A successful financial planner and former Taichung Taiwan mission president encouraged BYU-Hawaii business students to consider seeking a career in their own businesses.
Speaking at the Mar. 18 Entrepreneurship Lecture Series, Dennis C.H. Kim of Mililani told the students, “Too often when you go through business school, everyone talks about corporations...and analyzing large organizations and numbers. A lot of my classmates today are entrepreneurs. We own our own businesses. We're doing something that's contributing to our families and our societies.”
Kim recalled he first became interested in financial planning during his first mission in Taiwan 36 years ago, when he had to help several members set up budgets. “That gave me a great sense of accomplishment,” Kim said, who earned his bachelor’s degree from Northwestern University, an M.B.A. degree from the University of Hawaii through the East-West Center, and his Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC) professional designations from American College.
After earning his M.B.A., Kim said he went to work for a large insurance company “by process of elimination,” where out of his first 40 calls, he made zero sales. “These guys had tried to train me to manipulate people; but I found people have needs, and I had to work with the type of needs that applied to a particular person. From then on I was always one of the leaders in the company,” he added.
However, Kim soon decided “being tied to one company is not necessarily the best way to go. In other words, you can't force a person’s needs to fit your products. This can lead to ethical problems. By becoming a broker, I was able to have additional products that would meet the needs of my clients.”
“When I started my own company, I was my own boss. I was in control, and I controlled my environment,” Kim said. “We had good results, but more importantly, everybody was happy to be there. We had about 40 employees and an office on the 27th floor of the Pacific Trade Center.”
He added that about 60% of his employees were LDS, and they helped convert seven of the other associates.
“Another advantage of being your own boss is you get to choose your clientele. For example, we were solicited a lot of times to give back rebates, which is something we didn't do.”
Kim explained in setting up a sole proprietorship, “You have to have a business plan. You have to be committed to that particular business so you're looking at it as a career and not as a job. A lot of times when you graduate from college you're looking for a job.”
He also encouraged the students to join professional organizations in their areas of interest. “They help you be professional, and learn how to maximize your business. You get all kinds of things that will help you, which tie into education,” Kim said, listing his need to stay current with the wide range of products, tax ramifications, and government regulations.
“But as time goes on, experience becomes your educator. You have to have the proper experience; but most important is servicing your clients. It doesn't matter what business you’re in.”
To illustrate this, Kim said that after his three-year service as mission president, “I found out only six of my clients had switched, out of about 2,000. The majority of them were willing to wait for me to come back.”
He added that he also closed his downtown offices and began working out of a home office.
“Before we left for our mission, I was paying over $100,000 a year for our downtown location,” Kim said. “After setting up the home offices, several things happened: We could deduct expenses, and I didn’t have the commuting experience.”
He also said that he uses high-tech communications equipment, “which make it so easy to conduct business from my home. My clients like it, too.”
Asked what kind of education is important for those interested in financial planning, Kim replied that accounting and business classes are obvious ones, but he also recommended psychology.
“A lot of financial planning is counseling people about finances. I feel that I am helping people. Sometimes I tell people I'm a financial doctor,” Kim said. He also pointed out that BYU offers a master’s of financial planning.
“Being an entrepreneur is not a bad word,” Kim said. “Being a salesman is not a bad word. Out of 100 companies that start today, only five will survive in five years time. Those are not good odds, but if you are one of them, there are many advantages to being a sole proprietor. What you should be looking for is a career, not a job. If you do that, you'll find yourself very successful in whatever career you choose.”