in the opportunity but not underestimate the degree of difficulty of fulfillment. His coaching equivalent examines the track record of the families in our programs. That sounds nearly impossible.
Innovate don't disrupt a category. Schultz asks, "Where do you see opportunities to improve on accepted practices?" Many young players and teams don't communicate (talk) well, don't collaborate enough, and don't compete "off the ball" (movement, defense) at an acceptable level. Can we change these or other accepted practices?
"Control is about performance." You might have a smaller percent of equity but maintain control through outstanding performance. A high equity stake with poor performance leads to loss of control. Performance equals power.
What is our rate of return? "You will be served well if you underpromise and overdeliver." We all have plus and minus experiences with players and investors (parents). Satisfaction doesn't always predict a player's ultimate success. I've coached players who made varsity early and had big roles despite parents dissatisfied with my coaching. Don't overthink it. Director Mira Nair says have "the soul of a poet and the skin of an elephant."
Summary:
- Do a personal inventory. Adjust.
- Keep empty chairs.
- Never underestimate the difficulty for success.
- Innovate don't disrupt.
- Performance equals power
- Underpromise and overdeliver.
- Have a thick skin.
Lagniappe: Howard Schultz says the best cup of coffee comes from:
1) Boiling water
2) Aged Sumatra coffee (preferably from Starbucks)
3) A French press
Lagniappe 2: Xing screens of the top of the zone from @BBallImmersion
Did you like this concept from the Utah Jazz in my latest compilation outlining some NBA zone offense basketball plays and concepts? Seems to be applicable at all levels. Watch the full edit https://t.co/IdvuD701Em pic.twitter.com/AgLRbEGDgv— Chris Oliver (@BBallImmersion) March 11, 2020
Lagniappe 3: If looking for mentoring, what are your goals and expectations? Here are recommendations from Schultz:
What would you like to learn from a mentor?
What would you like that relationship to look
like? Write down:
— Three specific skills you’d like to learn from someone with more experience.
— Three potential people you could approach for mentorship.
— How much time you would feel comfortable asking from each person.
— Three specific skills you’d like to learn from someone with more experience.
— Three potential people you could approach for mentorship.
— How much time you would feel comfortable asking from each person.