Paul Orfalea: Children need either academic skills or money skills
Paul Orfalea · Kinko’s: Paul Orfalea · Aug 21, 2023 · at 5:35
Paul Orfalea, founder of Kinko's, discusses his childhood academic struggles and how his parents nurtured his financial instincts rather than forcing conventional school achievement.
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“I think in raising children, you have one of two choices. They better be good at school, get an accountant, lawyer, whatever, do a profession, or they better be good with money. And my parents encouraged me with money skills, saving, what to do with your money. And I think you, when raising children, you better have a child with one of those two skills, money skills or school skills.”
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More from Paul Orfalea
Orfalea: Kinko's avoided franchising to prevent store partners from spinning off rivals
“The reason I didn't choose Franchise-een is If they viewed me as a parasite from the top, they would easily go across the street and do it. But I shared in the profits, and they got a good salary, they had a car, we had a pension plan for the partners.”
Orfalea: Operating 24 hours a day doubles daytime retail business
“If you go 24 hours a day, your daytime business doubles, which is absolutely correct.”
Orfalea: Local store equity motivates operators better than minimum-wage employee pay
“You can't rely on minimum wage people to have motivation, and so I always figured if I take in a partner, the fact that they have equity in that individual location would make a big difference in the outcome, which is true.”
Orfalea: Franchisors and franchisees are just people flipping each other off
“Franchisees and franchisors are two people flipping each other off all the time. In other words, if I told the franchisee to do something, they would say, well, he's not, his motivation isn't cure. He just wants more six percent from the top.”