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AI Summary
- Magic Johnson secured historic Starbucks partnership and built a 125-location empire after proving business acumen by flipping a shopping center deal in the inner city, overcoming initial bank rejections
- CalPERS eventually funded Magic's ventures after he demonstrated profitability, opening doors to partnerships despite skepticism that minority communities would pay premium prices for coffee
- Magic's vision brought movie theaters and coffee shops to underserved inner-city communities others ignored, revolutionizing these areas while proving minority entrepreneurs could drive significant returns
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