A passionate entrepreneur who helps other entrepreneurs turn their dreams into a reality, Ron Bauer is a dominant force in his industry. The venture capitalist and coach is sharing key tips for the younger Generation Z.
Covid has reshaped society in drastic ways with prominent changes to the working sphere. For the younger Generation Z, a reported 50% of individuals (18-23-year-olds) lost their job or took a cut in pay in response to the pandemic, as stated by Pew Research Center.
It’s a whole new world for young adults entering the workforce, but the shifts seen in society affected almost every person around the globe, whether starting out in a career or a seasoned entrepreneur. Bauer witnessed the hardships and changes that occurred, but always staying one step ahead, he knows the importance of being able to adapt to change which he teaches in his one-on-one business mentoring services.
Ron Bauer is an investor and entrepreneur and is the founder of Theseus Capital, a private investment and holding company focused on the Life Sciences and Technology sectors. He has experience investing in everything from technology to gaming and natural resources, and in his 20-plus years of experience he has worked with some of the world’s most important scientists – while crediting his success to his ability to adapt his skillset and his willingness to learn new things. This is why he has changed his recent focus to helping educate others and teach them how to startup a business, raise money or go public without making many of the same mistakes he has made.
Bauer knows all about adapting to change, especially amidst the COVID-19 pandemic, and from personal experience, shares optimal advice for the arising generation, Generation Z, for making it in this new world we live in, with ever changing conditions.
- Don’t do things for the thought of making money – do it because you love it
When it comes to being successful in all areas of your life, not limited to income and notoriety, Bauer informs young Gen Z’s to do something that makes them happy versus something that will make them money. We all know the saying money doesn’t buy happiness and is something many young individuals have realized from older generations. Happiness comes from within, so don’t worry about how much money you’re going to make, worry about what makes you happy. Do something you love.
“If you’re happy and you enjoy what you do, and you’re good at what you do, money will follow,” Bauer shares. Passion, authenticity, and integrity will always triumph over greed, and these characteristics will flow into your job performance raising your credibility for future employers. Bauer has not always followed this mantra he is preaching and knows only too well the pitfalls of living a life of greed over a life of happiness, but change is possible if you want that change and it’s something that can easily be achieved with a little adapting.
- Don’t try to be a jack of all trades
Specialize, specialize, specialize – the serial entrepreneur emphasizes. Avoid being a jack of all trades and a master of nothing and instead become an expert in a specific area that you’re familiar with in a profession or area of focus that people will always need. In the world of remote work or work from home, it opened many unique opportunities for niche positions including software engineers, graphic designers, copywriters, PR agents, computer programmers, web designers, and more. The more specialized and fine-tuned your skillsets are, the higher your chances of standing out amongst other potential candidates.
We’re in an age where working a 9-5 desk job is becoming a thing of the past, and with the ongoing Great Resignation, snowballed by the pandemic, 44% of employees are job seekers, according to CNBC. The shift in employee trends is forcing businesses to re-evaluate job offerings as more and more individuals pursue remote positions. It has created a competitive landscape for Generation Z so it’s vital to have noticeable aspects and adept knowledge in a specific field to increase the chances of being hired.
Bauer shares a story of his friend who chose a career over a university degree after realizing that there will always be a need for certain jobs. For him, that was being an electrician. Without a university degree, he made a career for himself and is living a happy, well-off life with the flexibility of relocating around the world. It’s not always necessary to get a “bachelor’s, master’s, or Ph.D.,” Bauer says. “You can find specialized professions that allow you to start and stop working whenever you want.”
- Read a lot
Reading is an important pastime for Bauer and he encourages his children to read as much as they can, but not just any type of books, physical books. “People today have the attention span of flies,” Bauer explains, and the problem younger individuals face is technology. Generation Z grew up with iPhones and were introduced to social media at a young age which has become an addictive outlet for a large portion of society. Screen time is not only problematic for focus and attention span but also causes issues with sleep and creativity, reported Harvard.
Taking time out of your day to sit down and read a physical book can help stimulate the mind and bring you back into the present moment. “We’re going back to basics,” Bauer says, as “paperbacks and hardcover books are becoming more in fashion than they were for a number of years.” There’s been a push into non-fiction with so many “how to” books as well as dystopian fiction and horror, and the returning trend for reading is important for Gen Z to take part in.
- Have humility and be cautious
Living in a society where wealth and material items play a large role in many people’s lives, Generation Z should be cautious of this, remain humble, and have humility. It’s easy to get caught up in buying materialistic shiny objects and shopping frequently, but what most people forget is they have to pay for these things at the expense of something else or their future. Speaking from experience and from his own past mistakes with money, Bauer enlightens us during our interview about a time in his life when money and “shiny objects” were at the forefront of his mind.
“I made a ton of money, and I went out and blew so much money buying things like every fancy car possible. Ferraris, Lamborghinis, Porsches, classic cars, even planes, boats, everything,” but eventually realized all of it is meaningless. “All that matters is your life experiences, your close friendships, and your children’s education and future. Your family is what matters most no matter what and their security and financial future, and your health. Without health no amount of money matters.”
- Plan for the future
Part of having humility and remaining cautious of the lure of spending is planning for the future. You’re given a window in life and situations only last for so long, which includes making money. Even when everything is seemingly perfect in your life, you should still be cautious and plan for the future. Bauer believes not enough people do this which leads to troubling predicaments. “It’s ok to spend money and enjoy yourself,” he expresses, “but do it within limitations.”
Bauer’s advice is relevant for everyone in all age groups as the world of making money comes with many trials and tribulations. It can be a daunting endeavor, especially if you’re in the business sphere as an entrepreneur, founder, and SME (small to medium enterprises), but Bauer offers sage advice and one-on-one exclusive coaching and mentoring services to help founders avoid many of these certain pitfalls.
To learn more about his services, get in touch with Ron Bauer by visiting his website.