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“My chief want in life is someone who shall make me do what I can.”
- Ralph Waldo Emerson
Mentors and Proteges
By Michael Masterson
Most of my achievements are the result of partnerships. Top on the list - of course - are my three spectacular children, products of a partnership with my spouse. My first $100-million-plus business was the result of a partnership in which I was the apprentice and my partner the master. A current business venture is the product of an equal partnership at one level and a mentor/protege relationship at another. My other multi-million-dollar business ventures are all partnerships, as are most of my real-estate deals. Even ETR is a partnership with several people.
Today, I’d like to talk specifically about the partnership between a mentor and a protege, mainly because this type of partnership has had a profound effect on my life.
First, let's talk about the relationship from the point of view of the protege.
Hook Up With a Master
When learning how to excel in a new career, a quality learning program can take you a long way toward acquiring the financially valuable skill of your choice. But you can accelerate your progress by spending several months or a year working at the foot of a master.
Rembrandt did it. He learned from Pieter Lastman, one of the greatest artists of the 17th century. And Michelangelo studied under Donatello, the greatest sculptor of his time.
As a marketer, I had a mentor too - a true master. I wouldn't be where I am today without JSN's mentorship. When he looked at me, he saw potential. And he took the time and money to help me learn how to become a businessman and learn this very valuable skill. Because of our close working relationship, I was able to go from an income of $75,000 to one of more than $250,000 in 18 months. That's the difference a mentor/protege relationship can make.
My experience with JSN not only made me wealthy, it taught me many things - among them, the value of a knowledgeable advisor.
As your career or business develops, you’ll face problems and opportunities you haven’t met before. In such cases, it helps to have the advice of someone who’s been there before. You might consider hiring a consultant - but my experience is that a consultant’s primary job is to sell you, not teach you.
The very best athletes, entertainers, and business leaders all have someone in their corner that they can go to for advice, leadership, and teaching. Sadly, the average person has no coach or, even worse, allows himself to be influenced by those who have never achieved a high level of success.
If you don’t already have one, make it a goal to find a mentor who will help fine-tune your game, hold you accountable, and who is not afraid to criticize when necessary.
Once you’ve found your mentor, you’ll be well on your way to success. Then it will be your turn to share your wisdom with someone who has superstar potential.
So let's talk about that part of the relationship now.
The Best Investment I Ever Made
I was once asked, "What's the best investment you ever made?"
My answer? Undeniably, it was the time and money I put into about a dozen human beings.
I'm not trying to flatter anyone. But if I were to calculate the actual money in (including my valuable time) and money out, over the long run, there is no question. I've made my biggest money by investing in people.
The great thing about investing in great people is that the return compounds. You see, great people - well-taught and motivated - hire, train, and motivate other good people. And that enlarges a business in a geometric fashion.
Great people will not only make you rich, they will simplify your life. In the early years of your relationship, you'll need to spend a significant amount of time on them. But then, they will become independent and operate on your behalf without needing much (if anything) from you. And even when they strike out on their own, they will always be happy to help you out in the future.
I am sure that more than 75% of the wealth I have acquired was created by people I believed in and mentored. Put differently: If I had spent my career trying only to make myself rich instead of helping to develop the careers of others, I'd be a much poorer person today.
How to Double Your Wealth-Building Power by Finding and Grooming a Protege
Ask any honest businessman what accounts for his success and you’ll hear names dropping. Any career you choose requires the assistance and guidance of superlative people.
In the world of wealth, the importance of excellent help is sometimes beclouded. Everyone knows about Warren Buffett, but few have heard of Benjamin Graham. Bill Gates is synonymous with Microsoft, yet Paul Allen was - by most inside accounts - equally responsible for its success.
Every successful businessman I know relies on one or several supporting performers. Those who rely only on themselves may have brilliant moments, but they seldom succeed in the long run.
It will be no different for you. The better your support group, the further and faster you will go.
So how do you get great people to work for you? How do you find a superstar protege capable of doing what you do ... when you don’t want to do it anymore?
Step One: Demand the Best.
In order to get great people to work for you, it is necessary to reject anyone who is less than great.
As I said, a superstar will make everything easier. He’ll learn your secrets faster than you can explain them. He’ll take on any challenge. He’ll figure out solutions before he tells you problems. And, most importantly, he will share (or exceed) your enthusiasm and vision.
Right now, I am lucky enough to be working with three superstars. Each singlehandedly runs a business with revenues that, combined, exceed $30 million.
In addition to these, my partners and I are grooming about six more. When (and if) they are fully fledged, I could (theoretically) kick back and cut coupons
.
Step Two: Search and Cull.
Getting a great person behind you is a simple three-step process.
- Find someone as good as or better than you.
- Cut him in on your future.
- Teach him everything you know.
Superstars, like good spouses, are few and far between. The good ones are previously engaged. Those who are available are usually defective.
So when you meet someone who seems great, don’t let him pass you by.
Step Three: Keep Him Motivated.
Money is not the biggest motivator for most people, but it can't be ignored either. Pay your superstars at least 10% more than market, but don't overpay them in the false belief that doing so will keep them loyal.
Without being foolhardy, give them authority. Achievement-oriented people enjoy freedom, power, prestige, and a good challenge. Give them enough rope to hang themselves but not so much that they can hang you too.
Mix the positive and the negative. Praise your good people, yes. And praise them publicly (and sincerely) when it's appropriate. But don't be afraid to criticize them, too. Superstars don't need to be coddled, manipulated, or managed. They need a challenge - and they should accept criticism so long as the criticism is fair.
Most importantly, give your best people good work to do and a lot of it. The ultimate reward for a superstar is the pleasure he gets from doing a good job. Make his work interesting, complex, and difficult - and he will stick with it.
I believe that the fundamental principle governing this kind of relationship is this: If you care about your superstars and want them to succeed, they will stick with you. If you see them simply as human energy to fuel your own engine, they will eventually leave you.
Remember that along with their many other positive qualities, superstars are smart. They will be able to figure you out. They will understand that in the long run they are better off working with someone who wants them to succeed than with someone who wants them to help build his own career.
Today's Action Plan
The time to start developing your mentor/protege relationships is now - no matter where you are on the ladder of success.
1. If you're in the protege position: Look around your industry for successful businesspeople who retired two to five years ago. (During their first two years of retirement, they are still enjoying their extended vacation and haven’t yet realized the tedium of playing golf all day. After five years, they may be a little too out of touch.) List five such individuals and then write each one a nice letter telling him you’ve heard about how good he is and want his advice.
Don’t offer to compensate him. Simply ask for a short interview. Take him to lunch and ask questions. If your personalities click, you'll have a permanent mentor.
Don’t abuse the relationship. Remember that, in most cases, the compensation retired executives are looking for is psychological, not financial. Continue to let your mentor know how helpful he has been. Make small but meaningful gestures of gratitude.
If and when you have your mentor working for you more than an hour or two a month, it will be time to think about cutting him in. Most people in his situation would be happy to take a percentage. Don’t overcompensate, but be fair.
2. If you're in the mentor position: You should have superstars helping you out in every facet of your career: strategic planning, marketing, product development, and so on. When your future is at stake, there is no room for mediocrity.
Identify the key functions you need to meet your goals. Then identify who you are now using (or thinking of using) for each of those roles. Ask yourself honestly, “Is he/she really great?”
If not, resolve to replace him/her.
You can get the process moving today by making up a cut list. It should contain no more than a dozen names - the most important names in your career. After the list is done, indicate next to each name whether you consider him/her to be adequate, quite good, or excellent.
Do this carefully and truthfully. And then think about how much better things could be if you replaced all the “okay” people with great ones.
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Many people say Gene Schwartz was the greatest salesman who ever lived. While that’s an opinion, there’s no question that his unique marketing ideas helped turn hundreds of small struggling businesses into huge profit-generating giants.
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How to Enjoy Youth, Health, and Vitality for Many Decades to Come
Most of what we consider to be the “normal” aspects of aging are not normal at all. How well you age is determined primarily by your lifestyle and diet ... not the number of years you’ve been alive. Here are five things you should be doing to match your health span to your lifespan:
1. Eat a moderate amount of calories that provide a high level of nutrition. Over a thousand studies have shown that caloric restriction dramatically increases longevity. But you don’t have to starve yourself. Simply replace foods that are high in calories and low in nutrients.
2. Avoid sugar and refined carbohydrates. Some people over 100 smoke and drink. Some have high cholesterol, some low. Some exercise, some are inactive. But there is one common denominator - all long-lived people have relatively low insulin levels.
3. Balance your omega-6 to omega-3 ratio. Maintaining the right omega-6/omega-3 ratio is not only necessary for a healthy heart and brain, it also helps keep your skin supple and youthful.
4. Exercise. Exercise helps you stay lean, strong, and healthy - and there is a direct correlation between muscle mass and immunity. So don’t forget your strength training.
5. Get plenty of sunlight. Optimal vitamin D levels are associated with a reduction in the risk of every degenerative disease. Vitamin D also helps you maintain strong, healthy bones well into your later years.
- Jon Herring
