write an essay about :Howard Schultz (Starbucks) .Present the challenges they had to go through in their entrepreneur journey. It can be related to the following aspects (not exclusively):● financial...

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Title: Challenges Faced By Starbucks
Contents
Introduction    3
Challenges    3
Conclusion    5
Works Cited    7
Introduction
    Starbucks is one of the strongest restaurants in the hospitality industry right now. In spite of sales for the first two quarters of the year were comparably below its past average, comparable growth of Starbucks met expectations in the third quarter. Since, then the revenue of Starbucks has grown consistently at a remarkable proportion in the year. However, all the achievements were not easy to earn for Starbucks. It had to go through several challenges in its entrepreneur journey, to be where they are today. This paper explains the various challenges such as financial, skills, technological, marketing, ethics, culture, cultural gap, hiring and many more that the brand had faced through its entrepreneur journey.
Challenges
    Financial – The largest coffee retailers of the world, Starbucks also had financial meltdown but it has pulled out itself from this meltdown by making even its procedures with demands of the consumers with the help of social media. Starbucks has been the most respectful brand, founded in 1971 in Seattle and had won many awards. Although, its quality remained incontestable, it price had been higher always compared to those coffees served in domestic coffee shops in different countries. And this is one of the challenges faced by the brand and led to its financial slowdown in 2008 because consumers choose cheaper coffee alternatives for their regular coffee drinks. This led to the forced shutdown of 600 outlets that were not making profits and the profits had come down to 28 per cent by 30 March 2008, compared to the similar period in 2007. Moreover, it had shut down another 300 outlets and 6,700 employees were laid off. Nonetheless, Howard D. Schultz returned as CEO on 8 January 2008, after the gap of 8 years to pull out Starbucks of its financial meltdown period (Forbes).
    Technology – To stay connected with its customers and improve its business, Starbucks had launched its e-commerce website first-generation in 1998. This resulted in the eradication of the technological issues between the brand and its customers and both connected better. Performance and expansion of the brand improved, as the company with its technological tools now can...