”Give back to society.” It’s one of the most important lessons that Ewing Marion Kauffman, the founder of Marion Laboratories and the Kauffman Foundation, tried to instill in the men and women he worked with.
Kauffman’s advice certainly resonated with Jim McGraw, who was Marion Labs’ chief operating officer and the chairman of the Kauffman Foundation board.
A few years ago, McGraw was inspired to start a program, LEAPP Ahead (www.leappahead.com), which shares practical advice based on Kauffman’s leadership philosophy. McGraw has delivered his free 45-minute workshop to thousands of local entrepreneurs.
The audience feedback has been very positive, and McGraw has gotten a lot out of the experience, too. “I have found it to be extremely rewarding,” McGraw said. “There’s a great psychological return.”
If you’re a longtime entrepreneur, the next generation of business owners needs the lessons you’ve learned, so they can be successful and avoid the pitfalls that doom so many young companies.
How to Help
One way to pass it on is by serving as a mentor. Kansas City is home to several organizations that recruit seasoned business owners and executives to coach less experienced entrepreneurs. Two of the best-known are SCORE and HEMP.
SCORE—the Service Corps of Retired Executives (kansascity.score.org)—is a program backed by the U.S. Small Business Administration. It offers free business counseling, especially to aspiring and new entrepreneurs.
The Helzberg Entrepreneurial Mentoring Program (HEMP) is for established entrepreneurs who want to take their companies to the next level. Like SCORE, veteran executives and business owners volunteer as mentors, though there is a fee and an application process for mentees. HEMP (www.hempkc.org) was created by Barnett Helzberg as a tribute to his mentor, Ewing Kauffman.
Many entrepreneurs also serve as mentors on an informal basis, outside an official organization. The mentees are often relatives or friends of friends. That’s how McGraw has gotten involved in several of his mentoring relationships over the years.
How to Help
McGraw shared some specific advice for entrepreneurs who decide to become mentors.
LISTEN FIRST Give your mentees time to talk, and don’t immediately cut in if you think an idea is weak. “Mentors have to realize that they’re a coach in the process,” McGraw said. “It’s imperative that the mentors listen to the people with their ideas.”
ASK GOOD QUESTIONS Instead of prescribing solutions, it’s often better to ask questions that help mentees work through their problems.
McGraw, for example, asks mentees—in a few sentences—to describe their product, describe its advantages, describe its advantages over other products and explain who pays for it. That exercise forces them to think about their business in fundamental terms.
FAVOR THE PRACTICAL OVER THE THEORETICAL Business owners want advice they can put to work as soon as possible.
BE PATIENT You might have to repeat some advice a few times before it sinks in.
LIMIT YOUR TO-DO-LIST Many new entrepreneurs can feel overwhelmed by everything they need to do. Mentors can help by focusing their attention on a few high-value goals.
DON’T TALK TOO MUCH ABOUT YOUR OWN ACCOMPLISHMENTS It’s important to draw on your experience, but be careful about getting carried away with your war stories. “Keep it to yourself unless it has relevancy to the person you’re trying to mentor,” McGraw said.
DON’T BE OFFENDED WHEN THEY DON’T NEED YOU AS MUCH ANYMORE At some point, the baby birds will leave the nest. Mentors will realize their students aren’t calling as frequently as they used to, and they might even feel a little hurt.
“But they shouldn’t,” McGraw said. “It’s a sign of success.”
