One of my favorite things about my time as Mayor of Youngstown was having the opportunity to go out and speak to students in local schools. I found myself inspired and energized by their enthusiasm and idealism. It’s so easy to get cynical in this world, but young people tend to be optimistic about the future, and it’s nice to be reminded that there are infinite possibilities for all of us – even those of us who have been out in the world for a while.

I have had the opportunity to speak to many different audiences in my previous role as the executive director of the auto recovery office and recently as Assistant Secretary. But last week, I got to get back to what I love when Montgomery College invited me to address its Business and Economics majors.

I was humbled by the turnout – in a room that had more than 75 seats, there was standing room only. Most of the students in attendance were minorities or immigrants, and it was very meaningful to me to be able to address such a group as an official of the Obama Administration.

After a brief overview of my background and what EDA does, I turned the floor over to the students. I wanted to know more about them. I had been told by the faculty that many in the audience hoped to be entrepreneurs and start their own businesses someday. As I listened to their business ideas, I thought about our work with EDA. These students are on a continuum, much like the communities we help. Some just have an inkling that they want to be their own bosses while others wanted to know how they could make money of a fully fleshed out idea. Some need help with planning while others need help securing capital.

The business ideas ranged from fashion design to analysis of the physical attributes of NFL players, but no matter what the idea or where they are in terms of development, I offered them three pieces of advice:

1. Don’t be afraid to fail

2. Find something your passionate about

3. Do your homework

It may not seem like much of a pep talk to tell a room of college students that they are going to fail, but it’s an important lesson. I have spoken with many entrepreneurs, and they have all agreed that their failures have been more valuable than their successes. Failure teaches us lessons and makes us stronger and more determined. Not to sound hackneyed, but we only truly fail when we give up.

It’s also important to feel passionate about what you do. We spend more of our waking adult hours working than anything else. No amount of money is worth being stuck in a miserable job. They key is to find something you like doing and then figure out how to make money doing it.

Finally, it’s important to do your homework. If you want to start a business, you need to understand the community you want to serve.