Iam a blink away from finishing my bachelors degree in a few months. Everything seems to play out well, which arises the question "What´s next?"
The obvious options are doing a Masters degree ( Other then in the USA it´s pretty much standard to do it in germany, different structure here) or starting to work. I gave it some thought in the past days/weeks but mostly was preoccupied with other stuff so all i came up with till yet are more options.
One is applying for pilots training which i coudnt earlier because i lack a qualification that i will aquire with my bachelors degree. So i will apply since i would love to be a pilot but the cut is brutal so i dont trust in it to happen.
Another option which also seems to be a longterm goal of mine is becoming self employed. I started to work as a industrial electrican when is was 18 but decided to study further, went back to school for one year and got drafted to the german army for 9 months after that (yeah we got drafted till a few years ago) and i ended up studying business. During that time i gave it a deep thougt reflecetd a lot and came to the conclusion that a normal 9 to 5 job wont work for me. Which is why i set the goal to be able to live from self employment in 10 years which was 3 years ago.
Next planned step was to work 2-3 years to pay back debts and save some money to have starter capital and then go for it. But on the other hand, right after finishing my bachelors degree would be a great time to go for it. I could try to get a part time to pay the bills and try to build my business beside that.
On the other hand, depsite having ruled out to go on studying because iam fed up with beeing poor, i just found some interesting master degrees, which could open some interesting doors. But iam really fed up with having no money so going to work full time, sounds also well.
So i have a couple of options which is great and i need some advice to make a decision.
1. Working fulltime
2. Masters degree
3. Trying to get self employed
Iam not a 100% sure anymore if i really want to get self employed. The problem is that right now. I can imagine that all three options might work out well and that really makes it hard to make a decision. Any advices? Ideas or alternative options?
Plan A at the moment is writting applications and doing my Master degree in case i dont get a job that meets my standards. But trying to work on my self employment is what i mostly want and what scarres me the most. Which is why i want to do it, but realistcly i dont have the need to rush and getting some work experience or another good degree seems a bit more beneficial.
1. I don't know what your degree is in. That changes what options are open.
I would go with 2 and 3.
Business is hard and you have to be a serial entrepreneur, that also means serial failure. If you are working on your masters degree it will provide you the safety net and contact for your business ideas and ventures. This only works if you get real business training and can split your focus.
He's currently studying law
I like the idea. The problem is that i need to work to finance it. I qualify to get subsidy so i would only need to work 10h a week but that buts a limit on the amount of the money i can earn. (State wants you to study not to work when he finances you while doing your degree) And thats pretty much a problem when i also want to earn money beeing self employed.
If i dont take the states subsidy i would need to work somewhere around 20h a week to pay for everything this and the studying wont allow me to spend a lot time working on starting my business until i abandon my private life. Would be a huge workload.
This all depends on your business plan and start up costs. This is a start up, you will not make any money initially. Any money you make goes into the business. Make it an LLC / corp for legal protection when it blows up and to shield you financially.
If it does take off you keep the equity in the company until you graduate then you can pay back to the initial investors (you) a lump sum or simply start reaping the extra income as you finally pay yourself a salary.
Do some research about how tech startups are run. That may be the keys you need. Also look carefully at what counts for "income and assets". I heard a piece on NPR a few years ago about students going to Harvard buying expensive cars because it did not count as an asset for loans, just money in the bank. Because of this the students would buy assets to be "poor" and get more scholarship money.
No the problem is that this wont work out. Part time working + working on getting self employed + full time studying is to much at once.
Nothing wrong with working full time while gaining experience and paying your way through school. If you spend too much time in school your degree will not help you due to lack of experience doing anything other than learning. I would suggest the possibility of a trade school as well since you already have the degree.
It depends on the degree. Things like Engineering and science tend to require the degree at a good GPA and you can to internships but you really need to finish before your career starts.