Tuesday, May 24, 2011

Changing Status the Old Fashioned Way

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?

1 comment:

  1. 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.