7 minute read
I originally posted this article on bitbyte.news
The world of Bitcoin is an exhilarating frontier, ripe with opportunities for entrepreneurs willing to navigate its volatile landscape. I personally have a 7-year long history of being an entrepreneur and business owner in various industries. In January 2023, I launched Mr. Satoshi, a premium Bitcoin apparel store and recently announced my first book, Orange Pill'd. I am also the founder of BitByte and The Bitcoin Legacy Project.
Below are 15 tips I personally have for emerging Bitcoin entrepreneurs and business owners. These are the lessons I have learned and the things that have been paramount to any success I have had in the Bitcoin business space.
1. Make Something Bitcoiners Want
As an entrepreneur, your primary goal should be creating products or services that meet the needs of your target market. Bitcoin users, often tech-savvy and forward-thinking, value innovation, security, and privacy. Understand their wants and needs, and tailor your offerings accordingly.
"Don’t find customers for your products, find products for your customers." - Seth Godin
2. Solve a Problem
Innovation in the Bitcoin space often revolves around solving existing problems. Whether it's improving an existing app, enhancing security, or providing user-friendly platforms, the most successful Bitcoin entrepreneurs identify a problem and create a solution. If your business idea does not solve a problem, you need to ask yourself why would somebody buy this? What value does this bring to their lives?
"Inside of every problem lies an opportunity." - Robert Kiyosaki
3. Your Reputation is Your Biggest Asset
This is true in all domains of life, however, in the decentralized world of Bitcoin, where we preach "Dont trust, verify" - trust is paramount and once you break it, you're going to really struggle to get it back.
Building a solid reputation takes time and consistent effort. Be transparent in your operations, deliver on your promises, and always prioritize the best interest of your customers. A strong reputation will attract loyal customers and distinguish you from competitors. And don't think you can get away with anything in the grey area, I promise you, your customers are smarter than you and they will smell out your BS and throw you to the curb. Be genuine, protect your reputation, and you will find success much easier.
"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." - Warren Buffet
4. Network, Network, Network
Building relationships is crucial in any business, and it's no different in the Bitcoin world. Networking can provide valuable insights, partnerships, and customer bases. Attend industry events, participate in online forums, and connect with other players in the space.
In February, I spent $15,000 on both social media and Google advertising for Mr. Satoshi, and the conversion for this was virtually nothing. 2 weeks later, I had the opportunity to partner with Orange Pill App on a limited edition t-shirt collaboration, and this brought in literally 10x more sales than what my $15,000 worth of ads did. This collaboration cost me $0, and built a relationship with the OPA team, which had a ripple effect and allowed me to meet a dozen more Bitcoin CEOs and influencers.
"Your network is your net worth." - Porter Gale
5. Your Customers are Everything
Without customers, your business is nothing. Listen to their feedback, understand their needs, and strive to exceed their expectations. A satisfied customer can become a brand ambassador, spreading positive word-of-mouth about your business. Never think you know better than your customers, you don't. Without them, you are just another broke entrepreneur.
"The purpose of a business is to create a customer who creates customers." - Shiv Singh
6. Don't Wait to Be Ready, Get Ready on the Way
Perfection is the enemy of progress. Launching a business involves a degree of learning on the job. Don't let the fear of not being fully prepared hold you back. Start your journey, and adapt and grow along the way.
"Do not wait; the time will never be 'just right.' Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along." - Napoleon Hill
7. Find a Mentor
A mentor with experience in the Bitcoin business space can provide guidance, insights, and support. They've likely faced the challenges you'll encounter and can help you navigate them. Don't hesitate to reach out to potential mentors. Most people are flattered by the request and happy to help.
I personally have a couple of Bitcoin mentors that I reach out to every now and then with a business or personal issue. Firstly, they are always more than happy to take time out of their busy days to respond to me, and secondly they follow up and check in later to see how I went with that problem.
"Mentoring is a brain to pick, an ear to listen, and a push in the right direction." - John Crosby
8. Build Like a Roman
The Romans were renowned for their exceptional use of the finest materials, only using premium marble from other countries, and creating structures that were meant to stand the test of time. However, when it comes to building a business, too many entrepreneurs opt for short-term gains. They view a business merely as a means to earn some quick cash. However, their focus should be on creating something that endures and thrives for many years to come.
The key takeaway is to dedicate yourself to crafting a business with a lasting legacy. The Romans built their empire to last, and you should approach your business with the same mindset. Develop robust, scalable systems from the start. This includes your technical infrastructure, your team, and your business processes.
"Rome wasn't built in a day, but they were laying bricks every hour."
9. Find a Niche Within Your Niche
The Bitcoin market is vast and competitive. Finding a niche can help you stand out and target your marketing efforts more effectively. This could be a specific demographic, a unique feature, or an underserved market. The Bitcoin business market is highly competitive, so it is best to find your niche, and then find a niche within that niche.
For me, I knew that there were endless online Bitcoin apparel stores, and over the years dozens have come and gone, with a few left standing. The niche I found that was lacking in the market and zoned in on for Mr. Satoshi was premium and high quality materials, professionally-made designs that do not scream "crypto", and then I created a niche within that niche by being the only Bitcoin apparel store that offers genuinely good reward programs and high, instant Sats back for customers.
"The riches are in the niches, but the fortune is in the follow-up." - Pat Flynn
10. Imposter Syndrome is Real
Many entrepreneurs struggle with feeling like they don't belong or aren't good enough. Remember, everyone has moments of doubt. What matters is your ability to push through those doubts and continue moving forward. This is also when a mentor is valuable, because I promise you, they have experienced imposter syndrome in their career.
"The only person who can tell you that you're unworthy is you." - Oprah Winfrey
11. Take Risks
Entrepreneurship involves taking calculated risks. In the volatile world of Bitcoin, this is even more applicable. Whether it's investing in a new technology or venturing into an untapped market, be willing to take risks while also managing them effectively.
"Only those who will risk going too far can possibly find out how far one can go." - T.S. Eliot
12. Don't be Motivated
This may sound counterintuitive, but motivation is fleeting and unreliable. Instead, build discipline. Discipline means working towards your goals consistently, even when you don't feel like it. This steady effort will pay off in the long run.
Motivation is what gets you started, but I promise, it won't last long. Being an entrepreneur is hard and at times, not fun. When things get hard and you aren't motivated - what is going to keep you pushing through? Self-discipline. You need to train yourself to do the things that you do not want to do, but still do them anyway - not because you want to, or feel like it, but because it is necessary.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit." - Aristotle
13. You're Going to Fail, A Lot
Failure is an integral part of entrepreneurship. You'll make mistakes, and some of your ideas won't work out. Embrace these experiences as learning opportunities. Failure can be a great teacher, helping you understand what doesn't work and guiding you towards what does.
Before getting involved heavily in Bitcoin, I founded and owned various businesses. Out of the 4 businesses I owned before Mr. Satoshi, 3 failed.
The last business I had prior to Mr. Satoshi was a local advertising business that I purchased after the owner struggled to adapt during the pandemic. I paid almost every cent to my name to buy that business, and within a year I had to close it down and was left with $0.
When the idea of Mr. Satoshi came to my mind in late 2022, I was petrified to even try with another business. Luckily, I had made a significant amount of profits from Bitcoin and decided f**k it, and gave it a fair go. And to be honest, if Mr. Satoshi did not succeed in January, I know I would have created another Bitcoin business and kept trying until I got something to stick.
"Success is stumbling from failure to failure with no loss of enthusiasm." - Winston Churchill
14. Delegate Tasks
As an entrepreneur, it's easy to fall into the trap of trying to do everything yourself. However, it's impossible to be an expert in all areas. Delegating tasks to your team not only frees up your time to focus on strategic planning but also leverages your team's skills and strengths. Create a reliable team and trust them to handle their responsibilities effectively.
This is honestly one of my biggest weaknesses. I am a control freak and struggle to delegate work to others. But this has bitten me in the ass countless times - either I do the work worse than what the other person would have, or I take on too much and burnout.
"The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it." - Theodore Roosevelt
15. Do What You Love
This might seem cliché, but there's a reason it's often repeated: passion is an essential ingredient in entrepreneurship. If you love what you do, you'll have the motivation to overcome the inevitable challenges that come your way. Moreover, your passion will shine through in your work, attracting like-minded customers and team members.
"The only way to do great work is to love what you do." - Steve Jobs
Final Thoughts
The Bitcoin landscape can be daunting, filled with volatility and uncertainty. However, armed with these tips, you are better prepared to navigate this frontier. Remember, every successful entrepreneur started somewhere, and every step you take, no matter how small, brings you closer to your goal. As you embark on your Bitcoin entrepreneurial journey, keep learning, keep iterating, and above all, keep believing in your vision. You've got this!