The BYU-Hawaii School of Business continued its entrepreneurship lecture series September 20 as Robert Hardisty, current chair of the BYU-Hawaii Alumni chapter in Honolulu, spoke to a large group of students at the McKay Auditorium.
"I attended here almost 30 years ago and got a great education," said Hardisty, who graduated with an accounting degree in 1976. "But you should know, in the words of Wendell Phillips, 'The best education in the world is struggling to get a living.'"
Hardisty asked how many in the audience wanted to start a company. After the majority of hands in the room went down, he then relayed the dream he had in common with these students, which, for him, became a reality in 1987.
"I took the risk of starting a company," he said. "It was a fun10 years, but I was glad when it was over." He went on to describe how running a business was challenging and extremely difficult, especially since he was the one held solely responsible for everything good and bad that happened in the company.
"Not everyone is cut out to own and run a business," he said.
The phase of his professional career he found most rewarding was working with others, an experience he re-discovered when he became a partner and senior vice president of an outsourcing business called Century Computers. This current role, which Hardisty has held since the late 90s, includes providing a data center for other companies, maintaining their networks and accounting, and cutting payroll expenses.
Hardisty emphasized a key point for these potential entrepreneurs: "Focus on the 'what' in your businesses, not the 'how,'" he said, explaining that many start-up businesses end up not succeeding because they spend too much time worrying about the "how."
"Knowing the 'what' is everything in business," he continued. "What are you going to accomplish? What are your objectives? As you go along in your business you will learn the 'how,' but if you don't know the 'what,' your business won't make it."
Hardisty expressed a few principles he has learned to apply to both personal and private life: "Little mistakes can cost you big," he said. Last year, one simple mistake ended up costing his company dearly, and he was responsible, he said. Everyone makes mistakes, he added, and they forgave him, but he learned a big lesson about paying attention to details.
Another principle he highlighted was to "treat your partnership like a marriage": "Divorce rates are extremely high," he said. "Higher than they've ever been. It's the same with business ventures. One reason both have such high chances of failure is because of one word—selfishness. In business, a company might make it, but still fall apart after a short time. Why? Because individuals put their own interests above the interests of the group, or partnership."
Hardisty encouraged the students to focus on many areas of importance. He included building a good reputation, marketing, sales, strengthening customer/vendor/employee relations, and planning as vital skills that can't go ignored.
"Plan when you write a letter," he said. "Plan casual conversations. Everything you do should have a mission and purpose."
What seemed to capture the students' attention was when he asked them to ponder what they really wanted in life, advising them that "once you get your head screwed on straight, leave it there."
"If your goal is to go into business and make a lot of money, that may happen," he said, "and you'll be miserable. This life is not about the money."
As he concluded, Hardisty shared his view about life being very hard, but that challenges make a person stronger. He said that if people can adapt to challenges they are faced with, then they can weather the storm.
The entrepreneurship lecture series is held every Tuesday at 10 a.m. in the McKay Auditorium. All are welcome to attend.