What do you say when your HS Grad wants to SKIP college and start a BUSINESS instead?

Friday, February 9th

A new study shows Millennials have a greater desire to start businesses than previous generations.
So what if your High School graduate tells you they want to skip college and go straight to following their entrepreneurial dreams?
 

Thanks to our friends at Family First Credit Union for supporting the $even Figure$ podcast!  
When it comes to financial education, earning and learning go hand-and-hand, and Family First is here to help you and the Greater Rochester community with both! 

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00:18:12

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

We haven't agreed Friday and seven figures out the information that you need to dominate your finances I'm senior writers thank you so much for being here for checking out the podcast every Friday I'm Rochester buzz dot com on iTunes on Google play. Thank you for subscribing telling a friend and giving us a review and you can always reach out to me at sandy and Rochester buzz. Dot com has some really interesting article on USA today. Seen him millennia Olsen may be the most entrepreneurial. Generation ever a new study shows that millennial have more experience with small business. Any greater desire to start their own business. Then previous Generation X. is this a good thing before we cache of weather expert might parties act perfect go to guy on this topic. When I take a moment to say thank you to our good friends and family first of credit union from personal banking to business services and home loans. They're number one priority is finding a solution that works for you locally and people over there are families first. OK we bring you might tie easy. The president of Genesee northern research a bachelor's degree in chemistry a master's degree in business management is a licensed US penny Jintao. Has also published over twenty papers in the field of electro chemistry and mechanical design during his 35 plus years in the industry. Mike is also an adjunct professor at Roberts Wesleyan College school of business. And coaches NBA candidates and engineering students at the University of Rochester Simon school of business Mike is active in the local business community and his founded or co founded five start up ventures so yes you are our go to guy. And what's so cool about the seven figures podcast is the interaction in the feedback that we constantly get from listeners which is so awesome so I thought it would be. Even better if we invite the listeners on the show with fast so I invited Geneen on the air with us to Nene they're. I'm here okay Geneen Mike Mike Janine RJ. Are all right so we read the USA today article that cited in Milan heels the younger generation is all abouts. Starting their own business to do in their own thing. And GA Nina this hits the theory close to home with you there. My iron gate and hanging eight noon he'll be Great Britain with singer I'd call right now it's very adamant about not calling in Colin. And look at the carters don't put it like making their own neat part about. Route being inland taking with it done during summer. Or that I'd go here and I'm not quite wouldn't hurt him you tired of bone did you know. Or. Go to traditional route I don't know what Milan and I wish I was a college route. And I have a bachelor's degree. Bow. I don't I don't know I'm a militant is that what you do. Well you know that that situation that that a lot of people find them open you know they have fork in the road. ET to traditional route and go to our agent and hope for the best. Or do you use spell your dream and start a business and learn essentially I'm the job it and it really is that that this thing about. About starting a business if you're very young. And you've never been in that that environment before the cases you don't know what you don't know. And if it's more than just going now web site ordering up business tired than. You know putting an ad in the in newspaper ought Ellen and taking draft. The other thing is that a lot of time when people wanna go walk on the roll into something entrepreneurial. And take a risk. They look for boy. And you know the unfortunate thing is that help people give them. It placed its often overly encourage you to do you know you can do it in all this to put your mind to it and you know. The world's your oyster go get it all these kinds of things but that but the truth is that people you're asking earned the one that in most cases. Are going to be dealing with that the financial. Fallout from your decision. Do you feel like across social media is eating into this false hope. I think it'd be Emmy people see what you know. You know locker Bergen stunned yeah and I invented. You know incredible that. You know some of these people have if he's done something it's really taken off and now it's like well geez I come up with a widget or something like out rank you anyhow we have an app. Actually yeah. But it just you know at the the money just rolling it best thing of course. Is too if the test the water is speaking at first and the other the discovery process involved with. Any kind of business other than XP is that the efforts of the like it or brick and mortar you know kind of thing you need to see what the market really is in getting put out good idea of what you can. Really achieve with the but the business. Indicate some of landscaping business best approach. It may being. You'd considering something Blake. Like an apprenticeship. Where you would spend. Summers working for a landscaper learning the business learning customer interaction. Seeing how jobs they're priced. And the big thing and you know and and you know do your normal you're all college you know work during the that there and build semesters and then spend the Summers. Getting the experience and enough enough knowledge behind that he could make all of it. It sounds like Mike here saying hey trust your gut feel Geneen. Yeah yeah and and there are program. Locally that would be complimentary educational program but speaking of the that would be complementary to that line of work to. If nothing else to visit the administration would be a big help. What one thing that she can say can you know she's gonna go to were signing her son's gonna roll his eyes cannot listen right because that's just how teenagers are. So yeah no opportunity when everything looked up there try and held up at. I don't list. One thing to did you have so much experience with this in owning a businesses and companies and corporations what is the one thing that's. Nobody realizes when it comes to owning your own business working for yourself. I think that is the goal of the duties that you bit of a purse in the business owner needs it beats the bill to make it is. That yet to work so many here you have to be. But failed then you have to be an accountant you have to be. Noble person they actually do the work and help me out and although things kind of fall into it in early and you can't afford. That helped to to take hero and partner great great great a guy like thinking of Obi is filed extreme and be successful. Arie Tinny must've liked you thanks for listening and that I can't. To bump some are one of the things about. About a new business especially one that you really passionate about it that sometimes. That passion put blinders I knew you and you can't. You know you can't be retrieved it forces in the way you know who but it and end the polls. The whole time in probably did it and especially in. The case of nor high tech entrepreneurial. Endeavors. Is the monetization plan you mentioned someone come up with an eight up yeah and double that rate by. Heidi you'd make one again and you know 99 cents a download. There's possibly build a hole and a you'd need you need to really put together a plan and test. Good feeling the stories that we hear the success stories like you mentioned Zuckerberg in in those type of stories. Our eye catching it and it it pulls out the dreamer in all of busts but and you have to pull away and look at it pragmatically re enact and would she need is struggling with I think a lot of us are struggling with. We are often blinded by the success of others and not realizing that that one or two success stories compatible cool million who struck out eight. Yeah so you do it because you did take a passion and it creates success. So what was the what what was your story what was the one major lesson that you learned or that big hurdle that. That you can share with us that we can learn from. Opt for me in all. I decided that and I had opportunities. In. In the engineering consulting in that I could make a living doing it you know at at at that point time. Are my wife was when becoming simpler you know I was older and older might or reduce paid off I didn't hit it at home. And so there is less Obama. I don't mind may need where were. Simpler than they would have bin if if I was much earlier movement and you know I started my business online and hopefully. It yet and we're all about Antonio silver bleary I mean don't that broke open but still it up. Didn't really know because at fifty there are a lot of people who think all like I'm stuck. I'm stuck if I can Anke and doing leaving house and his dad you know. He admitted it happened more than than if they communicate. The build further colonel Sanders started Kentucky fried chicken it but seven Beers on things hero sure you know loyal but but the fact the low are that it will point. A crossroads in your life. And your situation sludge that running a business that is compatible with the but the white style you wanted to have you know great I mean some people want to start a business and make millions of others in all it late. I can maintain my lifestyle I have the freedom of so you think it's freedom but they hadn't gotten into them the flexibility to about upping your own business that. The net look at it in you can take I decided that. In point there is think about this while you know one thing I want to go back get a you know give my master's degree in business and our government scientists there have been a lot of work in the it field engineering and and that's sort of thing but. That you know I really ever really been dole more of the muck bowl of business ownership mole. I eaten that it didn't film additional education at that time and you know bet. They're paid benefit you know they're they're things that they you know they mention real early and hindered especially you don't know you don't know. Yeah and is difficult as things like science and engineering may seem. Boy you know when you're when you're dealing with marketing and pricing a product. And think you know it's it's really it's hoped. It's tough spot all learned he says if you don't. Launcher right if you prices to. It is an art in itself. The business and the thing. Well I don't tinian son and she plays this podcast firm because you you know as I had in adults and establish a dole won back to school. To crave more knowledge and expertise. Well you know did it twice they actually have to have a meeting after they had then that when I decided that. Running my own business you know and patenting things you know for myself for the for the business and I was shelling out a lot of wanted to lawyers and at one point in all I can learn to do this I told us. Well enough but we've lost or bar exam and Bob you know becoming apparent agent so we could they were few but they're good. Yeah. It's so impressive but you're right I think it does start wit. You have to be in the right financial spot in order to feel like you can take bigger risks. The other end and you're taking the risk. Not just yourself but your family ya and others and you you need to really weighed the pros and kind of go decisions before you make them. So what lesson and should we be teaching our kids to help set then not. To succeed in the future you work with a lot of aspiring. Entrepreneur oral and in your classes what do you tell them. Well. I think it's summarized it in and in one word that's preparation. And that is preparing yourself financially you know because you have expectations. Of what you might. Will you be earning your what you need need to live on so preparing yourself educationally. Four bit enterprise it might get into it but if it's technology. Base it all up computer science degree. You know that this administration things like bad. All always help. Preparing yourself. I gradually lake view we have the experience to. To do this if not. You know where can you get days after a a company that you can workforce learn the ropes. You know here in the Rochester area in Monroe County there are services available. The Monroe County. Web site at that they have for business under that they have there and linked to something called the entrepreneurs network so partially funded by the state and county of Monroe in it is specifically for people who want to try and entrepreneurial. Pay. You know they offer classes about. Product launch. You know how to start a business. They bring in a lot of local leaders to. To assist with budding entrepreneurs. Other places like high tech Rochester which. Is. Facilities to to how old businesses there location downtown now the pop open it noticeably building. In the other where when and Henrietta. Oh minus one X tech center. And they also have staff bet that this entrepreneur who were there people wind stirred business with. No getting through those first few hurdle so there are resources available in you really need to avail yourself of them give yourself a much better chance of. I'm lying and could that be a resource it feels like you can find it. A lot of the information that you're looking for with a YouTube video. Oh yeah yeah I doubt our country there than you couldn't find enough bits of over analogy out there to help you along provided of course stated. You know it's valid yeah you know people can post anything you sure you need to eat. Put filter out there at the but I know what's valuable what you know it is just the one posting. I mean look at I just post a podcast every week but now. They're. Got up what. It's a little arsenal now they think it is important to recoup learn from each other and to follow each other's paths when it is a tap the six fast. You're financially successful right here in a good place he said he paid app you mark it you're at a spot where you were able to take the risks that you have taken. Are there any financial rules are tips in your house that you follow that maybe we can pick up on and adopt in our own the only budget. You know oh is it living living Elway at or below your me. If this generation noble forests that there were intense favors. And you know I learned from from that type of person and I didn't however he really didn't need to bring a new car you know two or three years. Hop act or I didn't need to have a signal 4000. Square foot out. 04 you know 43 people. Faux. It would it you know that not to say that that that that opened the wrong answer everything at the white Troy. But I found that you know fight the bite that. If I took bail money and you know what putter away or. You don't have been invested it conservatively. It would probably do me more good long term then it would be we have. For a living rooms in corporate or her hand you know so I but yeah I I think that probably had held the live and live within your means. You know you can obviously treating yourself and enjoying life is is part of the journey and you don't want to deny yourself. Things Blake bath but. You know if you're you're looking at making an expense that could be an extravagant society you're thinking your mind. There would be extravagant that's probably a sign that he that you're probably going a little over the top. Nokia did you get to talk yourself into it. Ben Ben OK you already know better at it yeah I thought I would I would say that I guess it would via. No I'm bomb nerve did I know my gold hijacking. Presidents and gen Z northern resurgent among V laundry list of other credentials thank you so much taken up. A few minutes with us today and the senate figures I guess my players Eddie thank you. For all of us parents who are starting to invest in the 529 college savings plans this is a good episodes to save. Just he's certain kids says I don't wanna go to college. Right now it's time to bring in my dad. Father knows best buy dad's teams ads have a great weekend dominate your finances. It's amazing how many people don't realize that there isn't a lot of money doesn't automatically move you risks and earning a low wage doesn't make you for your financial stability depends more on how much you save. So regardless of how much you may go ahead set up an automatic deduction from your paycheck into savings account. It'll give you that margin of safety kick cover those unexpected. Event.
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