QUIT SCHOOL AND START A BUSINESS?

learnfilmonline

learnfilmonline

Ya, ya, I know what your thinking, “this guy is crazy.” Learning is awesome, but with so much information online, seminars, and in books these days I say save the 60K, and build up your finances. Why a business, say you filmmakers? If you want to make your own films, being able to finance them HELPS. I always tell my students to get a college loan, and start a business. And business as in business venture, aka YOUR OWN FILM. Finance your own film with your student loan, and have a plan to make even more money back then your loan, so you can pay it back and get enough money for your next film. Kevin Smith did something similar to this with Clerks. Now that may seem funny, but entrepreneurs out there are begging the world to start their own business and investments; it’s the only way out of this economic melt down. The more folks that join this revolution, the better we are in the future. I just got back from a huge seminar in Las Vegas, and one of the speakers really hit me with something. She’s buying a bankrupt college, and converting it to a senior living center. Now isn’t that interesting.

Tip: Get a student loan start a corporation, and launch a business on your expertise (most likely your film or a production company). Attend seminars, online courses like learnfilmonline.com, and read books. Stay ahead of the curve, and stay educated outside of the public system. I’ll leave with this: most folks get their college degree, and stop learning thinking that piece of paper will get them through to retirement. Not always the case.
 
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Your crazy to get a college loan and then spend it on a film or start a business. The idea seems pretty bad to me. You will have to pay back the loan sooner or later. If you are not in school you will need to start paying. I guess if you have a full ride to college and then get a loan you could. But is it smart? I think it is a huge gamble. The downside is that you can't get rid of student load debt with Bankruptcy if you ever need to. So if you gamble and fail you could be in real trouble.

I have read about students that are in trouble for just getting loans to go to school at pricey schools. They don't think about how much they are spending tell they get out and then figure out they will be paying forever to get out of debt. So it is all a trade off if it is worth spending or taking a chance on the risk that schooling or starting a new business is going to take off. You could be taking a big gamble with your future. In todays economy you could go and get a degree and not be able to find a job.

I am sure you could learn a lot from making a film spending the money. But why not start with low budget short films first and learn what you are doing before spending so much and risking your future.
 
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learnfilmonline said:
Ya, ya, I know what your thinking, “this guy is crazy.” Learning is awesome, but with so much information online, seminars, and in books these days I say save the 60K, and build up your finances. Why a business, say you filmmakers? If you want to make your own films, being able to finance them HELPS. I always tell my students to get a college loan, and start a business. And business as in business venture, aka YOUR OWN FILM. Finance your own film with your student loan, and have a plan to make even more money back then your loan, so you can pay it back and get enough money for your next film. Kevin Smith did something similar to this with Clerks. Now that may seem funny, but entrepreneurs out there are begging the world to start their own business and investments; it’s the only way out of this economic melt down. The more folks that join this revolution, the better we are in the future. I just got back from a huge seminar in Las Vegas, and one of the speakers really hit me with something. She’s buying a bankrupt college, and converting it to a senior living center. Now isn’t that interesting.

Tip: Get a student loan start a corporation, and launch a business on your expertise (most likely your film or a production company). Attend seminars, online courses like learnfilmonline.com, and read books. Stay ahead of the curve, and stay educated outside of the public system. I’ll leave with this: most folks get their college degree, and stop learning thinking that piece of paper will get them through to retirement. Not always the case.
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Students have enough problems paying back student loans after they complete school and find jobs with their degrees. You're a teacher, and your advice is quit school and use the money that was intended for school to sink into a huge risk like a film? Wow.

In most cases if you quit, you will have to return the money, which is different than paying it back. They may want it back right away. The school may not even refund it.

Student loans are intended for school. You're advise could get a lot of people in huge financial trouble.
 
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This is a crazy idea. This is a risky idea. A very risky idea. The simple fact of the matter is that the VAST majority of low-budget indie films do not turn a profit.

That being said, nothing ventured, nothing gained, right? I don't know anyone who has really accomplished anything big that didn't gamble big. I admire someone who takes risks, so long as it is a calculated gamble.

So, yeah, it's a crazy idea. But sometimes, crazy ideas pay off.

That being said, I do agree with rockerrockstar -- why not just make something ultra-low-budget? A lot of people have broken into the business that way.
 
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We've just had a similar discussion in another thread.

To reiterate my opinion (and adjust it for this example) this is, generally speaking, a very bad idea. Always better to get an education and then have the facets to either start a career or business than to quit everything and start a business. But the taking out of a student loan to start a company? Whoosh...not the best idea I've heard...
 
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Here's a headS up for anyone thinking of acting on this stupid idea.........YOU CANNOT DISCHARGE FEDERALY BACKED STUDENT LOANS, AT ALL, PERIOD, FINI......This means if you fuck up your new "miracle production compnay" and are $10-$200k in debt and want to declare bankruptcy to discharge this debt....tough shit......you WILL pay it back......and for those of you in Texas that say "oh well, they can't garnish my wages" Yes they can because federal law supercedes state law. THIS IDEA IS SUPER STUPID. DON'T DO IT!!!!!!!!!!!!!!!!!!!!
 
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I never went to college and as many of you know I have a
bit of contempt for film school. And I am always an advocate
of taking risks. But this is just about the worst piece of advice
I have read on these boards. Ever.

Get a student loan start a corporation, and launch a business on your expertise
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Seriously, what student right out of high school has the expertise
to start a corporation and launch a business? One who has taken
seminars and online courses?

Holy Cow indeed!
 
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Ha Ha you guys always crack me up :) Indie Talk people that understand business have done it. Hmmm let me point out a few. Steve Jobs, Zukerburg Facebook, Bill gates.... Now keep in mind this is only for people with big mindsets that want to get big, not people that just want to full around in there garage, and have a JOB= Just Over Broke.
 
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How does one get a student loan and use that money to
start a business? Is this what Jobs, Zukerburg and Gates
did? I never went to college but I have always thought
that a student loan was restricted to college use, not anything
the student wants to use it for.
 
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You don't get the entire loan at once, the bank pays what the school charges each semester, and from what I remember you don't see the money yourself.

AND if you quit the bank wants their money back! You have to try to get a refund from the college, if they will even refund you, to pay the bank. It's a whole mess and not a business plan.

This is horrible advice. If it even worked you'd only have one semester's worth of money and the bank would be calling you for it back. If you spent it they'd be fining you each day until they got it.

The people you quoted did not use student loan money for their businesses. Student loans are for going to school.

Anyone interested in starting a small business should look into SBA loans. These are the loans for small businesses.
 
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That's what I thought.

I think starting a business is a great thing. I did it. But I did
it once I had experience - not instead of going to school and
not with student loans. While mentioning Gates, Zukerburg
and Jobs is interesting they are the exception. Kind of like
those filmmakers who come here looking for investors and
mentioning "Blair Witch", "Open Water" and "El mariachi ".
Sure; it CAN happen. But is that a good business model?

Sorry Denny, but that part of your advice is unrealistic.

Now this:

learnfilmonline said:
I say save the 60K, and build up your finances. Why a business, say you filmmakers? If you want to make your own films, being able to finance them HELPS.
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...seems reasonable. But this:

learnfilmonline said:
Finance your own film with your student loan, and have a plan to make even more money back then your loan, so you can pay it back and get enough money for your next film.
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...is crazy. Might it even be illegal? Could it be fraud to get a
student loan and use that money to finance a film? You say
"have a plan to make even more money back then(sic) your
loan". What if you don't make even more money back than
your loan? You know the statistics. How many films made
at under 60 large make their money back?

I'm glad we're cracking you up. This seems to me seriously
bad advice from a teacher.
 
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I don't believe any of those who replied had the intention of "Bashing" you, LFO.

But this particular piece of advice, and the fact it was delivered as though not a hiccup would occur, is shocking.

Put it in this context.

If my younger brother, who also wishes to pursue the very same career as I do, if he attended a seminar, or read in an article, and was to come home with this advice. I'd want to know what motives compel the person to offer such a suggestion, given the consequences.

If it's merely on the grounds "You must take great risks, to reach great heights", then perhaps for that one moment i could relate, but the sense that the advice to use a grant provided for alternative purposes of education- that isn't free, you will have to pay this back, whether you have the money or not- as something of a Casino chip in Vegas, hoping that it lands on your number, is absurd.

It's something i wouldn't dare risk to put my family through. So for me, if it's not advice i would give those closest to myself, i would therefore not suggest it to anybody.

This is simply upon your method. Not the advances of starting your own business, or raising funding of your own means.
 
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Setting aside the legal ramifications, considering how many small businesses fail during start up, i would not attempt this. I think it's 60% or thereabouts and it's even harder in the film making industry.

And as for success stories, you only hear about the ones that made it, not the countless who failed.
 
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learnfilmonline said:
I've already witnessed people I know do this I don't really need to prove it. It's just a blog on my opinion. RELAX, do I really need to be bashed every time I post?
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No you don't.

However, on a discussion board you will find that others feel free
to offer their opinion. If you don't want anyone to post if they
challenge your opinion then perhaps you have chosen the wrong
forum. I'm a little surprised that you feel those of us expressing
our honest, respectful opinion are bashing you.

No one here is asking you to "prove" anything. As a teacher you
know that challenges are a vital part of learning. Students who
ask questions are interested students. Students who challenge
their teachers are passionate students. None of us here are your
students but we all respect that you are a teacher of an on line
film school. Please don't look at this as bashing or demanding
that you prove something. We are fellow filmmakers, we are
curious, we sometimes don't feel exactly as you do. That is
healthy.

You have witnessed people do this. You could help us understand
your opinion by offering examples - not to prove anything, only to
help us understand.

Denny, if in the future you would rather I not express my opinion
on anything you post here, please just ask. I will respect your
request. But please do not think I am bashing you - even when I
challenge or disagree with you.

============================================
The aim of an argument or discussion should not be victory, but progress.
Joseph Joubert, essayist (1754-1824)
 
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directorik I've been around the block please give your opinion I was just stating my opinion. I just noticed on this forum folks do more bashing than give constructive criticism, I think it's great that you guys give advice or your opinion, but there are ways on doing this in a positive manner. Look I know I post things that get rants at times because it's not what normal society wants to hear. I'm on a mission to help shift the mindsets to help create more indy films in the big screen. So I'm here to help support indy films always have. You just have to jump outside of yourself and see how you come across at times. I can take it no worries there I'm good mind body spirit. But I believe in growth, and supporting people in a positive way. I love that you guys challenge me but to say something like No you don't. Directorik who are you to know what I have seen in my life? So it comes off pretty asshole like. So bring it on guys. Just understand I have built many businesses in my life.

Dennys life:

Worked in television, and making films since I was 16 now 32. Won an emmy for best national newscast NBC. Started a film festival in Las Vegas in which partnered up with CineVegas. Created my own TV shows, started a physical film school, then took it fully online.We have clients all over the world building there businesses. I speak all over at times about using virtual assistants. I have a team of 5 VA's all over the world working on my businesses. I'm creating a new program for Indy filmmakers to really boost there production process using vas cutting costs. I'm writing a book that will be out 2011 website www.thefilmentrepreneur.com. My girlfriend helped fund many of our projects with her student loans. It can be done. You guys are talking about paying the loan back what's the difference if you buy a house? You still have to pay that back. At least with a student loan you don't have to pay it back until after you graduate, and the interest rate is much lower. There are many ways to leverage your money. Read Robert Kiyosaki Rich Dad Poor dad. Great book will change your life. ENJOY!
 
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