Blockchain technology, with cryptocurrencies as its direct manifestation, is fast changing the world of business by proposing a more direct and secure way to trade tangible and intangible assets, protect the information, and open up possibilities to facilitate daily life.
My fascination with blockchain – a system enabling a shared, decentralized ledger – stems from the endless opportunities it brings. After all, it can be applied to virtually any industry: Cloud storage for secure information, transparent and real-time communications, proof-of-provenance, or payroll efficiency are just some of the applications that companies can enjoy when it comes to blockchain.
For crypto entrepreneurship, there are some unique aspects to always keep in mind. For example, it might not be necessary to sell the company to raise funds; most of your transactions can happen through crypto tokens, the legal structure is slightly different, and ROI gains can come much sooner. But other than that, crypto entrepreneurship might not be that different from other fields.
In my case, I used blockchain to turn travel experiences into an investment. Basically, I started a platform that offers crypto rewards for every booking a user makes, which has led me on an exciting journey of challenges and subsequent learnings. So, these are my key lessons.
1. Know thyself.
Crypto businesses inherently decentralize negotiations, which brings a wider offer of services and products, making it even more critical to have a unique differentiation point. From a decentralized AirBnB to a democratized Uber, it’s up to you which journey to choose – as long as you make it truly yours.
Explore who you truly are, your strengths and weaknesses, and think of the value you can bring to your community. This self-awareness will provide a better understanding of what you can do in the crypto world.
2. Follow your dreams and be persistent.
Obstacles will always appear – that’s the beauty of entrepreneurship. But are you going to see them as an opportunity, or will you allow them to bring you down? Crypto is still a relatively new field, so even if you don’t have years of experience investing, it’s the passion and drive that can become the key drivers.
For example, when I tried to get my first job in trading, my CV was rejected. They explained it was because I didn’t add my school grades, but it was a confidence blow nevertheless. Despite dyslexia, fear, and other limitations, I did something others didn’t – I added my portfolio. Then, when the CEO looked through all the rejected resumes, he saw my portfolio link and took a look. “Let’s give this guy a chance,” he then thought.
That’s how I got into crypto. Then, when I started developing my TripCandy project, I saw that there was still a lot I didn’t know about blockchain. But through continuous learning, I was able to pitch a solid idea to my investors.
3. Be willing to make mistakes.
Entrepreneurship is an exercise in trial and error. However, there is a difference when you have a purpose-driven business that you truly believe in – that’s when you can always find the strength to face even the unexpected.
You can’t control the situation, but you can control how you react. Being a crypto entrepreneur means navigating a sector that is changing virtually every day. Maintaining a sense of calm and welcoming uncertainty is what makes you not only a businessman but also a leader. And whether it’s Yahoo Finance or CoinMarket newsletters you turn to, staying on top of the latest developments can help control unpredictability.
Finding the people who fit your company culture is a challenge in any industry. Still, your team will be a determining factor for your growth, so make sure to bring together people with diverse skills, backgrounds, and experience that can best advance your goals.
In TripCandy, I hired qualified and interested people in the project and invited them to be investors. By making it a part of our process, we make sure to reward our team; as the value of the company increases, so does the value of their investment.
When presenting a business idea, there are some essential questions to answer, such as what problem it solves, what makes it different from other ventures, why now is the moment, and why you would be the right person to make it happen.
Getting investors is one of the most complex stages before getting your business up and running. You have to show them your determination and potential for disruption as many times as it’s necessary. So, don’t stop at the first failed attempt.
Investors in the world of cryptocurrencies are growing; according to CNBC 10% of Americans are investing in them; however, it generates uncertainty. To complete, you have to have clarity of your product or service, prepare for any tricky question, and approach those business players that are most likely to be interested in your idea.
Being a crypto entrepreneur means being innovative, challenging traditional models, accepting the risks, and constantly adapting to the unexpected. Are you up for the challenge?
Jeremy Foo has been a noteworthy entrepreneur, derivate trader, and visual artist. His expertise in finance coupled with his entrepreneurial drive allowed Jeremy to manage a wide range of businesses in international markets. He is currently is the CEO and founder of TripCandy.