It's 2021, decentralization and blockchain technology allowed entrepreneurs to come with new and better ideas. Most of the crypto based apps and products are in a downfall. Either turning to worse than its counterparts existing in the industry. This article will talk about 4 major factors which is adopted by every successful business out there from those that are falling.
- Lack of experience in business
People who are new to building a product using crypto have ambitious plan to profit themselves. But blockchain technology is intended to favour its users rather than a few individuals or the company itself.
- Lack of proper vision and endless FOMO
Use of blockchains can be integrated to any traditional business out there but the real application of it is that it gives transparent data to its people who interact with it day to day. So traditional business always have shady ways to make profit. Facebook and google monetize users data. Oh thats surely bad. But what about a company claims that they wont sell any data, mint some tokens in some blockchain and put to sale in public with no proper vision. They clearly think about the price of their coins proportional to the users they get because their claim to protect privacy. Entrepreneurs who lack experience tries these kind of ideas and they do exit scam from investors later on.
- Afraid to lose.
Enterpreneurs failed to visionise the position and hurdles of their company after this many months or years. They think about everything to start building their product. Even if they mint 100 billion tokens many companies are afraid to lose 10 coins airdropped to their users. Distribution to the public is an integral part of building tokens. If companies takes greed and manipulation in not doing it with integrity. Companies or project will fall for sure. This wont run in the long term.
- Poor customer service and promoters
Unqualified and inexperienced promotors. For eg: a youtuber, high school drop out trader, or someone like that can influence lots of peoplr into their business. For long term they will lose interest in it as its not their passion or field of expertise in the first place.There should be fast and trusted interaction between users and promoters of a project all the item. If a company offers delayed responses, service requests,its time to look for an exit plan immediately before they do it from you.