Ninety percent of startups fail, with 70% failing in the first five years. Despite these stats stacked against him, the founder and CEO of iCode Abid Abedi has beaten the odds. With a journey spanning over three decades and a track record of fifteen successful startups and five companies, Abedi is a wealth of knowledge for aspiring entrepreneurs. Let’s take a look at his insights on entrepreneurship as he debunks three common myths that can often set entrepreneurs back.
A Humble Beginning
Abedi’s journey into entrepreneurship is a classic rags-to-riches story. Arriving in the United States in 1983 with little more than a bag and a dream, Abedi initially faced setbacks, including failing a programming class during his undergraduate studies in engineering. However, undeterred by his rocky start, Abedi pivoted to accounting and began a career that would see him rise to prominence in the business world.
After working with companies such as Payless and AT&T, Abedi took the plunge into entrepreneurship by launching his first company. This venture would set the stage for a string of successful startups, ultimately amassing over $3 billion in revenue over three decades. Abedi’s relentless pursuit of success and his ability to adapt to changing circumstances have been key factors in his entrepreneurial journey. Here is his take on three tips that aspiring entrepreneurs often believe.
Myth#1: All You Need Is A Good Idea
Abedi doesn’t believe the myth that a good idea is all you need to be successful. Entrepreneurial success isn’t solely dependent on having a brilliant idea but rather on the ability to execute that idea effectively. Abedi emphasizes the importance of having a solid plan in place and executing it meticulously to turn ideas into reality. “Ideas are a dime a dozen,” he says. “It’s the execution around the idea that matters. You need to have a plan.”
Myth #2: You Can Be A Lone Wolf
Another myth Abedi rejects is the notion that entrepreneurship is a solitary pursuit. Contrary to popular belief, Abedi believes that entrepreneurship is a team sport. “I surround myself with people who are smarter than me,” he says. “It’s important to build relationships with people who can give you good advice.” Surrounding oneself with individuals who complement one’s own expertise is crucial in forming a team that can navigate the complexities of business together.
Myth #3: OPM Is The Best Money
Lastly, Abedi challenges the myth that entrepreneurs must rely solely on other people’s money (OPM) to fund their ventures. While raising capital can be challenging, Abedi advocates for a balanced approach that involves investing one’s own money as a demonstration of commitment and preparedness. “Before starting my company, I drove an old, beat-up car, had a low mortgage, and saved money for six years,” he shares. “When I went to raise money, I could show the money I saved to put in myself.” Abedi’s decision ultimately laid the foundation for rapid growth and success.
What’s Next For Abedi?
With his latest venture, iCode, Abedi continues to disrupt the education industry by offering coding programs and summer camps aimed at empowering the next generation of tech-savvy innovators. Through iCode, Abedi seeks to democratize access to coding education and inspire young minds to pursue careers in technology.
Abid Abedi’s entrepreneurial journey serves as an inspiration for aspiring business owners. By dispelling common myths surrounding entrepreneurship and emphasizing the importance of execution, teamwork, and prudent financial planning, Abedi offers invaluable insights that can guide entrepreneurs on their path to success. As Abedi continues to leave his mark on the business world, his legacy stands as a testament to the transformative power of entrepreneurship done right.
To learn more about Abid Abedi, find him on LinkedIn or visit his website at iCodeFranchise.com.
Published by: Martin De Juan
