By Hans-Ethan Hibbard
Most people believe that college is the best way to change
one's social status, and you can go from waitress to restaurant entrepreneur
if you go to college. As we grow up, we are taught that education is also the
key to living a successful life. Unfortunately, success is measured by income.
But there are other ways of obtaining income necessary to be wealthy without going to college. I
encourage everyone to watch this video made by the National Inflation
Association:
http://youtu.be/VpZtX32sKVE - This video is an hour long, but mostly importantly look at the section from
29:25 - 30:00. Within that thirty seconds or so, they talk about how
someone that doesn't go to college can just as easily in four years earn enough
money to buy the average American home. So for someone that wants to open a
restaurant someday, I suggest the following:
1. Learn about
the business the old fashioned way, through apprenticeship. Become a
busser or host in a successful privately owned restaurant. Learn over time about
the dirty, gritty details about running a restaurant. Start saving at least ten
percent of all your earnings. Invest your savings and make your wealth grow. If
you can't save at least ten percent of your earnings, then you are living
outside of your means.
2. Get promoted to server. Learn how to become a good
server, and how to teach others to be good servers. Continue to save and invest.
3. Become a line-cook. Learn about cost control in the
kitchen and how to effectively manage it. Continue to save and invest.
4. Get promoted to manager. Learn about the business side of
the restaurant. What draws in the consumers? What keeps them coming back?
Profits and Losses, etc. Continue to save and invest.
After all this, you will have successfully learned how to
open your own restaurant and keep it running. And with the money you saved up
over the years, you will have enough money for the initial down payment all
without having to go to college. This is how people used to become successful
hundreds of years ago - through apprenticeships. Everyone has the ability to change his or her own destiny. Even
if you are born into poverty you can change your status with hard work and
determination. College is not for everyone. Having a degree certainly will help
you get a job, but will not guarantee it. Determination and motivation will
change anyone's life that chooses to do so. There is nothing wrong with being a waitress. Ask yourself the next time you go out to eat, is this person serving me food going to be the next big restaurant entrepreneur?
Hans, I thought your blog about college and the "American Dream"(owning a house and having wealth) was interesting and offered a different view of how to attain "success". Wouldn't it be nice if everyone used their life and job experiences as an education to enrich their their future. I think most people do not realize that their contributions, great or small, are just as important as the next man's. Or that something as simple as being a busboy(or busperson) is a stepping stone for something greater, if they want it to be. There is somthing to be said for on the job training and learning a set skill the old fashioned way. And a formal education is not for everyone. Education however it is obtained (in most cases),formally or informally is impressive by any means! Well done.
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