1) Hiring smart people with specialist knowledge
Super early startups require a hands-on approach but as hiring takes place it is best to couple making smart hires with specific specialist remits and give autonomy and visibility across the wider business. When areas like software development, product, marketing and operations have knowledge and leadership in place and they’re given the authority to drive their units forward the leadership team can focus on setting business direction.
2) Keep a bootstrapped mentality to finances pre-revenue
The bear market has seen a thousand casualties in this area resulting in staffing cutbacks and bankruptcies because of excessive run rates, premature marketing spend, travel, parties etc… There is a time for ramping up spending, but ensure that is planned strategically with the success and longevity of the project in mind.
3) Focus entirely on your product and the value for your user
There is a time and place for building hype and looking cool, but the success of your project in the long term is entirely based on the value that your project brings to its users. Always have a clear understanding of the challenges you’re solving along with clear articulation of how your project solves them at the core of the product development and subsequent marketing meetings.
Repeat after me… Focus on the product! Focus on the user!
4) Use proven business frameworks for your Web3 project
Many might disagree, but not every business framework needs to be rewritten for Web3 and there is no excuse for not having built a revenue model, customer acquisition strategy and solid tokenomic model for your project. When asked, you should be able to talk about your 1-5 year projections based on solid planning.
5) Not every Web3 project needs its own token
Some of the most successful Web3 projects do not have a token of their own, and projects entering the space should have a very honest discussion about what value a token brings to their users. Take a look at some of the leading Infrastructure SDKs, SaaS platforms and Marketplaces participating in Web3 without a token… OpenSea anyone?
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