Entrepreneurship is increasingly becoming the best option for young people who don’t want to be stuck in a life of 9-5 with no time or financial freedom. However, many young entrepreneurs are approaching entrepreneurship wrong and falling into a pit of common mistakes that most people make.
Milad Abadi, on top of being an entrepreneur, he is helping other entrepreneurs learn the mistakes to avoid in order to become successful in business. He is a popular Instagram star in India who has mastered currency exchange to a point where he has become a millionaire from it.
Due to his entrepreneurial success, Abadi has managed to pursue his passions and hobbies like comedy, where he has played live-shows even on Instagram and football where he has played for various teams.
So, what 3 mistakes should young entrepreneurs avoid making in 2021? Instagram star and currency exchange success Milad Hatam Abadi details below:
- Hiring friends and family
Many young entrepreneurs fall into this pit too often. It is important to separate business and pleasure from the start. Milad notes that hiring your friends and family often leads to a strain in these relationships and the best thing is to steer clear of hiring friends or family members. They will wish you well but when working for you, tasks will often become chores to them and they could become prone to putting off work since they have a personal connection with you.
For the success of your business, it is important that you find the best team that will work towards helping you achieve your goal.
- Expecting to turn a profit overnight
It could be overconfidence of being misinformed about entrepreneurship. The get rick quick crowd is also part of this. If you go into business expecting to turn a profit overnight, you will find yourself extremely frustrated and demotivated. Entrepreneurship is full of obstacles and everyone’s journey is different. You might create a successful business in a short period but your next venture takes months or even years. The business space is unpredictable and favors those who are not only prepared but also patient.
- Thinking you can do it all yourself
Another common mistake that young entrepreneurs make because they believe no one can do it better than they can. While this may be true to some extent given your determination to succeed, this is a recipe for burn out and setbacks. It is important to have a team to bounce ideas off of and help you widen your vision for your business and products. Being a one-man show will do more harm for your business that good.
Being a new entrepreneur is difficult and can often be demoralizing for those who aren’t very patient. Mistakes will be made but it is important that you learn from these mistakes and not let them hold you back.