CAREERS NOW 01-03-10

What Next? To College Or Entrepreneurship?

DEAR JOYCE: My grandson, 18, says he wants to become an entrepreneur. O.K., but he refuses to enroll in a college, arguing that it's a "waste of time." To top that, when I suggested he get a job for a couple of years and then rethink his decision, he said: "Forget it - I can do better on my own."

His plan is to become an entrepreneur designing Web pages and fill in slow-business time by day-trading stocks. His parents aren't in the picture; he assumes I'll support his ill-thought-out venture. I'm on a fixed income. Ideas? - M.Z.

Day-trading stocks is gambling; does he feel lucky every day?

Just as commercial lenders require a business plan before parting with a penny, so should you. Where will his design customers come from? How will he access capital to expand a thriving business, or shore up a failing venture? What has he done to prove his skills and business acumen?

WHAT'S GOING ON? Every generation has its share of young people in a hurry to walk in shoes that earlier generations aren't ready to step out of. Today's economy adds another motivation to cut career corners.

Your grandson's probably noticed a disappointing job market that follows a decade in which private-sector employment has actually declined. He's concluded that lots of good people who were loyal employees are on the bricks, unable to collect the rewards of their hard work. So he doesn't see why he should outsource his future to someone else's hands.

We all get it. But the important question of whether, especially in today's world, it's best to go to college first or enter entrepreneurship immediately demands more judgment.

RETHINKING COLLEGE. As for your grandson's assertion that college is a waste of time, remind him that colleges and universities have often been launch pads for lucrative innovation: Facebook was founded by Harvard classmates and Google by doctoral students.

And does your grandson know about the boom in colleges across the land that offer more than 5,000 courses on entrepreneurship? If not, encourage him to find out.

Admittedly, many wheelers-and-dealers who've never seen the inside of a campus have done quite well in their own businesses.

Other huge business successes have only tried a slice of college: Bill Gates is a classic example of the college dropout who made good.

Gates left Harvard in his junior year because he was fired up to fill the need for software on early small computers and wanted to beat competitors to the punch. Obviously he'd learned enough about finance to count the major money he made with Microsoft. Where do you suppose Gates acquired that know-how? Or did it come with his DNA? Could it be that your grandson was born with a head for business and is slated for the big-time and you'll never have to worry about living on a fixed income again? Hmm, let's see...

MIXED BUSINESS BAG. Some wannabe entrepreneurs who skip college have entrepreneurial parents or relatives as role models who mentor them. Others turn to savvy volunteers at SCORE (score.org) for guidance, or participate in online small-business forums. A number- a large number - become serial entrepreneurs who never succeed, even after five or six tries.

What happens to entrepreneurs who hit the wall? Most seek employment in established workplaces. Commonly they are surprised to find that obtaining a professional job is harder than expected, probably because employers fear that with their independent mind-set the ex-entrepreneurs won't fit in, or that if they failed at one challenge, they'll fail at others.

MY VIEW. You don't say your grandson is so filled with ambition to do something wonderful with Web design that he feels his passion can't be delayed. If not, my hunch is that he hasn't looked down the road enough. I hope he isn't one of life's unfortunate people who, rejecting education and advice, can only find his best direction the hard way.

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