Once upon a time, it was the American dream to own your own business.
Kids grew up in world where the example of entrepreneurial blood, sweat and tears was the only path to a better future for yourself and for your family.
Fast forward to today. Today’s kids get roped into enormous amounts of student loan debt because the new path to the American dream is a higher education. An expensive higher education. An expensive higher education that doesn’t necessarily mean a job on the other end. Que the trend of college grads moving back into mom and dad’s place.
This push for higher education at the expense of all other walks of life hasn’t made anyone any happier or any richer than the generation before. In fact, it’s put a large part of the millennial generation in a financial hole they might never come out of.
What has this push for higher education done to the entrepreneurial spirit? It’s choking the life out of it. If you come out of four, six or eight years of higher education you are probably in no financial position to take on the financial risk of owning your own business. You’ve also spent the last handful of years outside of the workforce. You may have learned a lot, but the learning wasn’t of the practical nature best suited for business ownership.
We’re not saying that higher education is a bad thing. What we are saying is it doesn’t have to be everyone’s path. If you see yourself 10, 20 years down the road as the owner of your own business – there’s no need to wait. You don’t need a lofty or expensive degree to be a great entrepreneur. You need drive and passion.
Instead of asking your folks to send you to college, maybe the better path would be to invest in a business. Buying an existing business can be less risky than starting from scratch and it allows you to take the reins from a seller who will be able to train you.
If your parents aren’t thrilled with the idea of you going-it alone, then maybe a family partnership is in the cards. There are also ways for a millennial entrepreneur to fund a business purchase through the Small Business Administration (SBA). Ask a business broker about what opportunities would be available. You might be surprised with what’s possible!
If entrepreneurship is for you, there’s no need to saddle yourself with student debt to get there. Talk to a business broker today about your goals for business ownership and the capital you have available – and they will be able to help you decide on the best entrepreneurial path for you.
Do you have more questions about how to get funding for the purchase of a business? Would you like to know what a family partnership might look like? Ask us! Leave any questions or comments and we would be happy to help.
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Fort Myers, FL 33907