A local businessman and former basketball star for the BYU-Hawaii Seasiders told students, faculty and staff at the Sept. 16 entrepreneurship lecture that "persistence" and "focusing on the task on hand" are the keys to success in the business world.
Alan Akina, born and raised on Oahu, now resides in Kahuku with his family and runs and operates three successful businesses from his own personal computer at home.
Akina explained that his interest in business sparked when he first came to BYU-Hawaii to study in 1991. At that time he had aspired to be a physical therapist and decided to major in biology. His desire to explore various business ventures however, superseded those plans. "My heart was always in business," he said.
Akina's path to entrepreneurial success began when he starred on the Seasider basketball team. He told students about coach Ken Wagner's two-mile run which taught him to "focus" and "be persistent" because not achieving the necessary qualifying time meant not making the team.
He then went on to tell students about his career path since that time to further illustrate how he had internalized those same principles into his business career.
"My first business venture was developing a small t-shirt company called 'Native Hawaiian Wear'," Akina said. "I would go around to the local surf shops and Kaneohe to sell the shirts. From this experience alone, I learned screen printing, collections, overhead and borrowing money to finance a business."
Akina said that the intense competition in the t-shirt business eventually led him out of that area and try something new. "In October of '95 a friend of mine called and told me about Excel Telecommunications—a network marketing company based out of Dallas," he said.
At the time, Akina explained that Excel was the fastest company to reach $1 billion in profits and became the youngest company ever to be listed on the New York Stock Exchange. His first paycheck was $8000—almost double of what he had made in one year working at his on-campus job at the PE cage the previous year.
"Why (the huge payoff)?" he asked. "Growth creates wealth. The company had shot up and I was fortunate to come in at a good time and grow with the company."
"Unfortunately, things don't always go your way," he added. His next ventures with other well-known companies such as Journey Telecom, I-Link, and an internet startup company Nueworld.com all fell through due to unforeseen circumstances such as bankruptcy and being sold off.
"You have to be persistent and stay focused to your plan, there are lots of ups and downs in business," Akina said.
His latest projects include directing the operations for CollegePrep Sports LLC — a sports, coaching and cheerleading camp which has diversified into other elements such as dance competitions and running 101 financial group, a financial consulting firm that helps consumers "bank smarter" and "manage their money right."
kina described how his company can help consumers reduce the cost of debt interest by two-thirds without changing one's lifestyle and can even "show how to pay off a 30-year mortgage within 10 years."
"How was I able to do all of this?" he asked. "Never give up. Be persistent. Mistakes along the way can be your friend."
Akina reminded the students that although every person they become acquainted with could be a potential resource, he said, "You are the first resource."
"Keep a log of all of your acquaintances from this melting pot of BYU-Hawaii," he added. "For instance, if you need to get into China some day with your entrepreneurial endeavors, it's always good to have a contact—BYU-Hawaii is the perfect place for that."
Akina also advised to the students to "personally interview as many millionaires as you can and learn their strategies." He pointed out that he personally had interviewed more than 20, including billionaire Richard Marriott of Marriott Hotels. "Research up to a point and then go for it," Akina said.
Alan Akina played basketball for the Seasiders from 1991 to 1995 as a student and was team captain his final year. He served a mission for the Church of Jesus Christ of Latter-day Saints in Ogden, Utah from 1989 to 1991. He and his wife, the former LeeAnn Lauritzen, have three children.