Advising and Mentoring Graduates Who Start Their Own Business Offers a Gift That Will Last A LIfetime

Today's Graduates Have It Tough 

      Graduates today may face more difficult choices than at any time in history. Globalization, rapidly changing markets and accelerated technology development make it difficult to train and prepare for careers. Let's face it. In the four or five years an average high school graduate spends completing a bachelor's degree, technology can transform his or her dream job into a process that is outsourced to robots. Meanwhile, so many students rely on loans to fund their education that a recent USA Today article places student loan debt at a whopping $1.2 trillion.  CNN reports the number of American's carrying student loan debt at 40 million.

Today's Graduates Have It Great

     Behind every challenge there is opportunity.  The advantage today's graduates have in our changing economy is that there has never been a better time to throw out the rule book and chart their own path to success.   With a changing job market, today's graduates are free.  They need not commit themselves to 40 years of adapting to a company's whims and pleasing a boss that can never be satisfied.  Instead, our brightest graduates will develop their own skills, follow their own instincts, and build their own networks. The brightest graduates will focus on personal development and leadership training, because today's economy is ripe for leaders and entrepreneurs.  

Entrepreneurship is the Key to Success in a Changing World 

     We often hear about the risks of business ownership.  Indeed, risks are high.  But risks associated with steady employment are also high.  We hear over and over about the number of businesses that fail.  We sometimes assume that leaves the owners in the poorhouse, and we imagine that employment with an established company is more stable.  Yet I know few people entering the work today who expect a secure job through retirement, I know many who are looking for new jobs within 5 years, and a few who really are in the poorhouse.  There are, however, some key differences between the employee and the business owner, which give the business owner an advantage:

• When you own a business, you grow your business to align your personal skills, talents, and interests with the opportunities that present themselves to you.   When you have a job, even a job you chose out of personal interest, the company's growth may follow a path that does not align well with your own needs, values, and ambitions.   This failure to align your work with your needs creates a long term stress that slowly wears on your personal success, health, and relationships.  In fact, a slight mis-match may be the most toxic to your long term well being, because if the strain and stress it creates is not severe, you may choose to stay for years at a job that is slowly draining your energy and failing to make the best use of your talents.

• When you own a business, you make decisions on a daily basis.  This experience builds your capacity to think holistically, respond to changing situations, and adapt.  Employees simply follow orders.  In a quickly changing economic environment, this tendency to just follow orders can spell professional suicide.  Robots can follow orders, and they don't require healthcare or retirement plans. 

• When the business fails, the owner still has assets to sell, and professional networks to build anew from.  When the employee loses his or her job, he or she often leaves empty-handed.  S/he may even be forced to break ties with those professionals who have mentored or been mentored by the employee.  

• Small businesses owners can enjoy tax benefits that translate to significant amounts of income each year. Since small businesses also contribute more to their local communities than large companies do, this extra income creates mutual benefits for small business owners and the people they serve.

Talk to Your Graduate About Business Ownership

As you consider the advice to give the graduates in your life, consider suggesting that they start a business.  If they have not grown up in an entrepreneurial environment, and don't have assets to start big, no worries.  There are many agencies that provide training to new entrepreneurs.  In the Las Cruces area, Wesst Enterprise Center, Score, and the Small Business Development Center all offer low cost services to help entrepreneurs plan and grow successful businesses.  

Home based businesses can be pursued part time with minimal risk while attending college or gaining experience and mentoring by working for someone else. Multi-level marketing businesses are designed for low risk, full or part time efforts.  So are hobbies.  Finding ways to make an existing hobby, or a product you enjoy using profitable can have a long term impact on a person's financial security and personal happiness throughout life. 

Because public education heavily focused on teaching job skills to meet the whims of big industries that it is quite possible to complete an entire education, and even graduate with honors, without ever being exposed to the concept of becoming your own boss. This tragic omission in public education could well be the most prevalent driver behind the loss of small town USA, and the cause of our current economic decline.  So don't wait for the young people in your life to learn the benefits of business ownership in school.  Challenge them today to consider owning their own business.  Then, practice what you preach.  Learn with them.  Mentor them.  Partner with them.  Hear their struggles and encourage them.  These are the efforts that will restore our competitive edge and rebuild thriving communities.