My daughter had just started high school when I founded my startup four years ago. Just as she was starting to feel the wild emotional swings of adolescence, I was climbing onto the roller coaster of the ups and downs of entrepreneurship. Complicating things even more, I had no direct modeling for how to parent a “normal” teenager as I lived on my own from the age of 16, dropping out of high school before going back to get my GED, Bachelor’s, and ultimately, an M.B.A. from Champlain College.
I didn’t have parental support or input in my own higher education journey, so how was I supposed to know how to provide it to my daughter, especially in a world that has changed so much from the last time I completed a FAFSA?
As my little girl matured into a savvy young adult mapping out her post-secondary education journey, it became clear that she was the leader in this process. But I knew that just as in the world of startups, having the right team around her would be critical for her success. I was just one of many coaches, cheerleaders and advisors that helped her to clarify her vision for the future.
Today, we’re heading into crunch time when she needs to make her final decision about which college to attend. The stakes are high, especially as artificial intelligence and changes to education funding are sure to be transformative in the coming months and years. Increasingly, I’m finding myself relying on what I’ve learned as an entrepreneur to counsel and support my daughter in making that consequential choice.
Consider the return on investment.
In business, you have two precious assets: time and money. College students, just like entrepreneurs, take on a financial risk with the hope of profit down the line. As a mom, I want to be sure that the college experience my teen chooses will reap greater earning power as well as a greater understanding of how she wants to spend the rest of her life and bring her talents into this world.
For me, choosing a program that offered real connections to the world outside of the classroom was a must. Having access to hands-on experience and mentorship from professors who were active industry professionals helped shape my career in profound ways. That’s why I encouraged my daughter to look for a program that not only can supply a degree but emphasizes practical experience and offers day-to-day access to professionals in her field. Ensuring that study abroad opportunities are provided at her school of choice allows her to open doors to global connections that will shape and broaden her worldview.
Moving away from more traditional models, certain programs offer students the chance to dive into major-specific courses early on. This “upside-down” curriculum gives students the chance to dive into internships and get real-world industry experience early on. Instead of waiting until the end of their degree, they’re gaining practical skills that will set them up for success long after graduation. Early exposure to the field and immersive opportunities like this can be a smart return on investment, giving students the skills and connections they’ll carry with them long after graduation.
Know your numbers.
While this tip is related to the first, it isn’t the same. As a business owner of a mission-driven startup that I am working to scale in order to create outsized social impact for the planet, I need to have a daily understanding of the financials — cash flow, profit and loss and the balance sheet — to build the business sustainably.
The next four years present an opportunity for my daughter to gain financial literacy, both with regard to the big picture of paying for college and the day-to-day implications on her finances. While she’s learned about cash flow while working part-time jobs in high school, this will be an important initial exposure to the realities of her personal balance sheet as we weigh the different options and whether to take on debt. This is important to me since the only advice I got during my undergrad college financing experience was to take out as much debt as necessary and not worry about it because I’d just pay it off later.
Of course, the cost of on-campus life is a huge factor when it comes to cost. We’ve discussed the fact that there are colleges with different learning landscapes and business models that might meet her needs in a “nontraditional” way, including options like online or hybrid learning, which can offer more adaptability and potentially lower costs while still providing a quality education.
What’s more important than your child choosing a “perfect” school is finding a program that offers your future learner the right mix of accessibility, support, and career connections. This is the social capital that creates valuable assets on that personal balance sheet for years to come. Keep an eye towards a college’s relationship with accelerator programs, industry partners or other community initiatives that will help your child build a solid foundation to thrive at school and their life beyond college.
Culture eats strategy for breakfast.
While my daughter has a good balance (I’m biased) of clear goals for her educational experience while being open-minded about changing or refining those goals as she continues to develop in college, even those students with very specific ideas about how the next four years should go can face serious setbacks when they realize the school they chose doesn’t really live up to the buzzwords on the website.
While we didn’t have the budget to visit the campuses of every college where my daughter applied, we did travel to those we could, and I did plan to have the funding available to travel to any campus far from home if it made it to the top of her list. That’s because geography in and of itself can present a real culture shift that might either be completely in line with your teen’s educational goals or work against them.
It’s also important to consider the size of the school and whether your teen will thrive in that specific environment. Just as successful entrepreneurs select a niche, beachhead market with strong network effects to refine their business before scaling their product or idea, college students need a setting and a culture that fits their values and goals for the future. For some, remote learning that allows students access flexibility when managing work, school and personal obligations is the best choice, while others will thrive in a well-defined academic community that limits outside distractions.
When I was a student at Champlain, I valued the flexibility of a hybrid learning environment. It allowed me to tailor my educational experience to fit my personal and professional needs, showing me that a fulfilling college journey doesn’t have to be confined to traditional classroom settings. The right balance between structured learning and real-world application can open up new possibilities for students, and it’s crucial to recognize that each student’s path to success will look different.
There’s no wrong answer at the end of the day, but you want your student to have the best shot at finding student-market fit during their college years.
Winners don’t stop.
While my daughter is about to make a momentous decision, I try to remind her that her success in life is far less about these moments and more about her perseverance throughout the journey. This will crystalize for her when she lands at whatever college she chooses. The excitement of her first day will wane, and she will inevitably face challenges and disappointment. Maybe the classes are boring. Maybe the weather is not as perfect as it seemed from the brochures and videos. Even worse, maybe she is convinced she made the wrong choice.
If there is anything I’ve learned as an entrepreneur, it’s how to live in a constant state of self-doubt and perseverance against all odds — at the same time, all the time. Spoiler: part of why I’m working to scale my business is so that my daughter actually has financial stability and benefits from generational wealth one day, but right now, we’re taking all the risks without yet reaping those desired rewards beyond these lessons.
So much of what defines success is simply not stopping, even when you think you lost a big opportunity or got something wrong.
The first year I started my business, I got invited by a popular TV show to enter my startup for the chance to be featured. I filled out the application, moved to the next round, moved to the next round of interviews, then moved to the final round with a video pitch. My business didn’t make it onto the show that first year, but the same thing happened in year two, then year three.
Flash forward to today. My startup isn’t on an important TV show despite being a finalist many times over, but as the horizon of the business extends beyond those early days, building a sustainable and scalable business model is far more meaningful than getting 15 minutes of fame on TV.
As my daughter navigates her future and meaning in the world, I want her to build a sustainable path forward for herself. She is everything a parent could hope for; a human being that is better than me at all of the things that matter in life.
In the startup world, founders and investors typically boast about big “exits.” I have the most important exit coming up in the next six months with my teen going off to college. Fingers and toes crossed she has a great exit and entrance into her adult life. She’ll always be my unicorn.
Before you go, check out where your favorite celeb parents are sending their kids to college.
