The story is almost as old as time itself. Budding young(ish) entrepreneurs, wanting to take the business (or in this case, crypto) space by storm as they know that their project is the best thing since sliced bread. ‘Why bother about tracking costs, I know that this idea will pay for itself a thousand-fold!’ and ‘marketing is not important, this product will market itself’ have been uttered by many an enthusiastic tycoon, who is so tied up within their own self-absorbed reality of intellect and glamour that they often miss obvious signs of the failures that will inevitably come with this attitude.
Whilst this adage has been seen for centuries in the traditional business/finance world, its crossovers to crypto remain entirely intact. We have seen countless projects rise and fall, often due to the incompetence and the egotism described in the above paragraph. This is where the blockchain business consultants come in, and here are 3 reasons why we believe consultants are integral to any project on the blockchain, old or new:
1. Know your audience
Many a founder/founding team will have jumped on the crypto/web3/blockchain bandwagon as they’ve seen the huge inflows of capital into the ecosystem from industry giants such as Alphabet, Blackrock etc and thought ‘cor, I’d love me some of that’. Peacocking from their previous experience and glory in the traditional finance space, they think this will all be a piece of cake and that before the week is done, they’ll have a billion-dollar fully diluted valuation and their own island in the Bahamas, because crypto is easy… right?
The reality would be the opposite – both time and money would be spent looking for funding from traditional firms who wouldn’t want to touch crypto, marketing agencies who don’t understand web3 communities/culture whatsoever and building a product that is not seen as relevant by the majority in the space. Blockchain business consultants like ourselves have been a part of this space for multiple years and understand the culture much better than any traditional consultancy firm could dream of doing. The differences between traditional investors and crypto investors are vast, so it is integral that you have advisors within your team that are fully ingrained inside the culture of web3 to make sure that all decisions made would be seen as a net positive within the space.
2. Check your ego
It is within human nature to become defensive when others begin to critique and dismantle one’s ideas, especially when so much time and graft has been put into a project. However, it is vital for founders to have differing voices within their camp; it may be a lot easier to surround oneself with ‘yes men’, but when the project does to market and fails, who is there to blame?
Blockchain business consultants can fix this issue – they come with a fresh set of eyes and are able to remove any biases that may come when appraising internally. These suggestions could be priceless, as often internal members of the project may have become fatigued when looking for ways to improve, and this could have a cascading effect on the whole team in regards to looking for advancements within the project.
3. Recognise your worth
Coming in as a newbie to the crypto world can be extremely daunting – all of the buzzwords, the acronyms and the memes can make budding scared of entering the space because they feel so far behind the pack. It can also mean that founders fall either too high or too short of their actual valuation and worth. One example could be that a founder has an amazing project and wants to take it to an exchange, but they don’t know which exchanges are classed as ‘tier 1s’, so they end up accepting a huge price to list on a mediocre exchange. On the other hand, the opposite could occur – a founder could end up wanting to list on Binance and Binance alone, that they end up losing sight of how big their project actually is, wasting both time and money in the process when instead, they could have listed on a medium-sized exchange and seen much more success.
The moral of the story is this: no matter how clever or ground-breaking you think you or your project is, there always is always room for extra pairs of eyes and ears. Blockchain business consultants can help you with any aspect of your business, so why not give us a try?