Despite the bearish dominance, global cryptocurrency adoption is still on the rise. This growth has fueled an influx of new entrepreneurs coming into the cryptocurrency industry, looking for opportunities to launch their own innovative products. We asked people who are already successful in cryptocurrency-related businesses what newbies to the crypto market should keep in mind when embarking on an entrepreneurial path in this rapidly evolving world.

love your product and focus on your efforts

In technology, IT, and cryptocurrencies, just like in any other business, loving what you do is essential. Because it’s the only possibility to go all the way to the end. Remember, the concept of digital money was created decades before Bitcoin was born. However, only Bitcoin achieved public attention and adoption.

“The important thing is to create a product that you can use yourself and be proud to recommend to your friends without hesitation. You have to believe in yourself,” says Vladislav Utushkin, co-founder of TTM Group. Don’t be afraid or pay attention to haters, environments, weather, and other disruptions. I recall the history of the creation of Ethereum when I said the project would not get off the ground, today Ether is the second most important and capitalized cryptocurrency in the world.

“Use a step-by-step strategy on your way, moving forward in small steps and in the end you will definitely reach your goal. Setting goals is essential. Most people usually have problems with their goals. Remember Forrest Gump? “Keep your eye on the ball!” Basically, that’s all you need to know about table tennis — great advice in my opinion. is. “

open mind

Even if an entrepreneur has business experience, the crypto market can invalidate everything he knew before. It is important to be ready to learn from the experience of others.

“Cryptocurrency is a very new market and we don’t see many business models in traditional fields. Successful experience in other industries is of little use in the cryptocurrency industry, so industry knowledge and a large amount of information is particularly important,” emphasizes Jenny Yang, Founder and CEO of Star Consulting.

Jenny Yang, Founder and CEO of Star Consulting, said:

Her advice is to do a lot of market research and communicate more with pioneers with extensive industry experience and players with many successful projects. That way they get first-hand information about the industry.

“So they know where the market pain points are, what problems need to be solved, how to raise funds efficiently, how to formulate a sector-aligned GMT strategy, etc. It can help you avoid a lot of traps, save a lot of time, and increase your chances of success.”

build a strong team

One of the first and biggest challenges entrepreneurs face is recruiting a team. The goal of all leaders is to create a friendly, professional and involved team that functions as a single organism.

When founders and their representatives have different management approaches, they face problems in making decisions. In this case, all teams and business processes suffer from an atmosphere of discord.

The first place to start is to hire specialized department leaders with experience in specific areas. The second step is to use the expertise of those department leaders to find other employees.

“The number one challenge is finding the right candidates. There are a lot of candidates in the market who think they are entitled to huge salaries and huge bonuses, but actually perform well. I haven’t been able to raise it and there are too many expectations on my skills,” thinks Max Kei, CEO of Debifi.

Pay more attention to the regulatory environment

It’s no secret that the crypto market is not yet as regulated as the financial or banking sector. However, it is also no secret that global regulators are paying more and more attention to cryptocurrencies and their regulation. Legislative initiatives appear almost every month in the cryptocurrency industry. In addition, companies related to cryptocurrencies need to keep up to date with the latest information and monitor the regulatory situation. Otherwise, you risk going overboard in a legal sense.

MNNT CEO Michael Christine said:

“The biggest piece of advice I would give to any company looking to enter the crypto space is to get a lawyer early on. We have seen a high likelihood of facing legal issues, specifically the ever-changing financial regulatory laws that apply to this sector.So to anyone trying to break into the crypto space My advice is to do it right the first time so you don’t waste resources fixing past mistakes in the future.”

money is not the purpose

The ultimate goal of a business is to make money. But money should be considered as the main goal when starting a business.

Making money is a secondary bonus on the long road to success. It shouldn’t be your main goal.

“My main piece of advice is: don’t fall for easy money without knowing exactly what to do. You should always be humble and always remember your main goal. If your goal is only to make easy money, that means you don’t really care about your product, your users. Debifi CEO Max Kei believes so. .

Image: Vladislav Utushkin, Co-founder of TTM Group