Lessons For Budding Crypto Entrepreneurs
January 21 2019 - 07:47AM
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Mass adoption in 2019?The
Currency analysis
The crypto
space is still shrouded in mystery and misunderstanding to the
general public which still has not quite caught on to the
technology. Yet, blockchain and cryptocurrency
advocates know that it can be a lucrative industry once prediction
and adaptation to various changes in prices and technology are
understood. We have therefore tapped Los Angeles entrepreneur,
Blake B. Johnson for some suggestions. His experience
has taught him the importance of leveraging networks when it comes
to blockchain entrepreneurship, so a valuable, though temporary,
lesson he wants to share with others is about leaning on fellow
crypto advocates in order to achieve success.
"Crypto
Entrepreneurship does look a bit different, which is why it’s more
important than ever to take advantage of resources at your
disposal. One such essential resource is networking."
Success
requires knowledge. However, the crypto landscape is still
remarkably young, and most initiates only joined the space within
the past few years. Even the most educated of individuals still
recognize that they have much to learn. Blake notes that if you
want to succeed as a crypto entrepreneur, you need to surround
yourself with people who can teach you things. "If you have an idea
for a new way to use blockchain or want to bounce theories off of
someone for an ICO, would you go to your peers who know nothing
about cryptocurrency?" Johnson asks. Probably not. In order for
ideas to thrive, it helps to discuss them with supportive people
who are excited about the subject matter alongside you. As a matter
of fact, right now, the crypto community is an excellent place to
share ideas as to what are the most revolutionary blockchain
applications; what are the most successful altcoins, and what
observations you can make about them.
People who
do not fully understand the concept of cryptocurrency probably
aren’t going to invest in it, so building an audience through
Networking was also integral to Blake’s crypto success because
members of the blockchain community were the core of his audience.
‘If you are a crypto entrepreneur, a majority of your audience is
going to consist of people who at least know what Bitcoin is. Plus,
the more people you talk to who are passionate about
cryptocurrency, the more likely your name is to spread amongst
their own networks’ he states.
Having a
common goal that you can pursue together is one of the best reasons
to become part of a network in the blockchain community. Blake is
convinced that "When it comes to accomplishing something, anything
really, everyone must be fully aligned in their goals in order to
win. When there are competing interests and desired outcomes,
whatever you are doing will not last. Whether it is a business
deal, a romantic relationship, or a friendship, you must be on the
same path together, or else you are on the path to death. People
who succeed have a clear end goal in mind, and everyone must be
aligned on that goal."
The
community hopes that one day, the general public will accept
blockchain and come to understand cryptocurrency so as to become
mainstream. Educating the public will be an ongoing process, so for
now, networking amongst community members is a strategic marketing
bet.
While
crypto advocates declare that one of their goals is to make money,
they also aim to push blockchain into the mainstream and share the
benefits of decentralization with the world. For this to happen, it
is critical for crypto developers and entrepreneurs to express
solidarity and work alongside one another.
While the
crypto community is indeed full of engineers, marketers, and
entrepreneurs who invest, develop, and advise, everybody is rather
spread out. To network with lasting success, Blake acknowledges the
importance of platforms such as Telegram, WeChat, Slack, Facebook,
and Whatsapp that enable communication (these channels, in
particular, are a few that crypto-savvy people tend to
utilize).
With this
in mind, Angel investor Kingsley Advani makes the example of the
Brave’s Basic Attention token sale in 2017: While coordinating
traditional venture capital investments can take months, members of
the crypto community leveraged digital tools so that this
particular token sale sold out it’s $35 million offering within
half a minute. "When people network properly, they can accomplish
incredible things together".
This
explains why Blake believes that networks are imperative to any
kind of entrepreneurship—especially in the decentralized landscape
of cryptocurrency. The next step to tackle is how to build your
professional network as a crypto entrepreneur if you want to take
the plunge of course.
Disclaimer: This is NOT financial advice. the
opinions expressed in this interview are those of the interviewee
and should not be taken as some sort of guidance.
Source:
Forbes
By Gerald Fenech Contributor
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