[quote]Mister T. wrote:
Artem wrote:
The teenager that knows more about the business world than most adults may then put their business plan into action.
What. The. Hell.
Really. A TEENAGER with NO life experience knows more than MOST adults whom have had experience in the real world for the MAJORITY of their lives?
What the hell are you on?[/quote]
Don’t you remember, you know everything as a teenager. The older you get the less you know, this has been proven by teenagers throughout history.
The government doesn’t like small business. It tries to tax and regulate it out of existence almost every year.
If the government wanted to support small business then they just need to stop meddling in it.
Young kids are a poor investment for any lender. You having nothing to lose if you fail thus one of the prime motivators to pay your loan is moot. If they were going to make $100K loans to people to start a business give it to the laid off manager with a wife to support, two kids in college and a mortgage to pay. Trust me he has 4 reasons he can’t fail and they will drive him to succeed in almost any venture.
[quote]Artem wrote:
MarvelGirl wrote:
So, they’re just in debt $100,000?!?
I’m sorry, that’s incredibly retarded.
How exactly do student loans work?[/quote]
Well, everyone else has pointed out the problems with the idea. But you’ll find that undergraduate loans will be increasingly hard to come by in this economy. There’s still a risk.
A student might continue on to graduate school. Or they might get caught up in college partying, do passably well or poorly, get a liberal arts degree, and never go any further. Would you like fries with that?
Conversely, graduate school loans are much easier to get. A student who has excelled in undergrad and gotten into a good school in the profession of his choice is a good risk.
The way I see it, if you want to start a business so quickly, test out of your grade and get yourself into college. That is of course what the genius children do.
Or enroll in a PSEO program, take college courses full-time to fulfill business and marketing requirements, take summer courses, and by the time you’re in college you could have close to only 1.5-2 years left to have your associate’s. Right now one of my buddies (who is a freshman in college) has only about 12 credits (one semester) left until he has his associates in business by following said plan.
I’m not sure how government loans work in the U.S., but they’re hard to get (even in our liberal environment) in Canada in the first 3 years. What you CAN get, though, is government-insured loans (about 75% insured.) There are also a lot of ways to structure your business to protect you from bankruptcy personally, and limit your personal liability.
Business plans are a good way to measure preparedness, but they’re zero guarantee (and neither is IQ, and neither is government oversight.)
You want a guarantee? Do what I did: get a mortgage, have a baby, have your wife leave work, quit your job, and roll the dice. DO WHATEVER IT TAKES - 16-hour days, business books on my iPod during my hour commute, sacrificing your own training goals and forgoing new clothes and other ‘extras.’
Smile to clients when you feel like mounting a clock tower with a rifle. Put your back to the wall. Remove your lifelines, and give up your right to ‘phone a friend’ when you don’t know the answer. If you’re hungry, you’ll figure it out. It’s these intangibles that make success. You can’t predict who’s willing to outwork, outwit, or outplay anyone else, and that’s why business is a risk.
20% interest is pretty well the average for first-year borrowers with assets, let alone a highschool kid.
I remember when I knew enough. Turns out I was wrong. You can never know enough.
By the way, do your precalc. You need it to understand physics later. Once you understand physics, you understand human movement. And understanding is better than ‘knowing.’
[quote]Artem wrote:
Another business is blooming, helping the economy.[/quote]
Do you understand how many businesses fail?
Do you think someone out of high school will have the ability to run a business?
Do you think $100,000 is much to start a business while paying for living?
However, I am with you on the taking stuff that is not relevant at all. You might as well get used to it because you will still get it in college.
if things keep going as they are you won’t be worrying about college because you won’t be going
[quote]Catalyst Fitness wrote:
By the way, do your precalc. You need it to understand physics later. Once you understand physics, you understand human movement. And understanding is better than ‘knowing.’[/quote]
There are plenty of jobs that can be done without much knowledge of math beyond a rudimentary level. There are far fewer decently paying jobs that can’t be done better with a solid foundation in math.
[quote]Artem wrote:
MarvelGirl wrote:
This wouldn’t lower taxes. Most businesses fail, so what happens when the business fails?
The kid is in debt, but they have completed at least high school and must still pay back the government.[/quote]
let me get this right,
Kid has debt,his credit is screwed and the government is out 100k?
How again does this lower taxes,the government will have to make up for the losses when they can not get the cash out of these kids that have no skills which means no jobs and a failed bussiness.
this is retarted.
[quote]cyph31 wrote:
if things keep going as they are you won’t be worrying about college because you won’t be going[/quote]
Wait, what? Why? Do you mean the fucked up economy?
[quote]Artem wrote:
So I’m sitting here doing my PreCalc homework and I’m thinking that I really don’t give a shit about any of this and that none of it is relevant to what I want to do in the future.
I’m going to spend 2 more years in high school doing busy work, then go off to college, and only then can I begin saving up money to do what I want, which is to start a business, while paying bills.
I have an idea:
High schoolers should be able to apply for a government loan. This is a crude idea, but let’s say that a high schooler can take a test proving their IQ above say 140 and then pass a difficult series of tests on business and entrepreneurship.
They must then write up a business plan of what they intend to do and how they intend to make a profit.
The government would then loan the student say, $100k. The teenager that knows more about the business world than most adults may then put their business plan into action.
Four years later, the loaner must then repay the government at a high interest rate, say, 20%, taking inflation into account.
So, say the current dollar is worth only 90% of what it was when the loan was made and the loaner must repay $100k at 20% interest, then they must repay $132,000.
So, the young adult avoided wasting years of their lives and got a head start on their enterprise. They must still attend school, as the law dictates, but they now have financial aid for a business.
Of coarse, a contract would be signed and the teen would meet with a government representative stationed near them as the amounts of money loaned out will not be small.
Now, why would the government want to do this?
As you know, we are in a massive debt and inflation is rampant. In four years, the government has just made a 20% profit over their original loan with inflation taken out of the equation.
Another business is blooming, helping the economy.[/quote]
If you are really interested in starting your own business I highly recommend you visit a SCORE chapter near you
from the website
SCORE’s goal is to help you live your dream. SCORE volunteers are successful entrepreneurs and executives who love business and want to share their knowledge with you, so you can succeed too.
I guarantee if someone from highschool asked for some mentoring on starting a business, you will get more help than would ever want.
Do you know what business you want to start? You do need passion and technical expertises. Make sure you know the difference between running a business and being self employed. They are 2 different things.
Read “The eMyth revisited” by Michael Gerber and you will kow what I mean.
Good Luck. I think you are making a brave decision if you decide to pursue starting a business instead og going to college
I understood from your original post that you want this money to go kids actually still in high school. Is that correct?
If you don’t want to be in high school, leave. If you’re not capable of putting that plan in to action, how are you going to use a business plan? There are many avenues for leaving traditional high school. Second, why does this group of people deserve a loan more than anyone else? High school is the time of your life when you’ve been taking from society the last 18 years and are possibly about to start giving back. There’s no reason to give them one more financial hand out.