Scams targeting entrepreneurs

Startups, business, entrepreneurship-these are some of the trendiest words in Bangladesh today. There was a time when everyone aspired to be a doctor or an engineer but the trend has now shifted. Nowadays, almost everyone wants to build startups or become a businessman or entrepreneur. If you are also dreaming of this, think twice before falling for scams and fake promises.

According to a survey, 70 to 80 per cent of new startups fail in their first year and over 90 to 92 per cent close within five years. Yet everyone talks about success stories, while few show the harsh reality behind why most startups fail.

According to YouTuber Nasir Tamzid, entrepreneurs face three main problems at the very beginning of their journey: having the wrong mentor, not knowing their true capabilities and lacking in patience.

Just as skilled artisans turn raw gemstones into fine jewelry, mentors help shape knowledge, develop mental strength, improve skills and guide one on the right path. But if someone falls into the trap of a wrong mentor, it doesn't take long for things to go awry.

Most people are in a hurry to achieve quick success. Seeing promises of fast-track success in many courses, people tend to buy them randomly. As a result, they not only lose money but also peace of mind and confidence. A lack of patience leads to indecision; switching between skills and courses prevents them from becoming truly qualified. Meanwhile, they end up pouring more and more money into skills, mentors, and courses, often lining the pockets of unscrupulous mentors.

There is a saying: "To master something, one needs 1,000 hours of practice; to be just good at it, 20 hours are enough." There is no such thing as quick success. We must remember: the quicker the success, the sooner the downfall.

MD. Shakib Hasan Turzo

BBA

North South University

shakib.turzo.232@northsouth.edu