Dictation 1: Unit 10_Entrepreneurs and Innovators

Hello.
Good morning, and thank you for inviting me to speak at the fourth a_______ i________ and
b_______ c__________.
It's a pleasure to be here.
My topic this morning is something that is, I can see, very r____________ to many of you.
Many of you have paper cups in your hands.
Right now, it's coffee and a little company called Starbucks that all of you have heard of.
And although the company isn't actually little anymore, it did ____________________.
I'd like to talk to you today about the man who _____________ the company, Howard Schultz,
and about some of the things he's done along the way that have
________________________________________________.
Perhaps these same ideas could lead to more success for your companies as well.
In the early days, Schultz was ________________________.
He had _______________________ to bring the coffee culture of European countries to the
United States.
But of course, he needed money to get started, so he needed to find ___________________.
But it was quite difficult for Shultz to find those investors for two main reasons.
First, they didn’t understand why anyone would pay extra for a _________________________.
And this created a lot of ___________ about the whole idea.
Would they eventually get their money back?
Now, of course, it seems like the world was just waiting for a good cafe latte to come along
I’ve certainly bought my share of fancy coffee drinks.
Okay.
The other reason for the uncertainty among possible investors was the fact that Schultz kept
talking about using his company to do good things.
That was unusual, since the main focus of most businesses is _____________________.
If you ask me, focusing only on making money is a great way to _________________________.
But I suppose a lot of people would disagree with me on that.
So what is Starbucks model for success?
To begin with, ________________________ is an essential part of the Starbucks business
model, and it's an idea that many businesses could learn from, I think.
In fact, I really shouldn't use the term employees to refer to the people who work at Starbucks,
since they're actually called partners.
As you know, ___________________________________.
So I guess Starbucks wants to show its employees how important they are to the company.
A well-known quotation from Schultz is that ________________________, and Starbucks does
share its profits with its employees.
Sorry, with its partners.
Not only are Starbucks wages a little higher than in other service jobs, partners who work
enough hours can receive stock in the company.
I mean, how great is that?
If Starbucks has a good year, their employee stockholders also have a good year.
Now let’s think back to a younger Howard Schultz trying to convince investors that
__________________________, you know, in order to make a bigger profit, he was planning to
pay his employees more in order to make their lives better.
It must have been a difficult idea for the investors to accept.
Well, Schultz was persistent and he had ________________________.
And in light of how quickly Starbucks grew, that persistence clearly ____________________.
Another important aspect of the Starbucks business model has been to treat the customers as
individuals and to value them as people.
It's no accident that ________________________________ and that the coffee can be
customized in any number of ways to suit your taste.
According to the company website, our __________ is to inspire and nurture the human spirit.
One person, one cup and one neighborhood at a time.
Okay, as long as we're trying to learn lessons from Schultz and his company, it's important to
point out that Starbucks ____________________ along the way.
Schultz has given up his position as CEO on more than one occasion over the years.
The first time was in 2000 and the company experienced some major problems as a result.
Those problems were caused by the company moving away from Schultzs Original vision.
Instead, after Schulz quit, they moved away from being a company that cared about its
employees and focused on making _____________________.
And though every company _____________ over time…