In This Issue
Intro: Direct From Jen Lifestyle: What are Your Options? In the Media: To BA or Not to BA... How To: Tell Your Parents You're following Your Own Dream

Direct >From Jen

At some point in most of our careers, we have to deal with figuring out if it's time to move on, whether it's quitting a job, changing goals or closing a business. They're never easy decisions.

When I was 19, I started an organization called the Young Entrepreneurs Network with some friends. After years of building it up and working largely pro bono for the cause, it got harder and harder to live off of next to nothing as I got older. All the while, we were really successful in our outreach, helping thousands of young people, and even getting hired by big corporations to teach them about the mindset of young entrepreneurs.

As the consulting opportunities started to ramp up, I found myself constantly torn between taking on projects with these big companies (which I was having a lot of fun with) and trying to keep the "Number One Resource in the World for Young Entrepreneurs" thriving. Admittedly, it was really hard for me to accept that my original business (minus all the consulting) was really more of what people would call "a hobby." There simply wasn't a clear way to make money from other struggling entrepreneurs. Could we help them? For sure! But could we get paid for doing it? Sadly, no.

It was right around this time that the Vice President of my company - who managed all the interns that kept the organization hopping - got accepted to Harvard Business School. I was so proud of her and so anxious for her to take her life to the next level, but it was bittersweet at the same time. My friends back home in Los Angeles, who had been begging me to come back for years, kept calling and soon their pleas started to ressonate. Without a business model, all the love and support we were receiving didn't amount to much. Neither did all that passion and tenacity. After a lot of serious contemplation, I ended up moving back to Los Angeles, but didn't officially close the Young Entrepreneurs Network.

I had to figure out what to do next, then articulate it, change my focus, and most importantly, leverage everything I had done to finally make some money. Through a few friends and some of my favorite business colleagues, I let the word out that I was looking for some new opportunities. Within days I was lucky enough to get a few different offers. One even lead to being hired to become the spokesperson for a "build your own business" contest that put me on a whirlwind 10 city media tour. It was a blast!

Long story short, the dot.com world started heating up and I found myself in the middle of some very interesting conversations. One led to a series of discussions about merging Young Entrepreneurs Network with YoungProfessionals.com and getting it backed by VCs. We were about to receive a check for $2.5 million when... the market crashed. (Great timing, eh?) Who was it that said "when one door closes, another usually opens?" Well, it did! Scott and I went off to sit on a beach in Belize to figure out what to do next with our lives when the idea behind YSN was created. And this time, you'd better bet there was a serious business model in place. (Thanks entirely to Scott, that is.) Being the entrepreneurs that we are, we dove into validating the concept, got Secrets of the Young & Successful out, launched the company and the online community and here we are today with YSN.com! We've still got plenty more up our sleeves too.

Looking back, we never could have known that the tough stuff would be the catalyst to much bigger and better things happening in our lives...but it was. And I couldn't be more grateful in the end.

So, I leave you with this. Even when things get really tough, and the decisions you have to make are uncomfortable, even painful... know that things have a way of working themselves out - often for the better - even though they may not look so hot on the surface. And now I do fully believe that other saying about how the best judge of one's character is not what happens to you, but how you deal with it.

Until next time, remember: Your Ideal Life Starts Here! (And we're here for you at YSN every step of the way.)

Jen

P.S. Do you want to know what it takes to be one of the Young & Successful? Chances are, you're one of them! In episode two of our podcast, we'll introduce you to this unique breed and explain what makes them tick. All 26 episodes of the Secrets of the Young & Successful podcast are online and only take a few minutes each. Take a break and make it part of your day!

NOTE: Please don't forget to add newsletter@ysn.com to your address book to ensure you receive our weekly updates. And feel free to forward YSN to your most ambitious friends, while you're at it!

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Lifestyle: What are Your Options?

Last week, we discussed what to do if you hate your job on your first day there. But whether you're contemplating leaving after just one day, one year or five long years, one thing many people overlook is exploring the other job opportunities within the same company or industry. If you work for a large business (or even a small-sized one) and are unsatisfied with your career, chances are there are different departments you could potentially transfer into. For example, one of our colleagues worked for a well-known financial planning company as a long-term care specialist. When she decided it was time for a career switch after two years, instead of quitting she applied for a position in the marketing department. Marketing was something she was interested in and knew she could transfer much of her skill set. She got the job.

Making career moves within a company is a way of exploring your career options without essentially "starting over." Also, because you already have experience with the company, there's the possibility that you could get a higher salary offer than a new hire/external applicant would have. And provided the transfer is clean and problem-free, you will easily expand your network of people willing to vouch for you, which increases your chances of a better position within the company or elsewhere.

If you are leaning more toward leaving the company, it's also important to ask if it's worth sticking it out a little longer at work and why you really want to leave. Often when we're faced with difficulty, unhappiness or dissatisfaction, our first instinct is to get out. Move on. Do you really know what you want to do next? Are you looking for short-term satisfaction? Are you focused on the future or the now? 

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In the Media: To BA or Not to BA...

Billionaires Bill Gates, Richard Branson, Larry Ellison and Paul Allen all dropped out of college, and neither of Napster's young cofounders -- Sean Parker and Shawn Fanning -- have their bachelors. Many young entrepreneurs reach a point when they have to ask: "Should I drop out of college and focus on starting up my business?" And even more find themselves asking: "Should I quit my full-time job and focus on starting up my business?"

Here are a few things to think about before taking the big plunge:
1. Money: How will you pay your bills until you start earning an income from your business? Are you prepared to adjust your lifestyle? How much savings do you have? If you are still dependent on your parents, will they continue to support you financially?
2. Advice: What do your loved ones think? What kind of support and feedback have you received about your business idea? Have you spoken to someone else who has left school or a steady job in order to pursue a business?
3. What If...: How well have you thought out this decision? How solid is your business plan? What time frame have you given your business? Two years? Five Years? What's your backup plan if this business doesn't work?

A few other resources that can help you figure out which path is right for you:

"Entrepreneurs - You Might Want to Drop Out of College" by Mason Hipp

Blog post: "Should You Quit School Because You’re Brilliant?"

"The Time Is Now: Yes, you can build a million-dollar business while you're still in college" by Nichole L. Torres

"Rich Dad's Before You Quit Your Job: 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business" by Robert T. Kiyosaki and Sharon L. Lechter

"Your Good Side: Don't quit your day job. Really, we mean it. Start a business on the side while you work full time for someone else." by Nichole L. Torres

"Knowing it’s Time to Quit Your Day Job" by Pamela Slim

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How To: Tell Your Parents You're Following Your Own Dream

"I was on a fast track, but it wasn’t my track. There was a war inside me between the need to be fulfilled versus the desire to be successful in my father’s eyes" - Randy Komisar, former LucasArts CEO

Less than 25 percent of people truly love what they do, often because they pursue careers they or other people (ahem, their parents) think they should - not what they're passionate about. It's no wonder so many people are experiencing quarter- or mid-life crises! If you don't stay true to yourself, you won't last that long in that career or industry, or worse, you'll end up miserable.

For this week's How To, we turned to Jim Snouffer who was on track to lead his father's business by the time he turned 30... until he decided it was time to follow his own path! Now, he's the CEO of AdTray Marketing & Media, an innovative company pioneering the sale of advertising space on college cafeteria trays nationwide. The company is committed to giving back to the schools it works with by donating a portion of the profits to help fund scholarships. Here's Jim's advice for letting your loved ones down easy when you tell them you won't be fulfilling their plans for you.

So, you want to be a rock star. Forget the MCAT’s. You’re destined to play packed arenas, full of adoring fans hurling their unmentionables on stage! One question remains: How do you break the news to the 'rents? Whether you’re telling your parents you have no interest in the family business or you’re just not cut out for medical school, this is your guide for bringing them down easy.

1. Listen to your parents' suggestions. It’s natural for parents to encourage our pursuit of a safe yet prestigious career that offers minimum risk for what is perceived as maximum reward (i.e. doctor, lawyer). Ask yourself if you’re serious about deviating from their suggestions, or if you’re just trying to "buck" convention. Your parents have your best interests at heart, and they have a lot more experience than you have. So, listen up chief!

2. Speak passionately. It sounds cliché, but it’s some of the best advice you can follow. When I told my father that I was not taking over one of his businesses, I did so in a manner that was certain to resonate with him. "It would be irresponsible of me to take over this business solely for monetary gain. There are fifty employees here who deserve much more than this from their leader," I explained. I nearly brought a tear to his eye.

3. Act confidently. Passion only gets you so far. Your parents want to see that you have a coherent plan for your life, and you should want this as well. Whatever it is that sparks your passion, research it exhaustively! Once you thoroughly understand the risks and rewards associated with your passion, you have the tools to act confidently. Becoming an authentic leader requires that you are true to yourself, and have the courage to follow an unconventional path.

4. Pursue tenaciously. You will encounter multiple, seemingly insurmountable, obstacles. You will feel like giving up. Keep moving forward! This may mean taking a night job to make "ends meet," or committing yourself to making 100 phone calls per day to prospective buyers. If you’re truly passionate about what you're pursuing, you'll be willing to make these sacrifices. The tenacity with which you pursue your passion will build trust with your parents, and they won’t resent your original decision. More importantly, even if you fail, you will feel fulfilled knowing that you gave it your all.

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