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Why Becoming An Entrepreneur is the Answer to Your Failed Job Searches
Young Entrepreneur Council via Foxnews ^ | July 14, 2011 | By Scott Gerber

Posted on 07/14/2011 10:38:49 AM PDT by US Navy Vet

There are over 81 million young people unemployed worldwide. Not to mention tens — if not hundreds — of millions more that are underemployed. In the U.S., youth unemployment is just shy of 20 percent, nearly 40 percent of Gen Y has been either unemployed or underemployed at some point since December 2007 and college graduates are so poor that they are being forced to move back in with their parents and default on student loans in record numbers.

(Excerpt) Read more at smallbusiness.foxbusiness.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: entrepreneurship
Just food for thought.
1 posted on 07/14/2011 10:38:56 AM PDT by US Navy Vet
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To: Jim Hill

Pinging myself for later


2 posted on 07/14/2011 10:47:34 AM PDT by Jim Hill
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To: US Navy Vet
I hear you, but as my dad used to say, "it takes money to make money." Most kids don't have capital to invest, and credit is getting harder to get every day. When I was 23 (long ago, in better times) I had an opportunity to buy into a growing small business. The minimum investment was $10,000. I did not have the money (nor did my family), had no assets to sell or mortgage to raise it and could not get that much credit. So I had to walk away.

I wish the kids luck. They are going to need it.

3 posted on 07/14/2011 10:52:00 AM PDT by jboot
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To: jboot
I hear you, but as my dad used to say, "it takes money to make money." Most kids don't have capital to invest, and credit is getting harder to get every day. When I was 23 (long ago, in better times) I had an opportunity to buy into a growing small business. The minimum investment was $10,000. I did not have the money (nor did my family), had no assets to sell or mortgage to raise it and could not get that much credit. So I had to walk away.

Exactly. And what is "underemployed" for the entry-level workers, in this writer's mind. The college degree of today isn't nearly what it used to be. Many college grads I've seen could use a few years of "under"-employment to get up to entry-level professional positions. While I encourage the creation of better positions, creating a bunch of unsustainable businesses isn't a great idea, either.

From the article:
Think about it. If you were in a casino with your friend and he was losing his shirt at the craps table, wouldn’t you try to get him to walk away and make a better decision with what he had left? Why isn’t that same mindset applied to failed job searches? [...]

A better analogy is to convince your friend to start gambling after he's lost money from his pocket just walking down the street. But is it right to gamble with other peoples' money? I can just hear it now, "we need to give more unrepayable loans!"

4 posted on 07/14/2011 11:00:52 AM PDT by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
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To: US Navy Vet

Here’s a thought. Where are these young people or even old people who are unemployed and without resources going to be able to obtain another loan or resources to enable them to be entrepeneurs? Like my high school counselor told me in 1968 with regard to a college scholarship or student loan: “if you are not black, hispanic, american indian or female you need to give up and just enlist”. Sadly, even enlistments are being drawn down. Well-honed skills and experience is not finding many openings for older unemployed and for the young without experience or assets it is much worse so building your own startup without any assets or experience is for most a vertical climb without a rope with very few possibilities for success.

Until the National Socialist Democrat party is permanently removed for our political landscape, job-killing laws and regulations are thrown out and the economy is recharged for growth this concept will fill only a very few of the jobs required. I hope every unemployed person in the country seriously considers this but it will not provide a solution to the damage that the democrat party has done to our economy.


5 posted on 07/14/2011 11:02:59 AM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
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To: jboot

I know that feeling. Back in 1976 as a married veteran student I was offered the opportunity to invest $10,000 in a startup company (Genentech) whose stock split numerous times over the following years. It would have set us up for life but the credit for that type of loan was not there so on graduation I was commissioned and reentered the military and completed a career. No regrets, but for current young people the opportunities are even worse than mine were then.


6 posted on 07/14/2011 11:10:17 AM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
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To: Gondring

“I hear you, but as my dad used to say, “it takes money to make money.”

Yep...and you also need a willing market. And given the economic climate right now, that’s easier said than done. If one is fishing in a pond with no fish, they’re just wasting their time and money.


7 posted on 07/14/2011 11:11:25 AM PDT by WKUHilltopper (And yet...we continue to tolerate this crap...)
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To: WKUHilltopper

Yep...and you also need a willing market.


But most of all, you need permission from the govt.


8 posted on 07/14/2011 11:12:58 AM PDT by PeterPrinciple ( getting closer to the truth.................)
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To: US Navy Vet

don’t worry... any small success you may achieve will be immediately taken via taxes

of course, this feeds the dem/progressive anti-capitalism machine


9 posted on 07/14/2011 11:18:03 AM PDT by sten (fighting tyranny never goes out of style)
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To: PeterPrinciple

“But most of all, you need permission from the govt.”

Yep...you’re right. Land of the free, huh?


10 posted on 07/14/2011 11:30:47 AM PDT by WKUHilltopper (And yet...we continue to tolerate this crap...)
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To: US Navy Vet

Some number of young people will start their own business and a minority of those will find some long-term success, as it has been for years. But to suggest that self-employment is some general solution for the level of current unemployment is nonsense.


11 posted on 07/14/2011 11:32:06 AM PDT by Will88
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To: WKUHilltopper

“But most of all, you need permission from the govt.”

Yep...you’re right. Land of the free, huh?


I have been having discussion and some even involve beer, and we cannot identify a business idea that does not have govt regulation.


12 posted on 07/14/2011 11:33:40 AM PDT by PeterPrinciple ( getting closer to the truth.................)
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To: US Navy Vet

I talk to my kids all the time about finding their own way. Used to be that the guy in the blacksmith shop was the owner, and anyone behind the counter was the owner - saloon, hotel, bank, barber, etc. Then came the industrial revolution, and we became a nation of employees. I guess that is about the timing.

I remember thinking when I was younger - who am I gonna work for when I grow up? I look back on that, it was a sad mindset. I am bright, capable, know how to work - I should start my own thing. Just yesterday a friend and I talked about our ‘golden handcuffs’ - in good jobs (maybe not golden, but you know what I mean), afraid to do something else. But I still dream, still am learning skills that I hope will someday provide for me.

One of the guys I read is Dan Miller: http://www.48days.com/

He is all about encouraging you to find your passion and then figure out how to make money doing it. My kids are almost out of high school. I wish they had grown up in the house of a small business owner, but I am an employee...trying to break out of that, but here I am.

This is when churches are supposed to be ‘storehouses’. I have hired guys from work to do stuff around my house (that I usually do myself). If we can’t depend on each other, then who?

Anyway, sorry for the rambling...not really directed at anyone, just frustrations that we go thru. Return to your freeping...


13 posted on 07/14/2011 11:43:32 AM PDT by LearnsFromMistakes (Yes, I am happy to see you. But that IS a gun in my pocket.)
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To: jboot

Your dad’s philosophy is right. But given what’s happened over the last few years, I’m not sure starting businesses on credit is such a hot idea either. Most businesses will fail. Or at least take a looong time to get off the ground. If you’ve extended yourself on credit, you are in big trouble.

I started a business with just whatever I had in my bank account. Never borrowed on anything but a credit card, and even that was paid off in full every month.

You gotta start tiny, use assets you already have, choose your expenditures very carefully, and move forward slowly as you claw together the necessary funds. If it busts, no big deal, you start again. But at least you are not in debt.

In my opinion, credit is overrated as a business tool.


14 posted on 07/14/2011 11:52:07 AM PDT by Claud
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To: PeterPrinciple

“I have been having discussion and some even involve beer, and we cannot identify a business idea that does not have govt regulation.”

Interesting...I may need a beer to help come up with that (the impossible dream? Or perhaps stupor induced.)

Even if there was one business you’d come up with, there would be some regulation you’d have to comply with or obtain approval—like zoning.

Sickening, ain’t it. The key to freedom is absolute property rights—that’s gone.


15 posted on 07/14/2011 11:54:54 AM PDT by WKUHilltopper (And yet...we continue to tolerate this crap...)
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To: Claud
"You gotta start tiny"

As long as you can survive on tiny profits, that is the way to go. But I think for many it isn't really an option. I agree with you as regards to credit. My economic training was in the eighties and nineties, when leverage was king and he who died with the most debt won. It led me to make some very bad decisions that I am still paying for.

16 posted on 07/14/2011 12:20:39 PM PDT by jboot
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To: RJS1950
"It would have set us up for life "

Oh man. That bites. In my case the business in question folded after a couple years. I gather the initial investors made a small profit but the latecomers got hosed.

17 posted on 07/14/2011 12:28:56 PM PDT by jboot
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To: jboot

Yeah, the money can be a problem. The way to go is to get another job that pays the bills while you build your business. But of course, that cuts into your time.

Isn’t that funny the attitude we all kinda had about credit until 2008? I never really got into it, but all the same, I was watching startups go gangbusters on credit and I was thinking “what the heck am I doing wrong?” :D


18 posted on 07/14/2011 12:42:52 PM PDT by Claud
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To: jboot

Sometimes (not always) it’s possible to start with what you already have. My sewing business started with a sewing machine that had been in the family for ages, and a costume shop owner who was willing to supply the fabric.

I was lucky, though.


19 posted on 07/14/2011 12:42:57 PM PDT by Ellendra (God feeds the birds of the air, but he doesn't throw it in their nests.)
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To: Claud
I knew a bunch of paper millionaires who got that way flipping real estate (on credit, of course). I was getting seriously interested in joining the fun, but I was never quite in position to jump. Thank God! Most of those guys rode the housing market all the way down the drain.

There used to be a bunch of Freepers who would box your ears if you talked smack on credit. I don't see them around much anymore...

20 posted on 07/14/2011 12:59:18 PM PDT by jboot
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To: Ellendra
When I was 17 I tried to start a lawn care business. I was a natural at it and I had a great client base, but I was using equipment rented from a family member at a very low rate. When the summer season was over the equipment owner decided not to rent to me any longer. (My fault entirely-long story.) The cost of buying the equipment was more than I could afford, borrow or finance, so after my senior year I went to work for "the man".

But it was grand while it lasted!

21 posted on 07/14/2011 1:14:06 PM PDT by jboot
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To: jboot

Yeah, it split at least 5 times in as many years from what I remember. It would have become worth millions. Oh well. The professor I worked for at the time didn’t have the money available either and we both agreed that it was way too risky; bad call on our part. Genentech today is a huge biotech business. Another could have been that isn’t worth worrying about at this point in my life.


22 posted on 07/14/2011 1:16:24 PM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
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To: US Navy Vet

This guy’s mindset is the curse of young people today (and I’m not that old; I came up with people like this guy.)

They get out of college and think that means never having to fetch coffee while they learn something about their chosen business.

Unless you have a professional degree — doctor, lawyer, engineer — you are NOT a professional when you graduate college.

What he considers “underemployment” is really just starting at the bottom, learning the ropes, and working your way up. He can’t start at the top, so he thinks he can opt out by just saying, “I’M the boss. I’m an entrepreneur!”

He is a child.


23 posted on 07/14/2011 2:26:30 PM PDT by Blue Ink
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To: Ellendra
Your experience is like ours. We began as craftspeople, doing street fairs. Finally, we made the products that had wholesale appeal, so we went to wholesale trade shows.

People need skills and tools. Today, with the Internet, you can market online and to targeted markets.

I know someone with a business similar to yours. She began making re-enactment clothing for herself and friends and now sells at a couple of large Western or Rendezvous-type shows, on the Internet and out of her own shop.

Yes, you live out of the cash box and maybe have no employees except one or two other talented folks to help out when there is a rush job or one too big for one person. But you can make enough to live on or to supplement a day job and if you are good at what you do, the clientele will follow, mostly through word-of-mouth, which is the best and cheapest advertising in the world.

24 posted on 07/14/2011 6:03:19 PM PDT by reformedliberal
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