My son who is in senior year highschool always wanted to be an entrepreneur

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  • #86932 Reply

      Need some inputs..

      In between he decided to become a pilot & we have enough saved up to get him through the commercial pilot training without any student loan. But that profession is not his passion but just an option until a business opportunity opens up.

      What are your thoughts? Should he use this entire amount for pilot training when that’s not even his passion or save it & use it later for a business opportunity & In the mean time get a business degree? How to use this amount fruitfully while help him live a life that he loves?

      #86933 Reply

        A professor in entrepreneurship once told me he found only one variable that predicts successful entrepreneurs: entrepreneurs who grew up or spent time with another successful entrepreneur.

        If that were true, it seems the best thing your son could do is to go to work in the business of another successful entrepreneur.

        Btw, it’s super cool that you’re supporting him in this.

        Also, check out: So, my young (10) son wants to get into the passive income game and his first idea is to buy a vending machine

        #86934 Reply

          What about using the money just to get his private pilot’s license and then letting him be a CFI to get the hours he needs.

          My husband is the pilot/trainer for Game Composites… it’s not quite the pay of commercial airlines but it’s way more fun.

          The owner/founder/entrepreneur is Philipp Steinbach (worth googling) … maybe your son could combine the two ideas.

          In that case, maybe use your savings for an aerospace engineer degree and a pilots license.

          #86935 Reply

            That seems like an odd field to go into with little applicability to being an entrepreneur if he doesn’t love aviation.

            I do know a pilot/entrepreneur but his business is in the aviation field.

            #86936 Reply

              Aviation has to be a passion. It’s a massive amount of money to spend to get to the point of being able to make money as a pilot.

              Being away from home as a pilot may sound good when you’re young… but it grates as you get older and have a family.

              #86937 Reply

                As we are in the ‘choosing college’ phase – one thing that is has been repeated to us is how often kids change their desired field of study.

                I just don’t know if I would pay for something so specialized if he wasn’t passionate about the field.

                If he starts school as a pilot – and does change his mind – what are his options?

                We have been trying to stress look at schools with options than the 1 thing you might think you might want to pursue.

                Entrepreneur is a big umbrella – try to narrow the focus and find something. Sales – real estate, Products – engineering, Etc…

                #86938 Reply

                  Have him look into business program through the collages there is bridge programs by the diploma courses from the collage to university degrees if he wants to go further.

                  #86939 Reply

                    If his heart and head aren’t really in aviation, I wouldn’t spend the money there. Is he interested in community college? There are many career options that can be explored in community college.

                    A lot of trades can potentially be turned into entrepreneurial opportunities.

                    #86940 Reply

                      I would use some of the money (not a lot) and give him the opportunity to start a business while in high school. It seems to me that those who are successful, who aren’t born into it, show great hustle and the ability to work through challenges and failures.

                      Alot of knowing what you want to do comes from taking action and gaining experiences.

                      #86941 Reply

                        Seems awful young to spend that kind of money with something he really doesn’t have a passionate about it. Maybe take some of that money let him become a investor so how exciting it is to see his money grow then let him pay for pilot lessens.

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