- Hey, Fast Laners!
Welcome to Freedom Fast Lane TV!
Today we're going to analyze if you should go to college,
or if you should start a business
from your dorm room, like I did.
Or, any of the people that we're going to talk about
on today's episode.
So let's do it!
(FFLTV Intro Song)
A couple years ago somebody sent me a Facebook message
and said that they were having
some success in their business.
They had joined one of our trainings,
they were in the Tribe,
and they were growing their business,
and they were doing it from their college dorm room.
So he sent me the message, and he said,
"Hey, I'm thinking about dropping out of college.
"What do you think?"
And I said, "If you drop out of college,
"I'll reach through this computer,
"I'll grab you by the throat, and I will choke-slam you."
Because I would give up everything that I have built,
all the money that I had made,
all the income streams that I have generated,
for one more year back in the dorm room,
hanging out with my best friends.
At the end of the day,
everything that we want in life
is connection with other human beings.
And I had the greatest connection with other people,
the best time of my life when I was in a dorm room
at Indiana Wesleyan University in Hodson Hall.
Those are my favorite memories as a human being.
I didn't even drink in college.
I'd had no sips of anything until I graduated.
Guys weren't allowed in girls dorms, and vice versa.
I had the most boring college experience ever,
compared to most people,
and I had the best time of my life.
Probably tells you something a little about my life.
But we won't go there.
I miss college more than anything else in my life.
So, should you go to college?
Or should you be an entrepreneur?
Both, and.
I totally think you should go to college.
And I totally think that you should study
for a very specific skill
if you're not going to be an entrepreneur.
But, they are not related to one another.
They are completely opposite of one another.
No school that I had found,
even the schools that claim to prepare you
to be an an entrepreneur,
in my opinion don't do a very good job.
Most of the time it's about indoctrinating you
into a system that has completely crumbled.
The nine to five is a dinosaur,
we need to become more entrepreneurial.
So you should learn how to be an entrepreneur,
and you're not going to get that in school.
I would still give up everything
if I could go be 21 again,
and hang out with some of my best friends.
So, go for the experience,
and if you're studying for a specific trade, go all in.
But, you're not going to learn
how to be an entrepreneur in college.
However, college is the time for you
to discover how to create value in the world,
and discover how the world works.
Now they won't teach you that in college because,
most are pretty left-leaning,
and will tell you that you should suck the system,
not create a new system.
I'm of the opinion that you can create
whatever you want in life.
So, you're going to have to learn that on your own,
whether it is in college, or out of college,
building a real business.
But I would still go for the experience,
if it were up to me.
So if you're studying for a specific skill,
or you're going for the experience,
absolutely go to college.
But you're not going to learn
how to be an entrepreneur there.
So build a business,
on the side,
in between classes, or skip classes,
and build a business.
And we'll talk about exactly how to do that,
and show you some case studies, coming up next.
Right before I went off to college,
I did not think that college was for me.
I had a business that was starting to blossom.
I was 18 and in love.
I didn't want to go away to college.
And it was still the best experience of my life
because of the people that I met,
and it made me a more educated person.
As a result of studying economics,
which was one of my fields of study,
I think I learned more about the world,
than anything that I could have done during that time.
And I was an entrepreneur,
which accelerated my learning.
It made me a more well-rounded person,
studying and running a business.
So, putting your kid
into some sort of entrepreneurial experience
is a good idea at any age.
I have a friend who has a nine year old,
who's starting to build a business.
Go for it.
It will accelerate your learning about how the world works.
Regardless of how old or young you are.
If school is not for your son or daughter,
or if it's not for you,
if you feel like it's going to limit your future,
actually the question was about entrepreneurship
limiting your future.
Entrepreneurship will never limit your future.
It will accelerate the growth at which you...
the growth that you experience.
Regardless of what path you are on,
because it's the fastest way to realize
that you are responsible for your own results.
What might limit your future,
is three or four years in college.
Or, going into debt to do it.
That might limit your future.
Especially since the traditional model
of going to college is going away.
So, I think that limiting entrepreneurial spirit
will limit your future,
more than will limiting traditional education.
I still think you should do both.
I would not recommend going into
an absurd amount of debt to do it.
And I would not sacrifice studies...
I'm sorry I would sacrifice studies
for an entrepreneurial journey
because I think you'll learn more
from the entrepreneurial experience.
But having both, I think creates
the most well-rounded individuals.
But, we should not be subsidizing it through government.
That's how we enslave people into debt,
drive up the cost of education, and drive down quality.
So this ridiculous idea
that college should be completely free,
all that will do, is make college as worthless
as a high school diploma.
There's my political rant for the day.
Let's look at a case study.
(upbeat electronic beats)
Recently on the Freedom Fast Lane Podcast,
I interviewed Mark and Jack McGraw.
They are a father-son duo, and Jack is a 16 year old,
not even old enough to go to college.
And they started a tiny little physical products business,
it was a handle that attached to,
I think it was a Yeti coffee mug.
A really simple idea,
and they've sold over 100,000 units
of this single product.
Now, this is a great example of teaching a young person,
what it means to put something out there in the world
and to get a result.
Rather than just learning through high school,
learning through college.
But actually seeing something real, real in the world,
creating value and also making money.
So this simple product sold over 100,000 units
and it's continuing to grow.
It's continuing to sell.
And they were excited if they had sold 1,000 units.
I think they said that they dreamed
of maybe selling 10,000 units.
So this is a father-son duo that came together.
The father was the capital partner.
The son is doing a lot of the hustle.
It's a great example of what happens when
the right partners,
whether they're related or not related,
come together with defined roles
of how each person is going to contribute
to the business.
Whether you're partnering with a family member,
or you're partnering with somebody that you just know,
if you can get a piece of a bigger pie
by partnering with someone,
and you're learning something along the way
and getting paid for it,
that is the beauty of capitalism.
That is the beauty of entrepreneurship.
So if you are struggling with this question of,
do I want to go to college?
Or how do I get my son or daughter interested
in being an entrepreneur?
Go listen to the podcast episode,
with Mark and Jack McGraw,
and listen to the story about how they navigated
the difficulties of being a father-son duo,
starting a business,
and also wrestling with this question of,
I'm a 16 year old,
I'm building a business now that's successful,
what the heck do I do with my life next?
Do I build this business full-time?
Do I go to college?
And I wrestled with these questions too.
What I discovered was,
as a result of having a cash flow machine in college,
it forced me to wrestle with much bigger questions
once I graduated.
So, I had this cash flow machine,
now I've got to actually figure out
what my life is going to look like.
That was the most difficult part of my life.
Those few years of trying to wrestle with,
now I actually have to define
what my life is going to look like?
These are challenges that most of my peers
didn't have to deal with, because it was,
"I got to make money,
"so I'm going to pick a career and just go for it."
There's some peace in that direction.
These are questions that we're going to have to deal with
because things are getting cheaper,
whether or not the media tells you,
as automation continues to climb,
prices are going to come down.
We're going to have more free time,
we're going to have more freedom,
and we're going to have to figure out
what our lives are going to look like.
So, the idea of starting a business in college,
graduating, and having something profitable
that forces you to define your life,
whether you use your degree or not,
are challenges that are going to be very real
for the next generation.
We might as well start talking about them now.
I have said this before, and I will say this again,
one of the greatest gifts my parents gave me,
was they never tried to force me into any specific path.
They instead encouraged whatever path felt natural to me.
For me that being an entrepreneur.
Now neither of my parents are entrepreneurs,
that was the furthest thing from their mind.
My dad was a teacher for 30 some-odd years,
my mom was a mom, and then she worked as a secretary,
and she worked at my school.
And, they never thought anybody in our family
would be an entrepreneur.
That came from the cloud.
God gave me that one.
I was born an entrepreneur.
I was drawing pictures on cut out paper,
and trying to sell it door-to-door
at five years old for a penny each.
That was my first business.
So, my parents fostered whatever I showed interest in.
Which wasn't like anything that they were interested in.
That was the greatest gift that they could have given me.
So if your son or your daughter is
not wanting to go to college,
and they show interest somewhere else, encourage that.
The one thing that I hope to pass on to Esther,
my daughter, my two year old, if nothing else,
wherever she shows interest, I plan to encourage that.
Whether that is ponies, which I know nothing about,
whether that is Pokemon, which I caught all 150 of
when I was in junior high,
or whether it's being an entrepreneur,
which I know a thing or two about,
I'll encourage wherever she shows interest,
or wherever she shows her pursuits.
Because what a world this would be,
if we doubled down on our interests and our strengths,
and trying to turn our weaknesses into strengths.
We're all born with a certain amount of gifts.
We might as well maximize those gifts,
and not waste time on our weaknesses.
Last year at Freedom Fast Lane Live here in Austin, Texas,
we featured a buddy of mine named Nathan Latka,
who had built and sold a successful
software as a service company called Heyo,
while he was in his dorm room.
Now, Nathan talked about how his experience
founding that company was all about,
basically picking up the phone
and finding out where people needed help,
and then building that solution.
That is entrepreneurship at it's core.
It is solving problems and identifying
how you can be the solution to that problem,
and getting paid for it.
Now Nathan did it in his dorm room.
Some people do it once they've worked
in the corporate world.
But the way that this world works,
the way that the world goes round,
is by people providing value for one another.
That is what capitalism is,
that's what entrepreneurship is all about.
It's why I believe that success should be edified,
and not demonized.
So, whether you're in college,
or you are not yet in college,
know this.
You will get ahead in life by providing value.
Sometimes getting a college degree
allows you to provide more value.
But the faster that you can learn that you are responsible
for the results that you get in life,
and you are responsible for the amount
of problems you solve,
and the amount of value that you create,
that is when your career takes off.
If you can start providing value now,
start providing value now.
My best friend in the world is named Mark Jenney.
He started his business when he was 13 years old.
He started learning how to buy and sell wholesale.
Then he learned copywriting as a teenager.
I think he was a millionaire by his early 20s.
At age 23, he had been an entrepreneur for a decade.
He was a decade into his career
when most people graduate and say,
"Well, I got to figure out what I'm going to be
"when I grow up now."
So the faster that you can start experimenting,
the faster that you start providing value in the world.
Even if it is,
starting some random physical products business,
and just throwing it up on Amazon, Ebay,
Kickstarter, whatever.
Just to get feedback on the marketplace
of what it feels like, to put yourself out there,
and ask someone for the sale.
The faster you can do that,
the faster you will learn about how this world works,
and how you create success.
If you expect that four years at an institution,
that is regulated and usually funded
by people sitting in Washington D.C.
If you think that is going to make you somehow
valuable in the marketplace, you've been sold a lie.
You're valuable in the marketplace,
because of the value you provide, and for no other reason.
So sometimes, having that diploma
makes you more valuable because of what you learned.
But only because of the experiences that you had,
that doesn't mean that you are more capable
of providing value for someone else.
That comes from solving problems
and being an entrepreneur.
And that's a good idea, no matter how old you are.
The old model of education is going away.
I personally am still thankful for my time in college
because it made me a more well-rounded person.
But to believe the idea that college
makes you more valuable, or it makes you more marketable
in the workforce is a lie.
One of the worst things that we could do,
is try and prop that up.
Now we see that coming from politicians,
the state of New York just,
I believe said that all public colleges
are now going to be free.
That's a going to be a crazy mess.
Just watch what happens there.
It's going to completely devastate the value
of a college education even faster
than it's already happening.
So it's the worst thing we can do
is try and prop up a broken system.
But, if you have the opportunity to go,
and you're dis-attached from the results,
or somehow making you more marketable
in the workforce, it won't.
So, remove that from your idea
of what to expect from college.
The fastest way that you can learn
about how this world works is to become an entrepreneur.
So, go to college, have a great time,
soak up every experience possible.
Study something you enjoy.
That's my biggest regret.
I had business as one of my majors.
I hated every second in my business classes.
But I thought, maybe it would help me in my business.
Study something you enjoy.
Study something that you will actually get excited about.
You might start a business around it at some point.
So if you've got the entrepreneurial itch,
scratch that itch.
Scratch it now.
Start getting feedback on a marketplace now.
And if you're going to go to college,
please just study something you enjoy.
Because whatever you learn,
is not going to be used in the workforce anyway
'cause that model's going away.
So you might as well enjoy your time,
maybe it'll introduce you to some people
to put you in a field,
so you can continue practicing what you enjoy.
Or if you want to go into a specific trade, go for it.
Go get the trade school certification or whatever it is,
and go into that trade.
But if you're going to be an entrepreneur like me,
start your business now.
Go study something you enjoy.
Have a great time, and send me pictures on Instagram.
Thanks for watching Freedom Fast Lane TV.
We'll see you on the next show.
(FFLTV Song)
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