Showing posts with label leaders conference. Show all posts
Showing posts with label leaders conference. Show all posts

Friday, March 23, 2012

Four Myths About Mentoring

Amy Gallo debunks the "mentoring is only for junior people" notion and other misconceptions about one-on-one advisory relationships

Posted on Harvard Business Review: February 1, 2011 10:21 AM
When people think of mentoring, they often think of an older executive counseling a young upstart. The senior leader advises the junior employee on his career, how to navigate the world of work, and what he needs to do to get ahead. But mentoring has changed a lot in the last few decades. Just as the notion of a 50-year linear career with a single company or in one industry is outdated, so is the idea that career advice must come from a wise old sage. The traditional mentor-mentee relationship is not necessarily a thing of the past, but it's no longer the standard. Now, there are many ways to get the information and guidance you need.

WHAT THE EXPERTS SAY

While the concept of mentoring has changed, the need for career counseling has not. In fact, because most careers take numerous twists and turns in today's world, it's required more than ever. "When I first started studying mentoring in the 1970s it was a much more stable world. There is a lot of chaos in the world of work," says Kathy E. Kram, the Shipley Professor in Management at the Boston University School of Management and author of Mentoring at Work. While mentoring has morphed, our collective thinking on it has not and many held-over myths still prevail. "There are many ways to define mentoring," says Jeanne Meister, a Founding Partner of Future Workplace and co-author ofThe 2020 Workplace: How Innovative Companies Attract, Develop & Keep Tomorrow's Employees Today. If you are working with the old definition, you may be confused about how to get the advice you need. Below are four myths: knowing the truth about them can help you figure out who to turn to and how.
Myth #1: You have to find one perfect mentor
It's actually quite rare these days that people get through their career with only one mentor. In fact, many people have several advisors they turn to. "In all likelihood, you'd benefit from having more than one developer," says Kram, who prefers the term "developmental network" to mentor. "It's that handful of people who you can go to for advice and who you trust to have your best interests in mind," she explains. This network can be as large or small as you want, and it may even include your spouse or partner. Sometimes it can be helpful to get a variety of perspectives on an issue you are facing. Meister and her co-author Karie Willyerd agree with Kram. "It's not uncommon for people to have many, many mentors," says Willyerd, former CLO of Sun Microsystems and co-founder of Future Workplace.
Myth #2: Mentoring is a formal long-term relationship
Because the world moves fast and people change jobs and careers more often, a long-term advising relationship may be unrealistic and unnecessary. "Mentoring can be a one-hour mentoring session. We don't have to escalate it to a six-month or year-long event," says Willyerd. Instead of focusing on the long term, think of mentoring as something you access when you need it. "It may not be big agenda items that you're grappling with. You don't need to wait until you have some big thing in your career," says Meister. In today's world, she says, mentoring is "more like Twitter and less like having a psychotherapy session."
Of course, the advice and guidance may be richer and more relevant if it comes from someone who knows you well and understands your goals. You still need to build relationships so that when you require advice, you have the connections in place. However, there may be times when you look to people who don't know you as well or at all to get one-off counsel from an outsider's perspective. And in these cases, Willyerd suggests you may want to avoid using the word "mentor" altogether. "You can simply say, 'I'd really like to get your advice on something'," she says.  
Myth #3: Mentoring is for junior people
Many people assume that they only need a mentor when they are first starting out in their careers. "We used to think it was people at early stages of their career who needed mentoring, those just out of MBA programs. Now we understand that people at every stage benefit from this kind of assistance," says Kram. In their book, The 2020 Workplace, Meister and Willyerd talk about reverse mentoring in which a more junior person advises a senior person on things like new technology.
The reality is "There are lots of points in a corporate career when you need a mentor," says Meister. Though you shouldn't wait for them to come up, transitions are a particularly good time to seek out a mentor. Whether you are making a career change, taking on a new role, or contemplating leaving a job, advice from someone who has done it before can be helpful. "You may need a mentor when the environment around you is changing rapidly and you haven't had a chance to keep up with the changes," says Meister. "Or as you try to navigate the complexities of your organization," adds Willyerd.
Myth #4: Mentoring is something more experienced people do out of the goodness of their hearts
"It can be an honor to ask someone to be a mentor," says Willyerd. But the respect isn't the only reason people agree to help. Mentoring should be useful to both parties involved. Before seeking out a mentor, think about what you have to offer him. Can you provide a unique perspective on the organization or his role? Do you bring valuable outside information that might help him be successful in his job? Whatever it is, be sure that you are clear with your prospective advisor about what's in it for him. This does not have to be a direct barter. Even the promise of future help, if and when it's needed, can be enough to convince a mentor to give up his time and energy.
So, do you need mentoring?
Now that you have a better understanding of what mentoring can be, do you need it? "The place to start is with self-assessment and find out what are the challenges in front of you right now and why. Then ask yourself, do you have the relational resources to handle those challenges?" says Kram. If the answer is no, it may be time to seek out a mentor or several. Remember that mentoring can take many shapes and forms—the key is to find the right kind of advice from the right person at the right time.

PRINCIPLES TO REMEMBER

Do:
• Build a cadre of people you can turn to for advice when you need it
• Nurture relationships with people whose perspectives you respect
• Think of mentoring as both a long-term and short-term arrangement
Don't:
• Assume that because you are successful or experienced in your field that you don't need a mentor
• Rely on one person to help guide you in your career
• Expect to receive mentoring without providing anything in return
Case Study #1: Using multiple mentors
In January 2000, Soki Choi left Accenture Sweden to start her own company developing applications for mobile phones. A mere four years later, the company was acquired and Soki was left with a large decision about what to do next. Should she take a job with another Swedish telecom company? Should she start another business? "Suddenly I didn't have a natural "next step" in my career," she explains. Since she was a child, she had dreamed of doing medical research, but felt it was too late in life to pursue that path, especially without an MD. However, the desire nagged her. One day that spring, she read a story about Sweden's prestigious research hospital, the Karolinska Institute, merging with the university hospital in Huddinge and decided she had to explore the possibility of a medical PhD. She wanted multiple perspectives on this potential career change, so she sought the advice of three different people.
Her first thought was of Ewa Ställdal, the CEO of a major medical research foundation that she had met several years previously on a delegation trip to the US with the Swedish Ministry of Industry. "She listened and took my thoughts seriously. She then connected me to her research and medical network, and in particular to an entrepreneurial professor in medical management," she says.
Soki also contacted Bjorn Svedberg, the former CEO of Ericsson. She first met Bjorn in her role as a board member of PTS, the National Post & Telecom Agency which advises the Swedish government on telecom and infrastructure planning. Soki respected him and wanted to know what he thought of this potential career shift. "I specifically asked him if he thought it was a good idea to take on PhD studies in the midst of a critical time of my professional career," she says. Bjorn, who was in his 80s, revealed to Soki that he wished he had done what she was considering and he strongly urged her to pursue her dream.
Soki's third advisor was Martin Lorentzon. Martin is only 5 years older than Soki and had a similar career trajectory in that he also left a steady job to start his own company. He had served as a "go-to" person for Soki while she was building her business. "Martin was much more of a direct, operational, and continuous mentor," she said. He also encouraged her to do what she thought would make her most happy.
Soki is about to complete her PhD at the Karolinska Institute. Without the advice and help of her mentors, Soki thinks she would've taken one of the many job offers she had in 2004 and would still be in the telecom field, rather than pursuing her dream.
Case Study #2: When you think you don't need it
After twenty years in the search business, Stephen Wachter founded his own recruiting firm, Osprey One. Two years ago, he felt he was on top of his game: he had some of the largest clients in Silicon Valley, including Google, Yahoo, and Facebook. On a plane headed to the East Coast, he sat next to Susan Robertson, a leadership development consultant. He immediately noticed her because, as he says, they both had "devices falling out of their pockets." They started talking about what they did. Stephen proudly shared his successes, to which Susan asked him, "So, what's your next step?" The question blew Stephen away—he didn't know there was anyplace else to go. He thought he had reached the top of his career ladder and simply had to keep doing what he was doing. "She was very good at getting me to explore my own story," he says of Susan. Talking to her, he realized that there was a next level: both in how he conducted his business and how he interacted with his clients. "I thought about times when I had friction points with my clients and how I would've handled those situations differently in retrospect," he says. Besides, if he stopped developing, the industry would grow without him. "You've got to be part of the newness or the newness will pass you," he explains. Susan and he agreed to be in touch and talk about how Susan could help him stay focused on growing and learning. They continue to have a mentoring relationship today. She has helped him to reflect on who he is and how he is with others. "When you're young, you need someone to show you the ropes. The danger is when you think you've got it figured out."
Case Study #3: Getting help through a transition
As the Managing Director of People Insights, a coaching and consulting firm based in Belgium, Sunita Malhotra helps global companies design and implement mentoring programs. "The only reason I can do that is because of my experience with being mentored," she says. Midway in her career, she took a job working in HR for a fast moving consumer goods company. She had already held several positions in both consulting and sales and marketing, so she wasn't a junior upstart. However, HR was new to her and she knew she was going to need support through the transition. As she saw it, she would need help with three specific things: understanding how HR worked, figuring out how to work in a European office of a global company, and navigating being a women in a male-dominated company.
Sunita looked both inside and outside the company for potential mentors. She asked around and several people recommended a male leader who was the second in command in HR. She approached him and asked if he would support her. "I was pretty direct. I knew he was busy. I was new. I prepared the conversation well." After listening to her request, he agreed. The two met regularly discussing what Sunita was learning but he also shared his experiences, both successes and failures. "He was a very good developer of people," she says. Sunita has since had several other mentors and believes the guidance she's gotten has shaped her career. "If you want a mentor, and one hasn't been allocated to you, do your homework. Know what you want. Know what you don't want," she advises.

Friday, February 17, 2012

An Entrepreneur's Top Leadership Challenges -- and How to Meet Them

An Entrepreneur's Top Leadership Challenges -- and How to Overcome ThemFor first-time entrepreneurs, expanding the businessand hiring those first employees is an exciting adventure. But it can also be rife with challenges and sometimes mistakes. The reason: The skills needed to successfully lead a growing enterprise are markedly different than what it takes to run a one-person business.

We spoke with three business leaders about challenges they faced as their companies grew, and how they dealt with them.
Challenge No. 1: Hiring the right people -- and keeping them
Many first-time leaders make regretful hiring decisions early on. They choose people too much like themselves when what they really need are employees with complementary skills. They also sometimes recruit people who may have the right skills but lack solid values.
Tom Sullivan, founder and chairman of Lumber Liquidators
Tom Sullivan, founder and chairman of Lumber Liquidators
Courtesy of the company
Tom Sullivan, founder and chairman of Lumber Liquidators, a Toano, Va.-based hardwood floor retailer, learned his lesson the hard way. When expanding operations beyond his first store in the Boston area, he needed store managers and truck drivers in other cities, but some of his earliest hires didn't pan out.
One store manager admitted to stealing money from the cash register, which he later repaid. Then there was the truck driver who disappeared on his first delivery, taking both the truck and the cash he had collected. "The biggest thing was getting people you could trust," says Sullivan, 52, now chairman of the 2,000-employee public company. He didn't do enough due diligence at first, but after those experiences, he quickly began conducting background checks on all new employees.
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He also realized he needed to do more to motivate workers and build a more entrepreneurial culture. Instead of paying drivers by the hour, he gave them 60 percent of all delivery fees. He also began paying store managers 0.5 percent to 2 percent commissions on their sales. The new compensation policies led to higher retention rates. "Some of our sales managers made over $150,000, even $300,000, based on their sales," Sullivan says.
Challenge No. 2: Expanding prudently, not prematurely
When a company starts expanding, it's tempting to keep growing based on promising newbusiness opportunities. But it's far better to be cautious, as Jon Black painfully found out.
Jon Black
Jon Black
Courtesy of the company
In 2001, when Black reacquired GetProof, a physician credentialing company that he'd founded, it had about 10 to 15 employees. About five years later, a Fortune 500 health company signed a contract with the firm, and GetProof's operations manager suggested hiring 20 people to scale up before the contract took effect. Black agreed, but the contract never came to fruition.
Black says he ultimately had to lay off the people he'd hired, along with his operations manager. "The problem was I kind of abdicated my responsibility as CEO," says Black, 50. "We were so caught up in being lured by a very large company that was wielding a lot of power."
Today, Black is far more careful about hiring at his new firm Terillion, an Alpine, Utah, company that has developed technology to help companies weed out fake online reviews. He waits longer after contracts are signed to increase headcount so he's sure the work will really come in. He also typically hires people on a part-time basis or as independent contractors before making them full time. That way, he can be sure they're a good fit for the position.
Challenge No. 3: Managing through big changes
Many first-time leaders struggle with maintaining the culture of their firms as they grow. That's particularly challenging in times of turmoil.
Nancy Kramer
Nancy Kramer
Courtesy of the company
Nancy Kramer, for instance, wasn't prepared when her company's fortunes changed. She founded Resource Interactive, a Columbus, Ohio, marketing firm, in the early 1980s, scoring Apple Inc. as her first big client. The company grew quickly throughout the 1980s and 1990s, reaching about 150 employees by 2000.
But when the dot-com bust hit, business dropped by 90% "almost overnight," says Kramer, 56, now chairman. The company had to retrench and lay off about 50 employees.
Kramer felt terrible, giving the departing employees generous severance packages and condolences. But in hindsight, she realized she didn't do enough to console her remaining workforce. Morale in the office tanked. "The office got really bad for a while," she says. "The people who stayed were probably worried about their own futures with the company."
Kramer says she wishes she'd given less generous packages to the people she terminated and diverted more of the money to boosting the morale of those who stayed. Today, Kramer says, the company is more thoughtful about how it handles layoffs and maintains a positive culture. The company gives employees development opportunities and encourages them to have fun at work. "We put a lot of emphasis on making our office a place where people want to come every day," Kramer says.





http://www.entrepreneur.com/article/222767?cm_mmc=Newsletters-_-BOTW-_-020312-_-AnEntrepreneursTopLeadershipChallengesandHowtoMeetThem

Wednesday, February 15, 2012

Richard Branson on Decision-Making For Entrepreneurs

Richard Branson on Decision-Making For Entrepreneurs


Editor's Note: Entrepreneur Richard Branson regularly shares his business experience and advice with readers. What follows is the latest edited round of insightful responses. Ask him a question and your query might be the inspiration for a future column.
Q: What were your most important managerial decisions -- the ones that changed your business? -- Volodymyr Kravchuk, Kiev, Ukraine
A: Most good chief executives or entrepreneurs only make three or four key decisions every year. Running your business's day-to-day operations and managing your team can take much of your time, so there are usually only a few that stand out -- the game-changing decisions that can make or sometimes break a business.
Looking back over my career, which now spans more than four decades, there were many occasions when I got it right and a few when I did not. A few guiding principles helped; these are the things I would have liked to have known when I was just starting out.
1. Trust your instincts.
There have been many occasions when I have led our team into markets that industry experts told us to avoid because the competition was too fierce or the cost of entry too high.
This was the case when we launched our airlines Virgin Atlantic and Virgin Blue (recently rebranded Virgin Australia), in 1984 and 2000, respectively. On both occasions, my fellow directors were nervous about our chances for survival, given the strengths of our competitors -- namely their market share and fleet sizes and experienced personnel. But I felt that our competitors had become complacent; that passengers wanted something different. With the right energy, focus and flair, we could make our mark.
Virgin Atlantic went from strength to strength, and now carries over 5 million passengers per year. In the case of Virgin Blue, we backed the plans of a former Virgin Express executive and entrepreneur Brett Godfrey, who first presented his ideas to me sketched out on a beer mat. After launching the business with just two Boeing 737s, we have built Australia's second biggest airline, and now have a fleet of nearly 90 planes.
2. Focus on your customers, not your critics.
It wasn't just our team that occasionally worried about our stepping into tough markets. Over the years, our critics fretted about Virgin's expansion into airlines, financial services and mobile phone services. What did our company know about these industries and how would we manage the complex issues?
I rarely paid attention (which also drew criticism from some analysts). My answer was always to focus on the customer experience, ensuring that we offered the best service, most innovative products and best value.
This worked especially well in mobile services, where most companies still require customers to sign contracts that are difficult and expensive to exit. We revolutionized the market by offering a pre-paid model. Our position was radical, but we were selling exactly what a number of younger and newer users wanted. Our businesses grew quickly in the U.K., Australia, Canada, France, South Africa, the United States, and more recently in India, expanding our customer base and brand far and wide.
3. Always support your team. 
In previous columns, I have discussed how crucial it was for me to find great managers to run our businesses. Day-to-day management has never been my forte, and my early decision to step back from operations gave me the freedom to focus on our main challenges and opportunities.
This meant that I had to learn to trust the management teams, and to support them when they saw an opportunity. When Matthew Bucknall and Frank Reed came to us in 1999 with the concept of a family friendly health club, we decided to invest. Very quickly, they impressed all of us with their innovative approach to customer service and team building.
Soon after we opened the first few clubs, Nelson Mandela called me, asking if Virgin could rescue a chain of South African gyms. That seemed a stretch, because we had only a handful of locations in Britain, but Bucknall and Reed were confident, and such was our trust in them and their team that we signed onto the deal. And they were right: Virgin Active South Africa is one of the key drivers of that business's growth.
4. Know when to say goodbye.
It can be very difficult to know when to sell, since as a founder and entrepreneur you become very attached to your business and your team. Look into whether selling will be good for the overall health of your company, or if you need objectivity, ask trusted advisers to do this. But brace yourself -- the answer might be yes.
We have sold a number of Virgin companies over the years. Probably the most notable occasion was in 1992, when we sold Virgin Records to EMI and used the cash to expand Virgin Atlantic and other companies in the group. It was a very emotional day for me -- at one point, I broke down in tears. Looking back, it's clear that we sold at the right time and the decision made sense for Virgin as a whole. That secured our group's future and gave us a war chest for investing in new businesses.
Selling is difficult, and you will be tempted to hold on too long. This is one of the biggest mistakes an entrepreneur or chief executive can make.
I held onto Virgin Megastores for too long. Despite the warnings of my management team, I could not bring myself to sell the business until a few years ago. By that time, DVD sales had collapsed and the whole industry had been revolutionized by Apple's iTunes store. You can't get them all right!
Finally, when you are facing a difficult choice or must make an important decision on behalf ofyour company, keep in mind that the answer might not always be yes or no -- sometimes there are other options. Your job is to lead your team in the search for the best solutions, which are not always the easiest ones.

http://www.entrepreneur.com/article/222739