Every entrepreneur should look into Blockchain technology.
Blockchain is literally changing the way we do business and the way people transact with one another.
It doesn’t matter what type of business you run or whether you work on your own or manage a team of 500 people. You should take a look at how Blockchain can be helping you run your business.
Learn more at https://cryptopreneurs.club
I want to talk to you about a technology that is revolutionizing the markets and that if you’re an entrepreneur, you need to know about. And that technology is cryptocurrencies and blockchain. And I want to give you today, six reasons why every entrepreneur needs to know about crypto. And what it might mean to your business, how you can apply it a bit and what the steps forward are for you.
So, obviously the first reason every entrepreneur needs to know about crypto is because they’re are literally hundreds of billions of dollars worth of liquid assets out there waiting to be spent on things and people don’t know how to use them, they don’t know where to use them.
So, it doesn’t matter, are you selling a service? Are you selling physical products? Are you selling information? Whatever it is that your business sells you should be willing to take cryptocurrency as payment. Yes, that does mean that you’re gonna have to learn some stuff, you’re going to have to learn how to change that cryptocurrency into fiat currency, if that’s what you need in the end.
You’re gonna need to know how to manage your cryptocurrency. You’re gonna need to know how to understand the volatility of the market and know what that means to your pricing and how you need to take care of that, but literally there are hundreds of billions of dollars out there, that people don’t know what to do with it, they’ve got cryptocurrency and there’s really not that many places that they can use it, so that’s a great opportunity.
Easy, step number one, every entrepreneur needs to be thinking about. Also, you should be thinking about your infrastructure costs.
Blockchain technology can help you reduce your infrastructure costs in your business. You don’t necessarily need all of those big servers that you’re investing in. You don’t need that big monthly bill for Amazon at the end of the month. You can use the power of the blockchain, think of it as an accounting system, think of it as a database that’s out there in the real world, that you don’t necessarily have to maintain an infrastructure for. And not only can it reduce your costs, but it can increase your resilience because everything that’s on the blockchain is there for life.
It’s not going away, it’s not attackable, it can’t be brought down, you cannot have a disgruntled employee erase it, it’s there forever. So, basically from a technology point of view, blockchain technology is important for you to take into consideration, especially if your business requires long-term record keeping. If it requires keeping track of ownership of an assets or something for your users.
Anything like that is especially prone to being benefited by using blockchain technology. So, that’s one thing to take into account as well. Another thing that you should consider, is tokenizing things. And this is a little bit hard to understand it, maybe at the beginning, but let’s think about collectables, for example.
Let’s think about baseball cards, you could actually create a digital representation of your baseball card collection on the blockchain and then the ownership of those baseball cards could be bought and sold online through the blockchain in a safe, secure way. And basically you’re converting a real world asset into a digital asset. And that example of baseball cards, which is kinda probably not what your business does, can be extended to almost anything. It could be extended to solar energy, renewable energy. It could be extended to access to content on your website. It could be tokenized. It could be every token is one month of access to a specific premium content that you provide to your users. So, the tokenization is a trend that is going to be ever growing for the foreseeable future.
So, if you’re an entrepreneur and you have assets or you have elements of your business model that could be tokenized, you should be thinking about that today. Number four, are smart contracts and smart contracts are an amazing, powerful technological feature of some of the most modern blockchain’s that are out there. And it’s not, let me explain it to you this way.
Let’s think about taking your car to fill it up with gas every time it gets low, right? Basically, you go to the gas station, you fill it up with gas, you pay the guy at the gas station and you leave. Now imagine that your car could do that for you and it could drive itself to the gas station. It could pay it from its own account, the gas that your consuming and come back and park itself in your garage.
Well, that is possible.
That is an element that could be done in a smart contract. Where the car manages its own funds, Maybe it receives funds from every time you go on a trip, it automatically deducts some money from your wallet and stores it in its car wallet and whenever it needs maintenance, or it needs gas it goes to the gas station, or it goes to the garage and it gets fixed. That’s an example of what a smart contract could be. Obviously, in that case, you’ve got another element there, which is your car probably needs to self drive itself somewhere, but we all that’s coming as well.
But, imagine now in your business model. Imagine being able to deploy contracts that work 24/7 and are able to pay for the services they received, maybe they depend on external data processes. And for example, let’s think of another simple example. Let’s think of an invoice where you are splitting the revenue from an invoice between two or three businesses, so it’s a joint venture project.
A smart contract could receive the money from the client and automatically distribute to the three or four joint venture partners based on the percentages that they have automatically. That’s another simple example of what you could do with a smart contract. This is only scratching the surface.
Smart contracts are a huge potential agent for change in the entrepreneurial landscape. And you really need to understand the power of smart contracts and you need to be thinking about how you can deploy them and use them to make your business more efficient and more able to exist in an autonomous way because the more that happens, the more profit you could make with less cost to yourself.
Another obvious example that you can use and I think this is number five of the list that we’ve been going over. Is you can use the blockchain to raise funds for your project. You can create a token, or a coin, or a cryptocurrency, if you will and sell it to your clients, to your users, to people that believe in your project in exchange for services, in exchange for their loyalty as customers, in exchange for almost any concept that you might have in your business whereby you want to bring in money that helps you finance the future development of your business. And you have to be careful, you have to understand that if you’re doing this as an investment, is then you’re selling a security and you need to be compliant of course with all of the securities laws, that’s, I’m not a lawyer, I’m not here to tell you whether that’s your case or not. But, you can also be thinking of this as pre selling services to customers that you’ll be giving them service in the future, for example.
That is another way of raising money now, to finance the future of your business. You could be using this new coin, or this new token as an integral part of your business model. Whereby your users need to have these tokens in order to interact with your business in a meaningful way. And by purchasing them, they are helping finance the future of your business.
These are all different ways of using cryptocurrencies to finance your project and get you the funds and the resources you need to actually grow and build a viable business in the future.
And finally, the sixth reason that you really need to know as an entrepreneur about blockchain technology and cryptocurrency in your business, is because it positions your business at the forefront of one of the most exciting and innovative technological revolutions that are out there right now.
We’ve all seen companies just by putting the word blockchain in their names, their stock prices have skyrocketed. Now I’m not saying to use a gimic like that, I’m saying that by thinking it through and applying the blockchain technology, cryptocurrency technology in an intelligent way, that meaningful way in your business. Your positioning yourself in a way that can attract investors, it can attract clients, it can attract attention and PR. It can only benefit your business by projecting an image of being on the forefront of a really powerful new technology.
So, with all these six ideas in mind, what do you think? Am I full of it?
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