Learn to live cheaply. Learn to live like an animal. One thing we had going for us is we all spent a lot of time in grad school, and long periods of grad school teach you how to live well on a low budget. That’s good training for becoming entrepreneurs. It’s easier to have a high-risk tolerance when you know where the dumpsters with free food are.
That’s David Holthouse’s advice to entrepreneurs in this Fortune interview. Holthouse recently won the MacArthur genius grant.
One weird thing I’ve noticed in college is how some people are obsessed with "staying classy". Is not this college? Aren’t you supposed to wear torn sweatpants and drink cheap beer? Aren’t you supposed to figure out what frugality means?
If you have a silver spoon jammed up your ass, and thus skip the frugal, cheap living part of being 18, 19, 20 years-old, you probably won’t internalize the mindset that Holthouse talks about above, and you probably won’t be a very good entrepreneur as an adult.
(hat tip to Matt Huebert)