Rask - Your 20s Are WASTED If You're Not Doing THIS (Business Edition)
The conversation emphasizes the importance of using your 20s as a period of exploration and skill-building to prepare for running a business in your 30s. Both speakers share their diverse career paths, highlighting the value of trying different jobs and industries to gain a broad skill set. They stress the importance of networking, financial literacy, and taking calculated risks during this decade. The speakers also discuss the significance of budgeting and avoiding lifestyle inflation as income increases. They suggest that building a strong foundation of knowledge and connections in your 20s can lead to greater success and earning potential in your 30s. Additionally, they touch on the benefits of having a mentor and the value of learning over earning during this formative period.
Key Points:
- Use your 20s to explore different careers and industries to build a diverse skill set.
- Networking is crucial; build connections that can open doors and provide opportunities.
- Financial literacy is important; understand budgeting and avoid lifestyle inflation.
- Take calculated risks in your 20s to learn and grow, setting the stage for future success.
- Focus on learning over earning; mastering skills now can lead to greater rewards later.
Details:
1. 🌍 Welcome to Sydney and Future Business Goals
- The podcast is recorded in Sydney with host and guest Zara discussing future business goals.
- A light-hearted note on the cold weather in Sydney, humorously compared to Melbourne's notorious climate.
- The introduction provides a welcoming atmosphere, setting a friendly and engaging tone for the discussion.
2. 💼 Building a Business in Your 30s
- Reflecting on prior actions, many business owners in their 30s recognize the impact of decisions made in their 20s on current success, underscoring the importance of strategic planning early in one's career.
- Specific strategies include focusing on building a robust professional network, acquiring diverse skills, and gaining industry experience, which collectively lay a strong foundation for future entrepreneurial ventures.
- A key driver for business ownership in one's 30s is the pursuit of freedom, flexibility, and control over one's earning potential, motivating individuals to invest in their own businesses.
- Case studies of successful entrepreneurs reveal that early career decisions, such as choosing the right mentors and being open to varied job roles, significantly contribute to entrepreneurial success in later years.
3. 🔍 Exploring Careers in Your 20s
- Early Work Experience: Began working at 14 in various roles such as a butcher and in cafes. Early jobs are crucial for gaining initial work experience and understanding diverse work environments.
- Skill Development Efforts: Participated in a carpentry apprenticeship during high school, though it was not completed. This highlights the importance of exploring different skills and fields early on.
- Educational Advancement: Used a bridging course to transition to university, illustrating the strategic use of education to facilitate career progression.
- Balancing Work and Study: Worked in accounting while attending university, balancing financial needs with academic goals, which is vital for career development and financial independence.
- Financial Strategy for Personal Goals: Worked night shifts at a cafe to fund travel, earning approximately 35 grand. This underscores the importance of financial planning in achieving personal aspirations.
- Long-term Career Stability: Continued working in accounting into later years, reflecting a commitment to career stability and long-term growth in a chosen field.
4. 🎢 Lessons from Career Changes
- The speaker has a diverse career history, initially pursuing science, then shifting to creative writing, retail, and eventually marketing, demonstrating the importance of exploring different fields to find one’s passion.
- In retail, the speaker advanced from a casual employee to a position interested in visual merchandising, highlighting the potential for career growth through initiative and asking for opportunities.
- The speaker completed a Master's degree in Marketing, which took 2 years full-time, showing a commitment to formal education as a stepping stone to career advancement.
- Despite completing a Master's in Marketing, the speaker considered becoming a naturopath, reflecting the ongoing exploration of interests even after significant educational investments.
- The speaker recognized the late 20s as a period of career realization, emphasizing the importance of reading, trying different jobs, and not prioritizing earnings over learning in early career stages.
- The speaker supports the notion of career changes, noting that people might have up to eight careers in their lifetime, and stresses the significance of acquiring diverse skills across industries.
- Networking is emphasized as crucial, with the speaker noting that connections made in the 20s lead to business referrals and opportunities later on.
- Financial literacy and budgeting are highlighted as key skills for personal and professional success, with practical advice on avoiding lifestyle creep as income increases.
- The speaker advises taking risks in the 20s, such as job changes and travel, due to fewer responsibilities compared to later life stages.
- The importance of mastering a skill set before venturing into business is discussed, with a focus on continuous learning and personal development.
- The speaker discourages the negative portrayal of traditional employment, underlining the benefits of job security, progression, and learning opportunities within organizations.
- Hiring people smarter than oneself is recommended for business owners to fill organizational gaps and drive growth.
- The session concludes with insights on the rise of side hustles, noting their popularity but also the challenges associated with making them profitable and scalable.
5. 🚀 Starting and Sustaining a Side Hustle
5.1. Initial Leap and Financial Planning
5.2. Budgeting
5.3. Market Research
5.4. Mentorship and Risk Management
5.5. Commitment and Continuous Learning
6. 🔗 Community Engagement and Final Thoughts
- Encourage community engagement by inviting listeners to ask questions about business or personal topics and share different experiences.
- Open invitation for audience members with unique experiences to potentially join the podcast and share their stories.
- Reminder to like and subscribe to the channel for daily videos on business, finance, and investing.