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Key Takeaways A 30-year study followed scholarship recipients from relatively modest financial backgrounds into careers in business, finance, academia, engineering and education.
From identifying potential before a résumé proves it to creating a culture of mentorship, the findings offer five practical lessons for entrepreneurs developing the people around them.
Entrepreneurs make investments every day. Some produce results quickly: Advertising generates leads, equipment increases capacity, and new software saves time. Investing in people works differently. The person you support today may not do their most consequential work for another decade.
A new whitepaper, Opening Doors Through Education: The William Louey Effect, examines this through a 30-year study of scholarship recipients from China. The research follows students supported by the William S.D. Louey Educational Foundation from relatively modest financial backgrounds into careers in business, finance, academia, engineering and education.
Instead of ending the assessment at graduation or employment, the study looks at their later careers, leadership roles, economic circumstances, mentoring and support for others.
The findings offer five ideas for entrepreneurs deciding how to identify, develop and support people.
1. Look for potential before the résumé proves it
All survey participants reported household incomes below the national benchmark used in the study when they received their scholarships. Their circumstances restricted the opportunities available to them, but did not determine what they were capable of achieving.
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