Starbucks was founded in 1971 in Seattle's Pike Place Market by three partners. It was inspired by entrepreneur Alfred Peet and his high quality coffee. As of 2010, Starbucks had over 16,000 stores in 50 countries with around 137,000 employees worldwide. The company aims to establish itself as the most recognized and respected brand globally while increasing profits and attracting new customer segments. It faces challenges from major competitors and managing its large number of stores.