"I have a really old-school mentality when it comes to things like this," Schatz said. "My grandfather, for example, never graduated high school. He dropped out to earn money for his family and my dad never went to college. If you want to do it, you can work and achieve it. That's the mentality I grew up with."
While school can be important for someone becoming a doctor or a lawyer, Schatz said, there is no better way to learn how to start a business than jumping into it. With the right support and direction, anything is possible, she said.
Over the next five years, 62 percent of millennials plan to follow the generational trend like Motter, Moses and Schatz, and become entrepreneurs, according to a poll by the Kauffman Foundation.
By the end of 2014, 11 percent of those surveyed will already own and open a business.
"I think it's great for the younger generation to really step out of that box and say, 'Maybe I want to go into business. Maybe I don't want to go to school,'" Schatz said. "You never know until you try."