Law student from Germany saying hello

[Esmeetje]

Hi all,

I've heard good things about this forum and it seems like a very mature forum with knowledgeable people. It's nice to be part of it!

I'm a 24 year old Law student in Germany. I like entrepreneurship, fitness, self-development and reading books.

I've already started with a e-commerce shop but it isn't going that well. But failure is part of the process and by no means I'm going to give up!

I hope to learn and add value to this forum.

I'm also having a dilemma right now. I know this question has been asked before many times and no one can make life decisions for me. But I think my situation is different and I would like some opinion of you guys.

I've got my bachelors degree and paper in Law and now I'm doing my masters degree. The only thing left is doing my thesis, and then I will be graduated. The thing is, this thesis will take 3 months of work and 8 hours each day. I see no future in Law for me, I really don't like it. I don't see myself working for someone else and getting so little money and freedom for so much effort.

I'm almost sure I want to be an entrepreneur my whole life. Now I have to choose whether I want to start working on my thesis in february. 8 hours a day for 3 months is really a lot of time and it will make success in business much harder and will interrupt my progress.

I don't want to spend 3 more months of my life doing something just to get the paper and most likely never do anything with it.

On the other hand, I'm so close to finishing it and if I don't finish it I have to pay 5k back to the government.

But time is so precious and not to be wasted.

Thoughts?

Best regards,
Esmee

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[miked_d]

Welcome!

Read threads here - Do I Go To College? Dropout?

 

[Kade]

Greetings fellow German,
Mike just beat me to it! As a student, I found it quite useful.

Personally, I would advise to continue with your masters, since I'm quite familiar with the system. It seems you will have more time to pay back the government IF you finish your studies, as opposed to breaking them off. Also the title might be handy. You can see it as a 3 month investment to make 5k and get an additional degree.
However, you are the best judge of your circumstances, best to make your own call.

 

[domefs]

Welcome on Board!

I am from Germany as well.

Shoot me a message on here and we can talk a bit.

Bis Dann!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Longinus]

You are German but use a Dutch diminutive?

Eight hours a day for three months is just a number. I'm sure there are students that do the exact same thesis in four hours a day for two months. Without claiming if your degree will help you in the future or not, the last years of your masters degree would be pointless if you drop out now. Even if it takes 8 hours a day, you have 16 hours left to start your business.

Besides, you will lose 5k which means 5k less to invest in your business.

 

[GMSI7D]

Hi all,



But time is so precious and not to be wasted.

Thoughts?

Best regards,
Esmee

welcome

you are only 24 so you can afford to "waste" a few years in the process.

time for you is not limited

i am 40 and i can't afford to make mistakes with my time or to go back to college

but you can

 

[GoAwayFree]

Hi Esmeetje,

I am also from Germany (Munich), though not German.
I would recommend you finish you studies and get your master degree, because you are young, and because 3 months are peanuts compared with the 4 or 5 years that you have been studying at the University. Finish what you have began, and then go on for your Projects.
All the best!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

Welcome to the forum my friend.

I don't want to spend 3 more months of my life doing something just to get the paper and most likely never do anything with it.

Read up on the Sunk Cost Fallacy ... it might help you make a clearer decision.

How the Sunk Cost Fallacy Makes You Act Stupid

Does completing your thesis really have NO value?

 

[germandude]

Hey man, another german (well I am coming back to Germany in a few months) here. Don't get discouraged by the eCommerce temporary failures. I had a buddy who invested every sale back in the company and now he is making a lot of money. Although his product is original and made by him (google koehlenstoff 12), he made it. Even got invited to the german version of Shark Tank.

The German market is big, so make sure you use it and have patience.


Also there are many of us in Germany, so try joining some meetings.

 

[Dan_Fastlane]

Yo Welcome, iam from germany too, if you need someone to chat, hit me with a pm.

Also there are many of us in Germany, so try joining some meetings.

sources please?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Dan_Fastlane]

i am 40 and i can't afford to make mistakes with my time or to go back to college

with this mind set you will make even more failure, won't you?i mean how to avoid failure, only if you risk nothing? people should let go of thinking that way!

 

[Nily]

Hi all,

I've heard good things about this forum and it seems like a very mature forum with knowledgeable people. It's nice to be part of it!

I'm a 24 year old Law student in Germany. I like entrepreneurship, fitness, self-development and reading books.

I've already started with a e-commerce shop but it isn't going that well. But failure is part of the process and by no means I'm going to give up!

I hope to learn and add value to this forum.

I'm also having a dilemma right now. I know this question has been asked before many times and no one can make life decisions for me. But I think my situation is different and I would like some opinion of you guys.

I've got my bachelors degree and paper in Law and now I'm doing my masters degree. The only thing left is doing my thesis, and then I will be graduated. The thing is, this thesis will take 3 months of work and 8 hours each day. I see no future in Law for me, I really don't like it. I don't see myself working for someone else and getting so little money and freedom for so much effort.

I'm almost sure I want to be an entrepreneur my whole life. Now I have to choose whether I want to start working on my thesis in february. 8 hours a day for 3 months is really a lot of time and it will make success in business much harder and will interrupt my progress.

I don't want to spend 3 more months of my life doing something just to get the paper and most likely never do anything with it.

On the other hand, I'm so close to finishing it and if I don't finish it I have to pay 5k back to the government.

But time is so precious and not to be wasted.

Thoughts?

Best regards,
Esmee

Let's IRAC this conundrum you are facing.

What can you achieve in 3 months if you quit school now?

Let's look at the positives:

1. You save 720 hours (90 days x 8 hours).

2. Freedom to do whatever you want.

3. Your e-commerce site could blow up in the next 3 months and elevate your status to a millionaire.

Now the negatives:

1. You lose $5000 instantly.

Can your business generate $5000 in net profit within the next 3 months?

2. You lose your master degree.

People on the forum have this tendency to look down on higher education due to its slowlane modifier. But you are doing a law degree. This profession has a high entry barrier - along with medicine, engineering and other certifiable professions. Your earning potential is much greater than small businesses. Your high paying career can fund your Fastlane journey. And, if your Fastlane businesses fail, you could always go back to your high-paying Slowlane career to bootstrap for your next venture.

You can plan your escape while keeping a roof over your head.

3. You may lose the opportunity to access the industry

You need to be licenced to become a lawyer. This licence allows you to work in the industry in greater depth, where you can find out a need you could potentially solve and monetise. Legal tech start-ups have been gaining traction in the past few years and some are valued over 9 figures. You can leverage your experience and compete against others because you know the intricacies of specific problems that lawyers experience.

Conclusion: Finishing your Master degree might not be a hindrance.

 

[germandude]

Yo Welcome, iam from germany too, if you need someone to chat, hit me with a pm.



sources please?

There are some meetups organized for the summer on this forum. Meetup.com has a number of relevant entrepreneurship groups. Your university must have an entrepreneurship group as well. There are many meetups in Germany if you keep your eyes open for them.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.