If you grew up as a middle class millennial this is probably a pretty familiar story to you; go to school and get a degree, find a job, save your money and then retire comfortably. Middle class millennials struggle to adopt an entrepreneurial mindset when they have been conditioned their whole lives towards something else. Perhaps it is time for millennials to reflect on what they were taught and look at pursuing other dreams.
Here are five “truths” that you have been raised to believe that are keeping you from chasing your entrepreneurial dreams and why you should ignore them.
- “Go to college so you can get a good job.” One of the problems with this mindset is that it focuses too much on getting a job. No thought to creating your own opportunities or building a business, just work for someone else. The other problem with this is that the only ones profiting are the colleges themselves, student debt is at an all time high while job creation stagnates. Entrepreneurship is hardly focused on at all in schools.
- “Save your money.” There is nothing wrong with saving money and most people aren’t doing enough of it, however once you have money set aside to cover expenses it is time to make that money work for you. Money is like any other asset, it depreciates everyday and hoarding it is based on fear and not sound financial planning. You will never save your way to becoming wealthy, wealthy people understand that investing is crucial. The middle class are often scared to use their money to make more.
- “Investing is too risky.” Compared to having your money sitting in a bank, yes investing is risky. Take into consideration the person offering this advice – have they ever invested a dollar in their lives? Don’t take financial advice from someone you’re not willing to trade bank accounts with. Missing out on investment opportunities because of fear denies you the chance to live out your dreams.
- “Money isn’t everything.” It’s very much a middle class view that money won’t make you happy and there is some truth to that. However, you can be assured that having no money will leave you very very unhappy. Money doesn’t make you happy or sad but the truth is it does buy you some freedom and options and everyone wants those. The other thing to consider is that most entrepreneurs aren’t in it for the money, it’s a nice by product of success but rarely the sole motivation. The Richard Bransons and Elon Musks of the world are indeed very wealthy but both were more concerned with changing the world than they ever were about money.
- “Be realistic about your goals.” This is just a recipe for mediocrity. Setting goals that are mildly challenging but yet obtainable keeps you from dream bigger and chasing goals that keep you awake at night.
If you want to be an entrepreneur it is time to get away from this type of mindset. Find a mentor who is where you want to be and learn their philosophies and work ethic. It’s important to decide who you want to take advice from, choose people you would trade places with.