Generation Z skips University in order to start their own business

originally posted by: luthier
a reply to: Aazadan

I don't know how much you have done in the way of private business but it's not unheard of by any means. In fact you will find the largest success often comes from the risk. This is why people use venture capitalists and investors etc. Yeah if your taking out a 100k business loan without saleslined up its a huge risk.

80% of businesses fail. Only about 5% of student loans default. You've got a much better chance of repaying the money by going to school than by starting your own business.

Not to mention, your chances are also much higher if you have an idea, get an education in the field, and then start your business, maybe after working for someone else in that field for awhile too.

It seems VERY irresponsible to me to give an 18 year old $100,000 and expect them to properly run a business with no management of them.

a reply to: Aazadan

Your entire premise is false. The only choice isn't a 100k loan.

So 80 percent of businesses fail with or without a degree. Is it possible people are doubling up on debt from loan for both academics and business?

Sorry but your example fails because a $100k loan isn't the only option.

Not to mention your choices for employment are higher in skilled trades from radiology (your frown at 2 year degrees is very short sited as medical field is a huge part of that system) to welding.

Now government taxpayer backed education loans are another issue all together. Oe with a hand in increasing tution.

originally posted by: luthier
Your entire premise is false. The only choice isn't a 100k loan.

Most colleges only cost around $50k. The typical business loan is going to be for much more than $100k if you have a solid business plan.

So 80 percent of businesses fail with or without a degree.

I don't know about that, it's an average of everyone. Do you have numbers that show the success rate of businesses with varying levels of education and experience? I don't, but it seems quite logical to me that people who work for a while, learn a bit, and work in their field, before starting a business are going to succeed more often.

Not to mention your choices for employment are higher in skilled trades from radiology (your frown at 2 year degrees is very short sited as medical field is a huge part of that system) to welding.

My frown at 2 year degrees is because I have three of them, and I actually got worse response rates for interviews on resumes where I included them than resumes where I didn't. It was also based on tax information where high school drop outs do on average better than people with 2 year degrees. Associates degrees are consistently the lowest performer of education:income.

a reply to: Aazadan

Associates degrees perform less than which college degrees? What about 2 year medical training?.

I know a lot of business owners who are carpenters, guitar makers, painters, house cleaners etc, never took a loan out at all.

originally posted by: luthier
a reply to: Aazadan

Associates degrees perform less than which college degrees? What about 2 year medical training?.

I was referring to the average degree, using income statistics.

I know a lot of business owners who are carpenters, guitar makers, painters, house cleaners etc, never took a loan out at all.

I guess you can do those things, but those aren't the jobs our country needs. You're never going to revolutionize the world or create a new national market by being a house cleaner.

a reply to: Aazadan

Lol, nope but you arent going to be pretending any day now your great idea is coming.

Chances are however you can feed your family, buy products that are sustainable, and clean the people's homes who are too busy since the are designing the new world.

The country will always need those things. Whatever you consider important is an opinion.

Big difference.

a reply to: luthier

I consider that to be telling people to set their sights low and not strive for anything.

a reply to: Aazadan

That's fine. I call it reality. You can pick up some welfare from those people's taxes with low expectations. Because that is literally the reality on the ground.

The people who have moved the needle forward are often not college folks anyhow. Those exceptions you talked about Gates, Musk etc they have internal natural drive. You can't teach that.

My wife has two doctorates and is a research professor. I was a carpenter. Our incomes were never that different. Professors cap out way before builders as far as income thresholds.

originally posted by: luthier
The people who have moved the needle forward are often not college folks anyhow. Those exceptions you talked about Gates, Musk etc they have internal natural drive. You can't teach that.

Gates had a privileged life with access to computer equipment that very few had at the time. Musk got lucky.

I'm not saying that neither put in work. But billionaires don't work a million times harder than someone only worth a few thousand dollars.

Most people who have moved the needle forward were college educated. You also don't hear of most of them, they work for corporations and invent things the corporation files a patent on. Very, very few get to invent something of their own and build a company around that invention.

a reply to: Aazadan

I am starting to see why you may have had some failure. I am not being rude either. Seems like lots of excuses.

Lots of successful people were poor students, lots of graduates not working. 2016 was the highest level of default for student loans. Lots of programmers just take individual classes.

The current economic situation is that you are very likely to succeed getting a job in the skilled trades. Much higher than many degrees in a university with higher starting pay and less debt.

Musk got lucky because he is smart, driven, and took chances. Maybe you haven't read his bio.

originally posted by: luthier
I am starting to see why you may have had some failure. I am not being rude either. Seems like lots of excuses.

Lots of successful people were poor students, lots of graduates not working. 2016 was the highest level of default for student loans. Lots of programmers just take individual classes.

The current economic situation is that you are very likely to succeed getting a job in the skilled trades. Much higher than many degrees in a university with higher starting pay and less debt.

Musk got lucky because he is smart, driven, and took chances. Maybe you haven't read hi bio.

I didn't have failure though, I simply recognized what it takes to get a proper education and did it. I have degrees in Digital Technology, Computer Graphics, Web Programming as 2 years, Computer Science, Simulation and Game Engineering as 4 years, and minors come at the end of this year in Mathematics and Business.

I started a full time internship over the summer that started me at $60/hour. For my first ever job in my life (not counting some random teenager work). I got hired on to work part time/remotely during this school year at $80/hour. When I finish school, I'll continue with the company full time with yet another raise.

I'm our lead dev.

I wouldn't say that's failure, but it's not the sort of thing you can do with just 4 years education either. I was coding from the time I was 14 (I'm 35 now), and I've put a lot of effort into self improvement, learning, and developing a craft. I don't know if that means I deserve my current salary, since 80k/year at 20 hours a week is pretty darn high (especially for the area I live in), but I do think it means that I didn't fail... yet

If you go back and read my posts from a year ago, or later than that I always said I would either be one of the lucky few, or end up destitute. I put the odds on being homeless and bankrupt higher, but so far I've lucked out.

a reply to: Aazadan

Are you changing the world?

Have you thanked the American taxpayer, the lazy home cleaners business for supporting you for nearly 20 years?

By the time I was 34 I had sold my 3rd home after fixing it. I think a lot more has to do with the individual and their drive than even the education. Like I said my wife has 2 doctorates one in psychology and one in the field of neuroscience. She could possibly out earn me soon but the money I invested after flipping homes keeps me from needing to sweat it out in the fields. Now I can go to Nicaragua and help install solar panels in villages.

Not against college but have a plan and be ready to work hard. Simply going to college is not enough anymore. Particularly if you aren't following the labor shortages or overflow.

originally posted by: luthier
Are you changing the world?

I'm improving the company I work for. The money I earn is helping with the nations tax burden. The things I've learned have enabled me to make some interesting side projects that have the potential of one day changing the world.

Have you thanked the American taxpayer, the lazy home cleaners business for supporting you for nearly 20 years?

Yes, actually. I measure everything I do in terms of how it repays the country as thanks for enabling me.

By the time I was 34 I had sold my 3rd home after fixing it. I think a lot more has to do with the individual and their drive than even the education. Like I said my wife has 2 doctorates one in psychology and one in the field of neuroscience. She could possibly out earn me soon but the money I invested after flipping homes keeps me from needing to sweat it out in the fields. Now I can go to Nicaragua and help install solar panels in villages.

I have no interest in flipping homes. It's an unsustainable practice. Home ownership is only sustainable if prices are stagnant relative to inflation, or go down. You can't raise the prices above the rate of inflation forever.

Simply going to college is not enough anymore.

It never was. 4 year college educations right now though are insufficient. The first 3 semesters are basically a waste in weed out and remedial classes, the last semester tends to focus on teaching interview/resume skills. You only get 4 solid semesters of learning these days and even 8 good semesters still only teaches you the very basics in a field. Knowing the very basics is not good enough to get hired, in order to get hired you need to be an actual expert (or sound like one). That means, you should know as much as your professors... if not more.