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As @garyvee once famously said, “98–99% of NFT projects will end up being bad investments.”
So how can you outshine the competition and separate yourself from the web3 crowd?
Here’s a guide to empower founders with the right tools and principles to build the future of web3 🧵
70% of startups fail within 10 years. Growing a startup is a long-term mission to reach your vision. A vision of a brighter future for everyone, not just yourself.
Innovators don’t realize this. With the rise of NFTs and it’s unregulated nature, anyone can be a web3 founder.
The thing is, people forget that building a startup is time intensive and mentally consuming.
So if you genuinely want to build in the space, remember: You’re in it for the long haul and it definitely won’t be easy.
Find a need for your target audience, and provide value by fulfilling that need.
You can do this by drawing up a value framework oriented toward societal impact, and not just monetary goals.
The money will trickle in if people see profits aren’t the driving force for your mission.
A go-to for creating this framework includes a Unique Value Proposition. What will you and your team do really well? What are your customer’s needs? What is your competition doing well?
Surface insights from the opportunities presented in the market environment and your team’s strengths.
23% of startups fail because the team doesn’t produce results.
How do you avoid this?
Build a principled founding team with a mission to succeed in the long-term.
@neilpatel’s guide is a great starting point for first-time founders.
I’ll summarize the most pertinent points down below 👇
Evaluate your skillset. Focus only on what your good at. If you aren’t cut out as a leader, then find someone else to lead.
Hire action-takers who can manage the functions of the business. In the web3 space, the bare minimum is a community manager and a lead developer. I call this “outsourcing your weaknesses.”
Promote diversity. Diversity leads to new perspectives, and new perspectives lead to new ideas for your business.
Hire the individual who may be lacking a hard skill, but excels with their personality. You want people who aren’t afraid of desk critiques and expressing their ideas.
Hire talent with aligned interests. If your team is only in it for the cheque, your project won’t last.
The conventional web2 approach opts for a full-scale business plan by presenting a problem and providing a solution. Business plans are static and long-term.
The issue with BPs is that they cannot be changed.
A lean startup differs from a full-scale business plan. It outlines the startup’s short-term goals and steps to reach them.
But just like a BP, it still identifies a problem and outlines a solution. It provides credible value for the user.
The main differentiation stems for it’s malleability. The lean startup is agile, thus changing at the drop of a dime.
You, as a founder, have the ability to refine your business according to community feedback, without wasting resources.
It’s outdated for web3, as the consumer has been promoted to an owner. They’re not just buying a product anymore, they’re investing in a like-minded community.