College/Business Advise

Discussion in 'Growing and Managing a Business' started by gavoniben, Mar 23, 2014.

  1. gavoniben

    gavoniben
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    Hi all,
    I came across this site and hopefully will find more luck in a good response to my questions... I'm currently in high school. College is right around the corner, and I've been considering several different options/paths. I know 100% that I want to own a restaurant. I don't want to be the chef, however, I'd be there daily to run the public side of the business and keep everything in order. Obviously in the society in which we live in, it's presumed that all high school kids want to and are going to college. However, college, in my opinion, would set me back financially. Also, I've talked to local restaurant owners who majored in various business degrees, and some have said their college experience didn't really do much in preparing them to run a restaurant. At some point, I'm going to be crawling to a bank looking for a big loan unless I find a rich partner. Do you feel a bank wouldn't consider giving me the loan if I didn't have a college degree? Also, how much do you think a college degree would benefit me?

    Additional information: I get A's and B's in very challenging courses at my high school. If I want to go to college, I can. If I do, it'll probably be a state school (I live in the USA) in order to minimize debt.

    Any and all advise is greatly appreciated. Thanks.
     
  2. Walkingbox

    Walkingbox
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    Starting a business off a loan, to me is a bit foolish. You will not know if the business will fail or succeed and IF it does, how will you pay off the loan? If you must ask for a loan, ask for as little as possible.
     
  3. thealchemist

    thealchemist
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    I'm going to be completely honest, after I graduated college, my degree has not helped me one bit in finding a job in the field of my degree. Even though my degree is not in the field in which you are interested, just like myself, I have dozens of school mates who, after graduation, have not had much success in finding jobs in their field. In your case, a four year college may not be the best idea for you, and I would definitely recommend staying away from taking out a loan. Your next step is not to open up a restaurant, but to find someone who owns a successful restaurant and become their shadow. You need to become the apprentice of success so that you know how someone who is successful operates. You need to learn all of the choices they made, both good and bad, that led them to their currently state of success. You need to be a sponge, soaking up every morsel of knowledge they plant on you, and you need to do it for FREE! Do not ask to be paid. It's called being an intern, and that's exactly what you are wanting. Starting a restaurant directly out of high school with no experience is like giving a toddler who just learned to walk a car. They won't know how to operate it, and will likely end in tragedy. Your next move should be to become an apprentice, and after many lessons have been learned and my contacts and relationships have been made, you should only then venture into starting your own restaurant.
     
  4. DarioMontesdeOca

    DarioMontesdeOca
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    Education is key

    Lol, I have to laugh at this question because bankers don't care what your grades are. But what they do care about is your financial statement. I recommend you pick up a copy of the Rich Dad, Poor Dad book by Robert Kiyosaki (if you haven't already) and read every word of it.

    Since you're in high school you have a lot to learn and I admire your initiative for taking action by asking for advice in a business forum. This small act alone is what will set your future apart from most of the losers in the world as long as you keep persisting.

    I recommend you watch this video series too, there's 7 of them and won't take you too long. If you listen to this over and over again, which I highly recommend you do, your mind will begin to shift and get new insights. Here's the first one:

    https://www.youtube.com/watch?v=ALymGxpyi6M

    Also, I recommend surrounding yourself with successful people as soon as you can. It may take you a while to find the right people but if you keep on putting yourself out there and making new connections, new opportunities will start revealing themselves to you. Living in a large city helps as you can find more businessmen and entrepreneurs.

    If you need a mentor you can message me anytime.
     
  5. jonathant

    jonathant
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    Why do you feel the necessity to start a business now? Why can't you wait until you have graduated college to assess if entrepreneurship is really what you want to do? I'm asking this question because college is a place where you discover your interest and passion for certain things which could lead you to a career path after graduation.

    I know you feel that going to college can set you back financially, but it would be very difficult for you to go back to school should you fail in your endeavor to start a restaurant.
     
  6. binpowers

    binpowers
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    I think you should First complete your graduation. In the mean time you can do some par time job in a restaurant to have some experience. After graduation you should have gain lot of experience in this business. Then you can estimate what is the exact amount of money you need to start your business.
     
  7. janecristy

    janecristy
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    Do not get any loan for starting a business as it may create you a problem later if you are not experienced well. The interest of loan may be very high and it will increase day by day. For getting loan, you should have some property or security in a bank. First of all get experience in this line or hire experienced person to run the business at small scale then think of a hotel or restaurant.
     

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