One of the first BYU-Hawaii/Polynesian Cultural Center alumni to join the Presidents' Leadership Council told School of Business students on October 24 that if they want to be successful entrepreneurs, "it all comes down to you."
"Who's going to make you successful?" asked Joseph S. "Joe" Berardy ('89), President & CEO of DBI Hawaii. "My job is not to tell you that you should go out and work for a corporation; but the best thing I did when I left the Polynesian Cultural Center was to go into business for myself."
"Deep down, I've always known I would be successful in business, but I didn't know how or what it would be," he told the students, acknowledging that managing retail and handicraft sales at the Cultural Center "gave me the experience to know what I wanted to do in life." He also said learning some Mandarin in Taiwan and minoring in Chinese at BYU-Hawaii has been a big help in building business relationships in Asia.
"In the 80-90s if you wanted to be super-successful in business, you had to learn Japanese," Berardy continued. "If you want to get into business internationally today, China is the biggest consumer market and the biggest manufacturing base in the world, and it's going to continue to get stronger and stronger."
"What's an entrepreneur?" he asked. "One who innovates or looks for opportunity. I wanted to be an entrepreneur because I always had a hard time working with other people: I didn't want anyone holding me down, and I never wanted a salary cap."
"What is your job now at BYU or PCC? What type of employee are you? Do you give 110%? Are you the best groundskeeper?" Berardy asked. "People who are successful are hard workers. If you want to be successful in whatever you do, it will come from your work ethic and a few good breaks."
He told how his wife, Susana De Leon Berardy ('85), who will receive the state Filipino Business Woman Award of the Year in a few weeks, has worked along side him and is an excellent example of hard work. "I guarantee you when she was cleaning toilets as a student worker at the PCC she did her job 110%. Do you give it 110%? If you do, then I guarantee you when you leave this small portion of your life, you'll continue to give 110%, because that's your character. That's who you are."
"You have to know you will be successful some day," Berardy advised the students. "Surround yourself with successful people. You have to have vision and determination. Let no one hold you back. You have to determine for yourself what your priorities are and where you're going to be successful."
"Be industrious. Continue to learn. Go and work in the field you're interested in. You'll find out if you like it, and when the time is right, leave on good terms. Then sell back to them," he continued, pointing out that even though he hasn't worked for PCC since '91, he still wholesales products there.
In addition to his experience, Berardy explained he minimized the risk of starting up his initial Polynesian crafts store in Dole Cannery by borrowing capital from his "rich brother. Most businesses start up with money from their family. The location was also good. My wife ran it and tested it the first year while I still worked at the PCC."
The Berardys soon opened a second store in Waikiki, and then sold the leases on both locations when Costco asked him to do a "road show" presenting their Hawaiian-style quilting products manufactured in the Philippines during special short-term merchandise displays. "Today I have two furniture stores. We have the largest gift line for Duty Free Shoppers, and we also sell a variety of product lines that we developed in the Philippines, China, and Indonesia to Foodland and Walt Disney World."
"Stay focused on what made you successful," he said, cautioning the students to "cut your losses when a product line doesn't do well, otherwise you tend to keep putting money into them."
Berardy shared another favorite theme with the students by pointing out that Brigham Young said, "Any fool can earn money, but it takes a wise man to dispose of it to his own advantage."
"Most people want to live the good life," he said, "but remember, balance your life. Do not go for the instant gratification. Avoid getting heavily into debt. Be philanthropic: Give back to the University. Give back to the Church and other organizations."
For example, one of his favorite charities is the ACE Foundation in Cebu, where returned missionaries are taught concepts to start their own small businesses during an 11-week program. "They've had over 1,500 graduates," Berardy said. He and his wife have also started an endowment fund to benefit Filipino students at BYU-Hawaii.
"It all comes down to you. I know these things are true principles. I know if you incorporate your relationship with Christ into business, that the two go hand-in-hand and you will be successful," Berardy said. "Work ethic is what is going to make you successful, in anything you do."