As an entrepreneur, one must always look beyond the end of one's nose. Running a business, you have to deal with challenging situations and turn your weaknesses into strengths. It’s definitely a job full of challenges, ups and downs, but also some great lessons.
Crypto companies are no different from ordinary startups, but as a founder, you encounter specific hurdles and face switches that are only part of this industry. For example, to raise money, you sell tokens, and from the moment you have the idea of founding a business, you have to start working with investors, which is not always a piece of cake.
Let's delve deeper into the industry’s peculiarities and the situations entrepreneurs face on this road.
Go beyond your limits
I have dyslexia, which often makes it difficult for me to learn and maintain my concentration. Also, when I had the idea for Tripcandy, I didn't know much about cryptocurrencies. My background was solely in trading, and I had to dig deep to convince investors.
Every entrepreneurship involves a constant exercise in trial and error. However, the goal is not to stop because you feel like hitting a dead-end. I took the opportunity to learn something new and go further. The results showed a few months later with dedication and a pinch of flexibility when facing unestimated challenges.
Now, fear and worries are part of the equation. Cryptocurrencies are a market segment fraught with financial and regulatory risk. That’s why, as a crypto entrepreneur you have to think outside the box, face fear, and stand up against those who are judging you for working with cryptocurrencies, or don’t believe in the idea you are trying to promote.
Those who are involved with cryptocurrencies, above all, are interested in democratizing finance and creating a peer-to-peer currency that is free from government interference. Crypto technology can achieve incredible things for the world and turn the financial world upside down once and for all. Anyone who not only believes in this idea but wants to implement it, should also communicate this idea and not shy away from positioning themselves openly.
Take a deep breath. You won’t convince your family members, nor all potential investors in a beat; everything takes time and patience. But by showing the right dedication, and standing up for your purpose, you will attract exactly those supporters and followers that you need to establish a crypto business.
Surround yourself with the right people
As an entrepreneur, you usually start alone, but there comes a moment when you have to create a team. Even though you are mostly working with small teams, in the beginning, each individual on the team can help move the idea forward and work for the greater purpose. That’s why it’s essential to hire the right people.
In the case of expanding your team or looking for loyal supporters, you can use creative ways of putting such a team together. Don't let yourself get limited by national boundaries or culture. I used Telegram to present Tripcandy for the first time, and connecting with a community from all over the world helped me expand my network and seek investments.
It is not enough to assemble and maintain a team of experts. Even the most successful colleague must be suitably motivated and aligned with the company's purposes. According to research, 121% of employees are more motivated to do a better job if they can identify with the company’s values and goals.
IBM, a large technology company that also operates in the crypto business, bases its success on the collective. According to IBM, especially when a marketing executive and a financial expert have different ideas about the direction in which the company should move, it is important to set clearly defined goals together and to underpin these with milestones.
Make people believe in your idea
Now, let’s talk about attracting capital. Crypto or blockchain-related businesses have become popular only recently, and many startups are trying to establish a foot in the industry at the same time. Because of this, the risks for investors are high, especially as they are facing the prevalence of failures and even scams.
That’s why it’s important to follow the necessary steps when attracting a VC.
1. Do your research
Many venture capital firms focus on a few vertical industries and investment phases. So the first task of any entrepreneur is to take note of these details. Start by screening the firm's online presence or the websites where this information is collected.
If your project seems to be interesting for an investor, but they are not exactly sure about its start-up phase or other requirements, you should send a short email to the company.
2. Lead with persuasive power
Most importantly, you need to have the ability to deal with people and use persuasion. Practicing speaking and presentation skills will be of great benefit to you in your crypto entrepreneurship to attract venture capital.
3. Pitch your idea
Write a well-crafted pitch in which you fully analyze the current market, address what solutions are currently on the rise, and how your company or the end product will expand the current market, or bring innovation to the niche.
In my case, I created a way to present myself and my company professionally. You are not just selling a service or product. When someone invests in your company, they are also investing in you as a person and what you can do despite adversity.
Either way, you will have to face the challenge of answering the investors, addressing their concerns, and keeping them calm and aware of what was happening in each part of the process. Having good communication skills and the peace of mind to handle every situation is a very important asset.
Being a cryptocurrency entrepreneur is taking a leap of faith, working out of the norm, and remembering that everything we do can make a difference in another person's life.
Author Bio
Jeremy Foo is the founder and CEO of Tripcandy. Also a cryptocurrency innovator and entrepreneur.