The meteoric rise in influence of the internet spawned a proliferation of new business concepts, changing the playing field altogether. This, in turn, resulted in changing what it meant to be an entrepreneur altogether. It completely transformed the dimensions in which a business operates and the radical shift in priorities forced business owners to review their goals and benchmarks.
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Beyond The Bubble
This is very similar to what the new digital economy is doing to the existing infrastructure of a business. Cryptocurrencies are at a very nascent stage even though the blockchain concept has been in practical application for decades now. Over this time span, the major focus has always been on short-term benefits such as cryptocurrency investment and exchange possibilities. It’s important for an entrepreneur to understand the core concept of blockchain and the seemingly endless opportunities it presents to fully capitalize on the cryptocurrency wave.
Blockchain technology provides a new wave of opportunities for creators in all industrial sectors. You could be an engineer, an artist, a writer, or a designer – you just have the opportunity to take your product directly to your audience and reap the true benefits of your work.
Being an entrepreneur used to operating in “conventional” financial system, it can be a challenge trying to make sense of all the hype surrounding cryptocurrencies and take out the core idea of what benefits you in the long term. It doesn’t help at all when you have a fleet of self-proclaimed “crypto-experts” doing everything they can and hogging every platform to grab your attention and place their product. The seasoned entrepreneur will take his time to delineate fact from fiction and single out the important information that would make a positive impact on how he or she runs a business.
Here’s a rundown on how cryptocurrency and blockchain technology could potentially help you take your business to the next level.
Raising Capital
Raising the initial funds to set up a business is arguably one of the steepest steps. It’s hard to find investors who are convinced in your idea and even if you finally do convince them, in most scenarios, you just end up being a puppet on their strings, and your business fails to reach its potential owing to the fact that it’s not being set up the way you want it. From a broad perspective, this is such a tragic waste of resources. It’s almost normal to accept that some of the greatest business ideas will never be put in motion owing to gaining access to capital.
Now if you take the scenario of an economy run by blockchain technology, initial coin offerings would be the default step towards setting up a business. An ICO is the modern-day “crowdfunding” tool that gets the wheels of a startup or a large enterprise up in the air. Since blockchain is decentralized, there is no pulling of strings, no middlemen out to make a profit off you, complete transparency, and optimal efficiency.
The advantage of an ICO is that the valuation of your company is done almost instantly. With tokens acting as shares, you gain a substantial amount of liquidity for your company.
If you keep your ears to the ground, you will be hearing about more and more companies announcing their token issuing dates and starting up new and innovative ventures. What’s interesting about an ICO is that it doesn’t follow the market rules that we have today. Anybody can access coin offerings regardless of where they are in the world. This practically means you’re reaching out to a much larger audience and consequently an extremely competent investor base. The ICO-powered economy is all about speed, security, and efficiency since it cuts out all the conventional bottlenecks that are seen in conventional venture capital economies.
As an entrepreneur, you also have to understand that with the present scenario where there are absolutely no regulations, investing in a coin offering is not necessarily always a good idea. Wherever there is opportunity for something this lucrative, obviously you will have your share of scammers out there to capitalize on the general lack of awareness. This is why, in the current situation, you need to be extra cautious when investing in an ICO.
Crushing the Boundaries
One of the most negative aspects of today’s conventional systems that are part of an industry such as the healthcare system, the government, the education system, or even the entertainment industry for that matter is the presence of these intermediaries who create this accumulative vortex of power. You see them on the surface as “consultants” or “brokers” or “regulators” who are supposedly there to make things “easier.” The truth is that these entities have outrageous amounts of control in their hands to manipulate the system for their own personal agendas.
When you are running a business on an international stage, you have to deal with a substantial number of these “power brokers.” There’s insider information from various industrial sectors reinforcing the statement that these “middle men” can kill innovation and progress, drive prices up or down, control volume, or even run an industry to the ground if that met their objectives.
Cryptocurrency provides the aptest solution to eradicate these industry bottlenecks through the smart contracts concept introduced by Ethereum.
Smart contract essentially run independent of any human intervention since it’s based on an algorithm. The algorithm automatically verifies a chain of transactions and authenticates.
This way, anybody associated with that chain of transactions can verify its authenticity. They don’t have to rely on one person or a group of people for that matter.
This essentially gives entrepreneurs the freedom to carry out transactions on an international level without having to depend on any middlemen saving time and money. What’s amazing is that a smart entrepreneur can take the smart contract concept and apply it to solve a wide range of logistic, financial, and even environmental issues that they face.
The Investment Opportunity
This is probably the biggest opportunity for anybody with an entrepreneurial spirit to make investments in companies with high growth potential at an early stage. It’s common knowledge that private angel investors and venture capital funds wield exclusive power when it comes to investing in the most technically talented entities globally. Cryptocurrency gives power to the common man to have ownership of companies with tremendous growth potential.
Being Part of the Cool Crowd
When you’re part of the blockchain community, you have access to some of the most talented entrepreneurial geniuses on the planet. What’s amazing is the ease and speed at which multimillion dollar deals are executed.
We have seen investing communities utilizing popular messaging applications like Whatsapp, WeChat, and Facebook to communicate with each other on a daily basis. Substantially large investments in technology start ups have been executed in a matter of minutes through these “meek” Whatsapp groups in a matter of minutes or even seconds. In the conventional setting, with standard venture capital, this could take months to implement.
The concept of cryptocurrency represents and reinforces the perfect symbiosis between thought and action. If you have a bankable idea, you can implement it quickly, efficiently, and at a substantially lower cost with the platform provided by cryptocurrency. By being part of the blockchain community, you get access to the most talented engineers, investment-savvy entrepreneurs, and the best technology resources. As an entrepreneur, these contacts are the building blocks of your long term success.
The long term goal of a true entrepreneur is not about making successful investments or building large corporations that provide a steady stream of revenue. Beyond that, it’s about making a global impact, creating change, and rewriting the rules of the game so that everybody benefits. Cryptocurrency and blockchain technology provide you with the platform to achieve just that.
