startup growth

How not to trap your crypto startup in the valley of death…

By Andrei D | Blockchain Growth | 3 May 2021


Finally! You have the idea that will change the world and there is no better time to start acting upon it! Your mind is set and fear is gone. The only fear that remains in you, is that someone else in this whole wide world may be thinking about this same thing right at the same moment. Therefore you need to be quick! You dive into the world of launching your startup and then through blood sweat and tears you either reach success or… NOT. 

This is what rushed through my mind every time I’ve embarked to turn all my crazy and some, as it soon turned out, not so crazy ideas into life. Yes, I am sure you are fully aware that it is not about the destination, but the road that leads to it. And therefore, I would like to go over the pillars that your startup launch plan must include, to save you nerve cells, money and most importantly, time! Some of it will be ugly, but it is the truth you cannot hide from. 

We will gist over the following:

  • Importance of structure and foundation…
  • Marketing, but the mindful way…
  • Scaling right…

 

It is ok to have problems

Problems are an integral part of anything that you will ever do or be part of. There is of course a chance that I managed to slide into a different universe and it is where all the problems were, but then again, it’s a question that only astrophysicists can answer. 

Be prepared when problems come

Being prepared is the most we can do when faced with the unexpected and in 99% of cases it means that your startup needs to have a structure…

1*Xu10zLbgO6tWgVaEs7gTlg.jpeg By Anna Rassohina

 

Structure — Foundation — No headache

As humans, our thinking can be highly affected by emotions, that are in turn motivated by needs, dreams and sacred something we always wanted. Structure and a set foundation can eliminate emotions, making your team productive and result-driven. It is something that is often overlooked in a startup world. But the more structure is ignored at the first steps of startup development, the harder will be the hit when the team sees success. 

Greed and recognition

We are all different but our triggers aren’t. Most startups are created by teams that are fueled by the same values and willingness to do something good, because your product or service solves a problem, right? This is all great and sweet though, until everyone in the team starts to see that you are really on to something!

Solution? Devise a clear structure of operation before you make that first step. Think of it as constructing a watch in which every piece does all the right movements to show the correct time. It may sound harsh but trust me, I am not trying to kill your freedom vibe. Throughout my career, I had at least 3 occasions when an employee decided that he/she is the most valuable player and therefore the <insert any obnoxious request> is long due. Or else, he/she’ll make a run with the code. 

Benefits of clear structure and foundation:

  • You limit greed
  • Make performance measurable
  • Manage the lack of performance without getting anyone offended
  • Increase productivity
  • Reward high performance through recognition

Last but not least, the structure that is present not only in your team but also inner self, can make an astounding effect on your actions. Here is a quick example. I completely misjudged the capabilities of my dev team when launching an app, because I didn’t have set rules when hiring. The team’s inability to perform became apparent too late in the dev stage and nearly crumbled everything that we worked on. Therefore, as with buildings, a centimetre deviation at the foundation, results in a meter difference at the top! 

1*iCgQTHxIrhA18LW8zaL4nQ.jpeg By Jené Stephaniuk

 

Marketing — Don’t be shy

However blatant this may sound, but marketing is the only vehicle that will take your product or service to the right audience. This is why it is incremental to devise your marketing strategy and be prepared to act upon it before you even think of registering your company. 

Some say, that year 2020 marks a new age of marketing evolution. One where absolutely everyone rushed online, hoping it makes up for the lack of human interaction we all got cut out from. As a result, it is those companies that communicate their values properly, that already start to see how truly loyal their client base can be. In fact, the latest Deloitte report on marketing trends serves as great proof of how the audiences’ attitude has changed.

How to market your next best thing:

  • Have a clear purpose. In today’s world, no one is interested in how your product will change the alignment of stars. Be straightforward, specific and clear because the truth lies in simplicity. Your prospective audiences are smart enough not to fall for fancy words and no meaning.
  • Communicate your WHY and values. Another integral part of your brand message is to broadcast the reasons for what makes you the perfect solution. This calls back to loyalty. People seek to attach to brands that share the same values and it is this that in most cases creates the most loyal of ties
  • Market across all channels and be agile. Do not invest in marketing that doesn’t bring results, hoping that something will change. Most likely it won’t, unless of course, it is a brand awareness campaign that cannot be measured. 

It is important to note that this is not a lecture on best marketing practices. Instead the aforementioned should highlight that your marketing strategy is critical to your startup’s success and therefore you too, need to understand the phycology behind audience behaviour. In other words, your marketing starts at the seed stage of company origination. The stage, when basic principles are formed, long before you get to the marketing at its conventional state. 

1*PCb4N8eBKoqtnPOqyBxqZw.jpeg By Steve Johnson

 

Scaling 

Let’s say you’ve ticked all the right boxes and reached the stage where you have to expand, to cope with a behemoth amount of clients. Great, but this is another point where many fail and as before, it takes us to the importance of primary structure.

100 new employees is often a 100 new problems

Over the course of my career, I have worked with many startups and I have noticed a tendency where most of them tried to internally expand too fast for their own good. No, you don’t need 100 extra employees to provide a better service. It all comes from the structure. The better the initial foundation, the more equipped you are when the demand grows. I won’t call out names but many crumble simply because there are too many new people in the office who have no clue what to do and what their job is. As a result, you get zero productiveness and 100 ways how to get your clients turned off about your brand. 

1*m6vTbE552an5QLwul-ymAw.jpeg By Adrianna Geo

 

Final words

Primary structuring must come before any action. As the university’s business literature states, to not plan, is to plan to fail, and therefore, having a strong foundation is what will make the success of your startup. Be mindful of your message, purpose, and values. Be interesting and remember that the world isn’t perfect and the next big thing is yet to be invented.

Good luck.

How do you rate this article?


4

0

Andrei D
Andrei D

Contributing writer on everything Blockchain, Finance, Media, Advertising and Automotive


Blockchain Growth
Blockchain Growth

Everything blockchain, everything crypto

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.