“Invest in technology and real-life application rather than speculation“_ This is Idan Abada’s advice for the young and rising entrepreneurs.
Idan Abada is the CEO of Bitcoin Merch. This company deals with cryptocurrency mining and retail e-commerce sales on bitcoinmerch.com. They also create educational videos on crypto mining. Bitcoin Merch aims to help people get into cryptocurrency mining, and they want to be a one-stop-shop for all things crypto.
In this interview with Business Upside, Idan Abada talks about his entrepreneurship journey with Bitcoin. He also shares his mission, job role, lessons he learned, business strategies, recruitments, his primary focus, management style, future goals, etc.
Edited excerpt of the interview:
Business Upside [BU]: How do you look into the Crypto Industries in the coming future as an entrepreneur?
Idan Abada [IA]: I see it as an excellent place for entrepreneurs because it’s a brand new industry that can touch our lives in so many respects.
Business Upside [BU]: What was your mission at the outset?
Idan Abada [IA]: To help as many people get into cryptocurrency mining as possible.
Business Upside [BU]: What is your primary focus in Crypto Industry?
Idan Abada [IA]: Cryptocurrency mining and retail e-commerce sales on my website bitcoinmerch.com. Also, generating educational videos about crypto mining.
Business Upside[BU]: How much time do you regularly invest in strategic planning and portfolio management?
Idan Abada [IA]: Most of my day is spent running my business, creating content, and R&D new products. I don’t spend much time trading / investing, although I regularly do those things for my business and personal growth.
Business Upside[BU]: What have been some of the most important lessons that have influenced your work?
Idan Abada [IA]: If you want to make big money, you need to risk big money and be ok with losing it all. You will probably fail, but after doing it repeatedly, the successes are worth it overall.
Business Upside [BU]: What is your suggestion to all budding investors who are fearful of investing?
Idan Abada [IA]: Invest in technology and real-life application rather than speculation. One of the reasons I founded BitcoinMerch.com is because I wanted to have accurate inventory, real customers, and actual ship items. Now that’s all I do all day long.
Business Upside[BU]: If you had one piece of advice for someone just starting, what would it be?
Idan Abada [IA]: Keep a side hustle to pay for your expenses as you grow your business and be ready to be broke for a few years.
Business Upside[BU]: What were the most significant roadblocks or challenges you had when you first started in the profession, and how did you overcome them?
Idan Abada [IA]: SCAMS! I had so many scams, eBay scams, Amazon Scams, scams on my website… I was like sugar for ants; scammers kept getting attracted to me because I took the bitcoin name to my brand. After losing sales and getting scammed many times, I built systems to protect myself from scams, and now I’m happy to say I have completely solved this issue.
Business Upside[BU]: How would you prepare yourself for major industry changes or regulations in the future?
Idan Abada [IA]: MASSIVE INVENTORY! I learned over time that this industry is almost seasonal because of the nature of cryptocurrency value. I hire many part-time employees that can add or extract hours as needed to be a more flexible company when things go up and down as they do for the past seven years doing this.
Business Upside[BU]: Where do you think the company is headed in the next five years?
Idan Abada [IA]: My goal was always to create a one-stop shop for all things crypto in the physical world. In the next five years, I want to have every product designed for crypto be in stock and ready to ship so anyone can go to my website, checkout, and get their item fast. A cherry on top will be an actual physical store.
Business Upside[BU]: Some tips and hacks to keep the portfolio in profit.
Idan Abada [IA]: Fees matter – research and get your fees down. Compare exchanges, and don’t be afraid to switch if one treats you better. This is a free market in the free world.
Business Upside[BU]: How do you overcome the failures of life?
Idan Abada [IA]: I take vacations, meditate, talk to my friends/family and write down my thoughts. Every person has a way of overcoming failures, and for me, it’s writing them down and learning from them.
Business Upside[BU]: What keeps you motivated in the different phases of life?
Idan Abada[IA]: GOALS! Always have goals, financial goals, relationship goals, and fitness goals. When you reach it, make another goal. It’s forever.
More information
- Company URL – https://bitcoinmerch.com/
- My LinkedIn URL – https://www.linkedin.com/in/idanabada/
- My Designation – CEO, Bitcoin Merch
