Five Success Tips for Your Web3 Business and Startup.
These five success tips for your web3 business and startup will enable you to understand the priorities that make you successful in the space. Success means different things to different people, but for a business or a startup, whether digital or physical, success would mean meeting their business goals. To simplify, it means making sales and keeping the business running for a long time. And this cannot just happen overnight; it takes years of planning and execution to get a solid business structure running without hitches. There also exists for many businesses the burden of having to manage expansion and growth, protect assets, and make sure that none of those assets are lost.
In the first year of business, research has shown that about 10% of startups fail, and over 90% of businesses that started don't survive. The survival rate depends on many factors, and one strong factor contributing to the overwhelming failure is that many business owners are not prepared for what is to come. They build their businesses without a proper understanding of how the market works. Another reason would be government policies and how these policies either encourage or stifle startup growth. There are other reasons why startups fail in their first year or before ten years of their start, but we want to discuss tips that, if applied, can guarantee success and longevity.
Create a Powerful Vision
Business owners often know what they want but do not have it clearly figured out. Any vague vision cannot convince anyone. For people to follow anyone, they need to know where they are headed. Unfortunately, because of this lack of vision or a powerful vision, many business leaders make decisions that are out of place or not related to what should be the goal of their businesses.
For instance, if your vision for your organization is to manufacture 100% of every household need, you would burn out quickly, especially for a startup. The reason for this would be inadequate manpower to meet that because of how vast household items are. Also, you wouldn't have the resources, and those who are niched would always beat you. So isn't it better to have a vision focused on solving a certain need?
How about building your vision around providing quality NFT wallets? That is specific and clear. As your business grows, the vision can grow with it; you can now begin to ask what pains your market suffers - unsafe wallets. Then ask yourself how you can solve that. Then give your business the perfect narrative, like providing wallets to securely hold digital assets.
The hack here ensures that the vision is clear, relatable, and powerful enough to last your company forever.
Have a Strategy and a Business Plan
It's a no-brainer for anyone to go into business without a strategy or a plan. However, there is a difference between having a strategy and a plan. A plan embodies the wishes and aspirations of the one planning and the steps they would take to achieve them. Still, a strategy takes into consideration the surroundings and competitors that are there.
No one goes to war and hopes to win by ignoring the enemy. Wars are won when you understand the terrain and your competitors. You understand what your competitors are doing and why they remain on top of their game. You want to know if you can collaborate with your competitors or fight. A strategy also considers one's strengths, resources and opportunities. It means you do not overestimate what you have because this can make you assume and injure your business.
Also, the decisions you make as a CEO must be based on accurate and well-interpreted data. Research has shown that there is a significant increase in the ability of a CEO or a business leader to make well-grounded decisions that lead to success when they make those decisions from data and observation than when they speculate or trust their instincts.
While strategizing, you answer the questions; what to do with your business? What kind of products would you be offering? To whom will you be offering your product (can be more than one audience profile)? Why do they need this product (answering this would help you market properly)? And When (Timing is essential both in launching a product or a business)?
Organize Your Processes
No matter how complex the parts of a machine are, if each part knows its function and is organized properly, the machine will function seamlessly. One of the most complex machines on earth is the human being, and the human being functions so seamlessly because there is order and organization to its processes. You should organize your production process, your distribution process, your customer feedback process, etc.
The first place to start is to ask: what are we trying to produce, and what do we need to produce it? It is a problem question and what is needed to solve it. In answering this question, you would talk about finances needed, workforce or labor, systems and marketing channels to get you to your target market etc. There are tools and software to help you organize your production and distribution processes.
Remain Consistent In Delivering Quality
Recipes are important because they help maintain quality. If you start a business and do not have a way of maintaining the quality of delivery, it is only a matter of time before people leave and focus on your competitors. Amazon has retained its name because it has focused for many years on delivering quality and has not changed. If your customer is an important part of your business, then focus on delivering quality and not compromising. You also cannot give what you don't have; this means that if your staff is not trained well to deliver quality, they would not be able to do that. Invest in your staff to see returns and be consistent.
Protect Your Assets
Asides from the responsibilities that leaders of businesses have towards their craft, some things are beyond them, and these things can ruin their businesses; for instance, a lawsuit or asset-hungry creditors can seek a loophole in your business process and take over the business or assets. Sometimes, these businesses can't repay their loans, allowing these banks to seize their assets.
Therefore startups must start now to protect their assets. An important step will be to digitize their assets or establish a blockchain trust. Blockchain technology is safe, transparent and very easy to manage assets on the platform compared to traditional trusts. Registration does not take time, and there is no need to sign bogus paperwork. You get the full benefits of a traditional trust agreement and more using your own blockchain trust.
Think asset protection, think Blockchain Trust®
You can register your new Trust company on the Blockchain in less than 30 minutes.