The seven biggest mistakes new entrepreneurs make:

1. Only focusing on "unicorn ideas"

There is so much opportunity in the world. Many small ideas become big ideas with great execution. There is also lots of joy in building a small business that connects with customers.

2. Thinking that raising money is building a business

Your focus becomes raising money and not building a business. Here's the deal though, money doesn't solve problems; well run businesses solve problems.

Money accelerates growth.

3. Too much time perfecting the plan

The biggest hurdle to most new entrepreneurs is action. You can visualize the perfect business in your mind, but it'll never happen until you do something.

Also, it's never going to happen how you visualize it.

4. Failure is growth

Your job in business is to fail as fast as you can. The key to successfully growing is to learn how to fail in a way that doesn't put the company out of business.

Each failure is a data point for a learned lesson. You use those to improve the business.

5. Not understanding equity

Owning a business and running a business are two different things. Your salary for managing the business should be based on market rates.

Then you make more money through distributions. Celebrate those distributions with your co-owners.

6. Picking bad business partners

You need to have business partners that are aligned philosophically and that you want to work through issues with.

If you're constantly fighting internally, the business won't grow.

If you can, test the waters with a low stakes project.

7. Not preparing for the grind

All the stories are about overnight successes, but business is hard work fraught with failures. It's a grind and you need to know how to persevere.

Most new entrepreneurs give up too easily and quickly.

Stay resilient and keep on growing!