Photo: National Retail Federation Blog
In a broad conversation covering corporate and personal growth with John Furner, president and CEO of Walmart U.S., at NRF 2024: Retail’s Big Show, Earvin “Magic” Johnson loudly promoted the value of finding mentors to guide your career as well as serving as mentors for others.
Beyond his legendary NBA career, Johnson has found success in the business world with movie theaters, fast-food franchises, real estate, healthcare, and insurance. Through Magic Johnson Enterprises (MJE), he has helped bring chains like Starbucks, 24 Hour Fitness, and T.G.I. Friday’s to underserved urban communities.
Early in his NBA career, Johnson asked Jerry Buss, the late owner of the Los Angeles Lakers, to be his first business mentor. Johnson said, “He really gave me so many great nuggets on what made him successful as a businessman.”
Johnson then asked Buss for the names of 50 CEOs and presidents who were Lakers’ season ticket holders and invited them to lunch. All 50 showed up, six became mentors, and six continue to work with Johnson’s businesses today.
Johnson stressed that it’s important to find mentors who will hold you accountable.
“Accountability is really important,” said Johnson. “You need somebody who can say, ‘Where are you with your plan? Are you taking the proper steps to get to the end game?’ So thank God I had so many people that I asked to hold me accountable.”
He also believes it's highly beneficial to do a self-evaluation or SWOT (strengths, weaknesses, opportunities, threats) on yourself. Johnson said, “I do that not only for my business as a CEO, but for myself as a man, a husband, and a father because I want to get better in all areas.”
Other career and entrepreneurial advice included setting three-year goals and having any business plan backed by “numbers.” He stressed the importance of aligning yourself with people who share your vision and communicating that vision across the organization. Johnson said, “It’s really important that we're all on the same page.”
Johnson touted the value of giving back, including becoming a mentor. Speaking on the Martin Luther King Jr. Day holiday, he noted how the civil rights leader created the opportunities for him to find success.
“There was somebody who helped us all to get to where we are today,” said Johnson. “So, we’ve got to reach back and help others achieve their goals and dreams.”
For young people, he advised being open to criticism that may prove beneficial while also cautioning that success takes effort.
“It’s hard to become number one but even harder to stay number one,” said Johnson. “I learned that in sports. It was hard to beat the Celtics, and it was even harder after we beat them to be champions again. So young people, it is not easy. Nobody's going to hand it to you.”