I dont necessarily see someone losing all parental support in terms of finances and other help, just because he has decided to start a business. Starting a business, ane learning its pitfalls and success' is better than any MBA can offer.
Studying a diff major and then getting an MBA is a lot better than majoring in business, but I still believe some biz admin courses would help a lot. Accounting is much more important, but it doesn't pass any leadership skills along.
right, i agree, but many parents have that leash on you that they will support you only till you are in college...
It was weck. And it was great. Man, I knew I should've gone there for the game and $.35 wings last night.
That's such a dumb cliche. And I'm not being overly harsh, you're trying to advise someone to drop out of college. I have an MBA and also have started a business. The degree opened door sofr me and helped me avoid many pitfalls of entrepreneurs (while still making my own share), feel in my element (comfortable) in front of investment bankers, attorneys, and venture capital, understand tax and organizational impacts...etc. Sure, I could have learned some of this through hard-knocks, but when you're struggling to pay a start-ups bills do you really want to learn by making expensive mistakes? At least advise someone to be as prepared as they can be when they jump. EddieWasSnubbed, Are the hungry stomachs going to still be there if you finish school? Are you concerned that someone will rush in and recreate your unique ideas? Seems like the only thing you may be risking by finishing school is the lapse of your own initiative, which doesn't sound like it's going anywhere. If I were you, stay in school, at least for know. Don't take accounting, but read some to understand what you feel that you need to know. Study...read case studies on starting businesses, create a business plan, read all you can on restaurants and fast food, employing people, itemize every possible expense in your cash flow statements (when you have no money in the bank, that unexpected $50 fee can seem like a lot), identify what will distinguish you...after you've done all of that and feel ready, list the different ways to get funded. Then reassess whether it makes sense to leave school.
Food service has got to be the toughest business to be successful in. However, if you have a plan of opening a simple sub shop with quality meats and breads, it can be done. When the guys here say it will take a few years to get profits, they're right. You might have a great product, but it will take a while to get people in the shop. If your mindset is that you will make money by doing this, then great, but you won't immediately. My suggestion as a college student as well is why not keep working at the place you are at now for a few more years, build up more of a financial backing, make contacts with certain people that are interested in going into and starting a business and work towards "perfecting" your plan for this shop (ingredients, recipes, menu, location, etc). Maybe make a 2 or 3 year "master plan" now and breakdown what you want to get accomplished short term and long term at certain points in time; do personal research to find out the details and just be prepared to start once you graduate from college. Besides, why would you want to leave college early to work all day??? If it's a financial issue, then you're still probably going to have more debt by starting this business in the short-term rather than having to pay off financial aid for college in the next 3 or so years. Good luck in whichever direction you decide to go in.
How is that a dumb cliche? Most Fortune 500 CEO's don't even have business degrees. I started my first business when I was in college at age 19. By age 23 I made my first M. You either got business sense or you don't College is a waste of time and money. Its all just big business now. The colleges dont care what you do with your lives as long as you give them some sort of endowment later down the line. The Professors dont care, the faculty doesnt care and neither do the counselors. College is for socialization and finding out who you really are. I know so many Ivy league graduates who have graduated and are struggling to find decent jobs. These people feel like they are entitled to some great job just because they finished college. Gimme a break Its better to go straight from high school to some apprentice type work. If you ask any employer what would they take - a college education or practical work experience, most would side with the work experience
I can tell you it looks a lot different trying to run a business than just working in one. For one as an employee you're not incurring debt and for two as an employee you have no liability.
I wouldn't leave Uni to start a sandwhich shop. Especially if i didn't have a specific deal in place and no financing. Stay in school. If you come across a can't pass up opportunity...give it some serious thought...but you can always start a sandwich shop later. You've now got a goal to shoot for -- starting your own business. Shape your education around this. Mooch's advise is good.
some of these guys make valid points. alot of successful business owners don't have degree's. you do need a degree if you work for someone else and plan on moving up the ladder. one thing no one mentioned, do you know the suppliers? i dont think your going to go to sam's for your meat/veggie needs, supplies etc etc. make sure you've established connection with all the suppliers. set up the business as a corporation. sole proprietorship if your confident you'll succeed and if your not worried about being sued. any business is tough to manage/own. its easy to work for an establishment because you don't see the other side. the subways i used to frequent, the people who could be promoted to managers didn't want the extra hours/work because the pay was only like $.50 more an hour. i wanted a subway for a long time, back in 98...but now subway isn't such a hot commodity anymore. a good food business imo would be a pho shop.
But they do have degrees, eh? Something you're advising against. And what is their average age? Most have had decades to learn the business, not a few months. Anecdotes are wonderful. Now tell us what percentage of restaurant start-ups fail. Then tell us what percentage of 18-year old's restaurant start-ups fail. Now EddieWasSnubbed may have a great idea and beat the odds, but at least make certain that he's done all he can to be successful and has some kind of failsafe. Oversimplification. Why not elaborate? Do you mean, successful innovator? Good manager of people? Good financial mind? Customer service, marketing, sales? What does that mean? For instance, if EWS realizes that he's a good innovator, then maybe he needs a partner who brings some of the other strengths. At least allow him the time to figure all that out rather than running blindly to the cliff. Didn't fare so well in college, eh? Amazing that it's still carries so much weight in Western society when you have proven that it is entirely useless. Again...a fallacy of anecdotes. Maybe you missed Logic 101 in college. Show numbers...how many Ivy leaguers are out of work and what's the avg salary for those working vs. non-Ivy leaguers. Then get back to us. Silly nonsense. How many doctors, attorneys, bankers, accountants, engineers, scientists, professors, teachers get hired w/o degrees? In other careers, most would select the most capable candidate who far more often than not has a degree, so how can you make such a claim? Do you mean comparing a recent grad vs someone w/ 4 yrs work experience? ... show how successful they are on average after 10 years. Again, if college was so useless, many more would elect to forego the expense and skip it. Leaving college can have a lifelong negative impact. Don't base your advice on anecdotes of exceptions to the rule.
I started my company nine years ago, and up to this date, have been moderately successful (enough to pay my bills, have a decent amount of savings, and provide for my wife and boy). That being said, to this day, its taken half the life out of me. Its had its up, downs and everything in between. I've had to make decision to let good people go because of financial issues my company was having. For a long time, I could provide no benefits whatsover (and to this day, although we pay vacation, and decent health, they aren't all that great). IMO ...I spent more stress worrying about taking care of the people who work for me (granted, its not that many) than I did about myself or the state of my business. Its a fine line to walk. Recently, I've helped my wife start two businesses with mixed results that is probably going to end up taking the rest of the life out me. Overall, I would say finish school, get a job, build up your savings and after you are secure in life, THEN tackle starting up a business. Don't lose your shift before you even get the chance to put it on.
I understand completely. There are extreme highs and lows with owning your own business. There are times when you just get beat down - But then your business turns a corner and you are rejuvinated (and taking a well deserved tropical vacation). But, I really think for some people it is the only way to go. I can't imagine working for someone else. As far as income goes nothing beats it. You just have to scratch and claw for years to stay alive until your business evolves into a big success (or you sell to the highest bidder).
powerchuter, After 9 years, Im still waiting on my first real vacation (besides my honeymoon and a few days off here and there). Definitely agree on the "working for someone else" comment. Once you have that tremendous freedom when you are your own boss, you don't ever want to give that up (hell, IMO, its the best part). You make your own hours, set your own rules, etc. About 3-4 years ago, my co. was strugling and I had an offer to junk my company and go to work for a competitor, making about the same I would make running my own show (considering I would no longer be paying 100% on fica, taxes, etc.). I thought about it for a whole 2 hours before I said no.
