My Last Lecture

            I write this as if addressing a group of my classmates for the last time this semester. In this manner will the pronouns I use and the remarks I make be structured and generalized respectively; so as not to offend. Let me being with a few admonitions. We have all sat through these many weeks listening to captains of industry, reading the words of prophets and learning from the best books, most comprehensive advice, and gaining from these mentors the wisdom they’ve gleaned from their years of trailblazing. I have spent years listening to and following the advice of those who passed before me. As a forty-two-year-old participant in this class who has owned and lost two companies and is currently opening a third, allow me to pass on some of the wisdom I’ve been able to use.

           

            First, at the turn of the 18^th century and earlier, the system for learning a trade and opening businesses, for the unwashed masses, was through the process of apprenticeships. Young men would align themselves with a craftsman or tradesman and learn in exchange for his labor. He would receive room and board and skills training. After enough years, he would either take over the business or venture off on his own. There is great wisdom in this process. I recommend anyone wanting to start a business to follow a similar path. Find a business you want to copy. Get a job there, learn all you can about its processes and models. Learn its shortcomings and advantages. Then, model together the best of its strengths and find solutions to its woes. Then, start your business and implement all you’ve learned. This should be a great shortcut to success.

            Next, always be the first one in and the last one out. Too many young entrepreneurs think they can just hire and grow and then once they get close to turning a profit, hit the links or start backing into semi-retirement. This is folly. The only real way to success is to work yourself out of a job. You are the jack-of-all-trades. Do everything yourself until you’re too busy for that. Then hire those who can most cost-effectively replace one of the hats you wear. Their hiring should only be to alleviate an opportunity cost. Don’t waste time fixing your twenty-five fleet vehicles when you are the GM. Hire a mechanic and use your talents elsewhere to grow the business.

            Lastly, once you have worked yourself out of a job, you become the biggest janitor in history. You have one job, Polish! Take secondary, unbiased looks at everything you’ve done, every process you have, every person you’ve hired. What can you improve? What skills will improve your ROI on each investment of every dime you’ve poured in. Once you’ve polished those gears and staff; once everything is a precision instrument, then you can look to either replicate this success or find an altruistic hobby. Either way, these pieces of advice will serve you well.

            Best wishes on all your righteous endeavors. Jared Hurst

First World Problems Aren't Problems

This week, I read a talk given by President Thomas S. Monson of the Church of Jesus Christ of Latter Day Saints titled An Attitude of Gratitude. In this address, President Monson shares a story about his old Sunday School teacher, Sister Lucy Gertsch. He shares with how during the year the class saved money to pay for a party, with deserts for refreshments and many others niceties. Right before the party, a classmate’s mother passed away leaving the impoverished, depression era family without a mother to tend the children while the father worked. It was Sister Gertsch’s suggestion and the class’s desire to follow the counsel of the Lord and donate their savings to the Widower Donovan for his family’s support.

President Monson’s predecessor, President Gordon B. Hinckley shared a story about he and his brother. They were returning from errands when they passed a field with a man working in it. He had left his worn boots on the road while tending his fields barefoot. The boys decided to scrap the suggestion of hiding his shoes to prank him, and rather place a silver dollar in each shoe. They watched as the man broke down, wept and cried thanks to God for this wonderful blessing bestowed by angels. He was in desperate need, and these funds would go far.

I have been around the world. I’ve seen Western Europe, much of the Caribbean and Central America, and even parts of the United States like Appalachia and the former rust belt seat of Western Pennsylvania. I’ve seen real, third-world poverty. We have so much to be thankful for in this country, and for the opportunities we have. So many would not even recognize our problems: leaving a needed cell phone charger downstairs, minty gum making ice water too cold, forgetting to add a caption to our selfie, cold sheets on my bed. We have so much we can share, not just monetarily, but hope, faith and love. We all should express more gratitude. It will be the biggest sin of omission among men. We can do better.

Small c Capitalism

I tried to find a cartoon that demonstrated the capacity of Capitalism to bring people out of poverty. Apparently, all cartoonists are Communists. Instead, I made a quick list of people who have worked for my dad since I’ve known them. My dad passed away in 2012. He died of his third cancer. He was a generous boss. He paid for tuition (not reimbursed) as long as you carried a 2.0 GPA. He gave vehicles to his employees, carried notes on homes and forgave balances owed as parting gifts upon retirement. He was the kind of boss of whom you would never leave the employ. His employees now serve the family and operate the business in his absence for we children and trustees.

Mr. Handy talks about a different kind of Capitalism than I grew up with. I never saw cronyism, stock price manipulation, or anything like that. My father’s business was small and privately held. I think the answer to the issue is more small private business and less mega-corporations. I work for a Fortune 1000 Company. We do not have organic growth. We buy out competitors and quickly exhaust any benefit they brought with them in short order. Mergers and acquisitions look great to a shareholder, but to we employees, we know it will be another failed purchase robing us of our needed pay increases.

Mr. Handy suggests better corporate democracy or behavior and more altruism and philanthropy can save Capitalism. I’m not so sure it will. Reducing the scale of corporate entities from the global to the community level will do more. While prices may temporarily trickle up, salaries and labor prices will adjust, just as a lagging factor. The new opportunities in support providers will fill any remaining gaps before too long.

I agree more with allowing market forces to work. Even U2’s Bono has had to recognize the ability of capitalism to reduce poverty and improve living conditions. China’s “state” capitalism is a good example. We need entrepreneurs who are willing to stick it out, not cash out to get there.

Balance

This week, much of the reading and video material we covered in class was on achieving a work-life balance. I wondered at first if that were not a misnomer. The concept of separating work from life seems futile since so much of our lives are spent working.

I then came to understand that it is the focus that matters most. Are you focused on winning money, power, prestige, esteem of your fellow man? Are you trying to provide for your family in good stead? Are you striving to achieve financial independence for the benefit of serving the Church, God, and building Zion?

Many people get lost in the why while perfecting the how. If they could just keep sight ofboth I think they'd find what they are truly looking for. 

I would like to earn a complete grade by addressing the following questions:

1. What is your attitude toward money?
     A: Money is the physical representation of the value of my labor, compared to the labor of everyone else in my immediate labor market. I use it as a medium of exchange. I'd like to have more of it, but not too much at any one time.

2. How can your view of money affect the way you live?
     A: I think when someone begins to prioritize the quantity of money or the triumph of earning money over it's utility to honor God and provide for our families, they have entered a dangerous place. Money isn't evil, it's the love of money. Money is just an exchange medium for our labors. Where are we dedicating our labors?

3. What rules are recommended for prospering?
     The Richest Man in Babylon is a book by George Samuel Clason; it is a consummate classic in the recommended methods for sound financial decision making. There are no shortcuts, do-overs, or "mullligans" in life. You earn what you get, or you lose what you had. Nearly every lottery winner can attest to that. The principles taught in this book, saving, investing wisely, refraining from greed or miserly behavior. All are wonderful counsel.

Negative, Ghost Rider. The Pattern is Full!

What I learned from an amateur MiG 15 fighter pilot. 

I’ve known my friend for over a decade now. The first time I ever talked to him I thought he was funny and abrasive. He wasn’t anything special, just the “idiot that installs the fixtures”. Over the next decade, I discovered he is a highly educated aeronautical engineer, a self made multi-millionaire, owner of exotic cars, planes, properties, and loads of life experiences.

My friend came to me after about six years of working together and asked me what I was listening to on my laptop.  The answer, John Butler Trio, an Australian pop/rock band intrigued him. Where had I learned of them? Where did I get my musical tastes (very eclectic). Where did I go to school? What do you mean you never went to school?

His incredulity was flattering. He couldn’t fathom that a fellow like me: articulate, funny, smart, and well spoken, had not been formally educated. He then offered to back any business venture I brought to him which met his narrow profile of viability. He respected me. Me. 

Me?

I was taken a bit aback. I had always assumed I wasn’t that special. My wife told me other wise but, let’s be honest, she also thinks I’m charming and attractive. Obviously her taste and judgment are highly suspect.

Now that I’m at BYU-Idaho, I am doing relatively well. I still work full time (around 60 or more hours weekly) travelling the United States building data centers and pharmacies. I still work homeschooling my four children, sometimes coaching baseball and softball, sometimes working “side hustles”, and now taking three classes at a time. I see her point.

Being willing to work hard, every day, even when you don’t need to is what keeps you young, connected and successful. Someday, I hope I’ll just be the “idiot who installs the computers.”

Happy Customer, Happy Business

               I was reading quite a bit about finance this week as I pondered my end goal for my degree. I thought I might like to get my Emphasis in Entrepreneurship and perhaps add a Minor in Finance. I’ve always been fascinated with Finance. I was reading some opinion from financial giants and wizards and watching some videos on YouTube particularly focused on the bond market and business health indicators. It was interesting stuff which had me primarily looking at lagging indicators.

          Then I happened to start my schoolwork and watched a video by former Presidential hopeful Carly Fiorina. In her message she spoke of leading indicators, two specifically. They were customer satisfaction and innovation. I found her comments insightful and truly verifiable.

          I went on the internet and pulled a list from Forbes of the “Top 10 Best Businesses for Customer Satisfaction.” The top 5 were Amazon, Chick-fil-a, Apple, Marriott, and Kroger. I looked at all of their stocks (except Chick-fil-a which is privately owned and issues none). All were doing very well.

          This is an interesting tidbit of information for any long range investor. If you want to know a company’s future, look to their reputation. I looked at the 10 worst companies in this regard as well, they included Comcast, BP, American Airlines, Halliburton, and 6 big investment banks. That makes perfect sense. The worst cable company on earth, the spilling-est oil company to wreck a Disney vacation, A cruddy airline, A government crony of a contractor and the guys who wrecked the housing market by trading in mortgage backed securities and collateralized debt obligations and then made the taxpayers bail them out.

          I guess it’s not who you know, but who knows you; and what they think of you, that matters.

Long Live the Struggle!

Listening to Elder Holland’s Mormon Message about things getting better reminded me of the circumstances of my life since my marriage. I married my wife on August 23, 1997. We lived in Florida making slightly better than minimum wage, at no less than four jobs, for five years. I attempted to go to school at the local community college. I was in my first semester back since my pre-mission semester when I found out that my wife was pregnant and had our first daughter. I started a computer company which shortly failed for lack of payment by my customers. After this latest thwart, we moved to Utah to downsize our lives and work without overtime or travel (as I always seemed to have to travel or work overtime). I would attend at SLCC, finally. When I got out there I learned that their residency requirements changed and I had to wait. I had two jobs and another daughter in 2003. Eventually, I started a mortgage company which did very well, until 2006.

          We then moved back to Florida where I started a job as a traveling IT Engineer. It involved an immense amount of travel. I forsook attempts at an education but prayed for the opportunity if the Lord would have me do so. We had our first son. I took on extra travel for the hours. We had another son. I was now locked in knowing my window of opportunity for an official education had closed. Two years ago, I heard about Pathway. I completed the program and enrolled at BYU-Idaho. I am now in my second semester and I’m going to complete a Bachelor’s Degree. We have lived in eight homes in 19 years of marriage, two of them we owned. I’ve had many jobs, been unemployed four times, and suffered lots of sleepless nights.

          I am now starting my third business, working more than full time, travelling, and attending school at night, online, from Idaho. I couldn’t be happier. I’ve learned that the struggle is the point. It would be boring to always be arriving. I learn the most when I struggle and overcome. If you quit, you’ll miss that. Long live the struggle.