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As Starbucks has been amongst the big success stories in the business world of the last two decades, a lot can be learnt by studying their growth trajectory and business strategies undertaken. Four key lessons emerge from the Starbucks success story. First of all every visionary entrepreneur needs to have patience. The corporate strategy must be developed to take long term thinking and not abandon the same for short term gains. Each company that wishes to succeed needs to keep watch over business innovations round the corner which could apply to one’s own business. Tastes and preferences of customers also keep changing with time. This is especially true for services that are not absolutely essential for survival.

Source: http://www.innovationexcellence.com/blog/2016/03/02/a-slow-brew-what-starbucks-teaches-us-about-the-importance-of-innovation-and-timing-part-2-of-2/

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