Gary Kusin, an accomplished entrepreneur and investor, has mentored over 1,000 individuals throughout his career. He recently published a book titled Always Learning: Lessons on Leveling Up from GameStop to Laura Mercier, aiming to broaden his mentoring reach. Kusin co-founded GameStop in 1984 and Laura Mercier Cosmetics a decade later. He also served as CEO and President of Kinko’s, overseeing its $2.4 billion sale to FedEx. Known for his Socratic approach to mentoring, Kusin focuses on asking the right questions rather than providing direct answers.
Gary Kusin’s journey spans diverse industries, from video games to cosmetics. While his switch from GameStop to Laura Mercier may seem unrelated, his extensive background in department store cosmetics provided a strong foundation. Historical data shows that makeup artist-founded brands like Estee Lauder and Revlon were pioneers in the cosmetics industry. This knowledge helped Kusin identify opportunities for innovation in an evolving market. His analytical approach contrasts with the more intuitive decisions of many entrepreneurs, who often follow their passions.
Mentoring Approach
Kusin’s mentoring style is rooted in the Socratic method, where he continually asks questions to help mentees uncover their issues and potential solutions. His mentees range from Fortune 100 CEOs to high school students. Kusin believes that everyone carries unique experiences, which shape their perspectives and decisions. Therefore, he avoids prescribing specific actions, instead encouraging individuals to find their paths. Kusin’s method aims to empower mentees by helping them think critically and independently.
Key Lessons from His Book
In Always Learning, Kusin shares various career lessons, including the importance of recognizing the bearable minimum and knowing when to walk away from unviable ventures. He recounts instances where he had to make tough decisions, such as winding down a failing startup while ensuring fair treatment of employees and suppliers. Kusin also emphasizes the significance of emotional intelligence, particularly when hiring and firing. He advocates for transparency and respect, believing that clear communication can prevent unpleasant surprises during performance evaluations.
Kusin also discusses his transition from GameStop to the cosmetics industry, a move influenced by market insights and industry trends. He highlights the evolution of the cosmetics market from makeup artist-led brands to technology-driven products and fashion-focused marketing. This understanding allowed him to identify a niche for Laura Mercier, combining professional-grade products with robust business strategies. Kusin’s approach underscores the idea that successful entrepreneurship often involves solving specific problems rather than pursuing personal passions.
Reflecting on the value of an MBA, Kusin questions whether formal education is essential for entrepreneurial success. He recalls a conversation with the admissions director at Harvard Business School, who revealed that the institution seeks individuals likely to succeed regardless of their educational background. This perspective aligns with Kusin’s belief that innate qualities and real-world experiences often play a more critical role in business achievements than academic credentials. His insights provide valuable guidance for aspiring entrepreneurs and professionals navigating their career paths.
