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Old 07-16-2014, 02:01 AM #1
doless
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What to expect my first year of college-already own a successful business-worth it?

as a small business owner who decided to go to college for the first time this fall....i have yet to know if it's worth it not. I'm 22 years old, which seems a little late to start when most of my friends are graduating/graduated this summer. I was in the army reserves right out of high school/my junior summer basic, had to make money somehow when i got back from AIT so i started buy and reselling electronics on craigslist. That got big enough to the point i could move to motorcyles and cars- just got my llc 6 months ago. My father owns a consulting company based on his 30+ years of work selling/buying metal for GM and is pushing me to get at least a Bachelors in business (not sure what to concentrate on, was thinking finance) since the army will cover pretty much all the credits. Really hoping it expands my current ideas and knowledge and allows me to make much bigger moves in expanding my company but is it really worth it. I'm self taught and started off with 400 bucks and a 95 honda civic. Now i've managed to accumulate a good profit in the past 2 years, drive a newer model car, able to consider house shopping, and just took the girlfriend on a 10 night cruise for our 2 year. I'm not doing badly at all, but i'm really not sure what to expect in college as far as whether of not it would be that beneficial to me. I wouldn't accumulate any loans as i'm able to work my own hours, have military to cover my classes, and don't currently have any credit cards/outstanding loans to worry about building up. What i would be sacrificing is time it takes to acquire more cars, get a website up, and basically look at expanding in any way possible. Any insight?
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Old 07-16-2014, 12:15 PM #2
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It honestly depends on what you want to do. College is a huge time commitment and lifestyle adjustment. If you keep planning on running this business your whole life - than will a degree help you at all? probably not. If you want to use your experience as a business owner/operator to launch yourself into a corporate business position - then a business degree will help a lot.

But don't think college degree automatically equals more money. I dropped out of college and have a great job and make considerably more money than some of my friends who graduated (with business degrees) and are unemployed. I personally don't see a ton of value in college but it does have its uses and especially if it's free and you don't have that big of a tangible opportunity cost than you should probably go for it.
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Old 08-24-2014, 08:08 PM #3
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I would get the degree for the simple reason that if your resale business struggles, you'll have employment opportunities with a stable salary because of your education. While I haven't done resale at the price point/volume you have, I know from experience that the fundamental problem is that you don't have a guaranteed stream of income, much less funds that arrive on a steady schedule. The other issue, as you already mentioned, is that it takes time to flip inventory.

Realistically speaking, if you don't have a brand, physical location, or other form of commercial identity established, you could quit resale today and come back to it when you graduate. I'm not saying you should stop doing this - just that this isn't the sort of thing where opportunity passes you by if this project gets shelved for a while. Above all, the military will subsidize your education. This is a rare opportunity to gain a major asset (degree) without significant expense.
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Old 10-17-2014, 04:18 PM #4
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Quote:
Originally Posted by eforce View Post
I would get the degree...you'll have employment opportunities with a stable salary because of your education.
This is a lie. The chances of getting a stable job with a salary may be higher for college grads than not, but it is far from being an absolute fact - hell, in the current economy I wouldn't even say it's probable. Based on my own job search I can attest to the fact that a college degree and no experience is less valuable than 4 years work experience and no degree.

OP, since you're a veteran and should be able to get a large portion of your college funded for you, then I'd say go for it. If it weren't for that fact though, I would tell you to forego school altogether and just keep doing what you're doing. I went directly to college from high-school and financed it through student loans. It was the worst mistake I've ever made.
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Old 11-20-2014, 06:00 PM #5
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Originally Posted by ladd_17 View Post
This is a lie. The chances of getting a stable job with a salary may be higher for college grads than not, but it is far from being an absolute fact - hell, in the current economy I wouldn't even say it's probable. Based on my own job search I can attest to the fact that a college degree and no experience is less valuable than 4 years work experience and no degree.

OP, since you're a veteran and should be able to get a large portion of your college funded for you, then I'd say go for it. If it weren't for that fact though, I would tell you to forego school altogether and just keep doing what you're doing. I went directly to college from high-school and financed it through student loans. It was the worst mistake I've ever made.
In the context of a degree paid for by Uncle Sam, it would be silly not to go to college. He doesn't have to take on the loans you did, and his current means of income is not time sensitive. doless can quit resale today and come back to it four years later without skipping a beat if the degree doesn't pan out.

I wouldn't assume your personal experience is representative of every opportunity out there.
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Old 11-23-2014, 02:24 PM #6
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Quote:
Originally Posted by ladd_17 View Post
This is a lie. The chances of getting a stable job with a salary may be higher for college grads than not, but it is far from being an absolute fact - hell, in the current economy I wouldn't even say it's probable. Based on my own job search I can attest to the fact that a college degree and no experience is less valuable than 4 years work experience and no degree.

OP, since you're a veteran and should be able to get a large portion of your college funded for you, then I'd say go for it. If it weren't for that fact though, I would tell you to forego school altogether and just keep doing what you're doing. I went directly to college from high-school and financed it through student loans. It was the worst mistake I've ever made.
Internships are there to help that. You will not get a 80k starting salary with no internships or experience. You pretty much showed interest into your field of study but have no experience so nobody will hire you. Most people in college do internships so by the time they're out of college they have a job in the field they studied for. You cannot land a job with just a degree. Most companies number one priority is experience then a degree.
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