Surely one of the greatest success stories in business during recent times has been the rise of Bitcoin.
Bitcoin was originally founded back in 2009 by tech guru Satoshi Nakamoto and intended to be purely a way for people to exchange cash electronically. To say that it has taken off in a far bigger way since then is an understatement!
In the ten years that have followed, it has grown in popularity steadily until recent years saw a real surge in its market presence. Although the price can be volatile still, it has still made many investors a lot of money if they bought it before the recent boom when prices were low. It is not just its value that shows how successful it has been though. Millions and millions of people now use it or invest in it as part of their daily life.
This could be anything from playing casino games online at Bitcoin sites to buying coffee with Bitcoin in cafés that accept it. It has also become more widely accepted in the financial world as a respected and trustworthy currency. This has seen it become available on the futures market as well as being able to trade on the major stock exchanges. When you add in the increased media attention that it now regularly gets, it is easy to see why many hail it as a real success story of modern times.
Of course, any savvy entrepreneur will automatically be looking at what Bitcoin has done to achieve all this. What lessons can those in business learn from its rise to become successful?
Don’t be afraid to go niche
We all have a tendency to think that making it big means having a big idea that will appeal to everyone. However, a great lesson to take from Bitcoin is that this is not always true. You can make a successful and popular business from a niche idea. After all, when Nakamoto first founded Bitcoin, it wasn’t with the general public in mind or with aspirations of mass global domination. He simply developed something that he and his immediate circle found useful and built from there. Of course, you will want to expand over time to bring more people to your niche and make more money. Just don’t be afraid of starting off small.
Give yourself time to grow
A very common mistake that most entrepreneurs make is rushing things. This is perfectly understandable when you have bills to pay and need to start generating income. The problem is that you can take your product or service to market in a major way before you are ready for that volume. This can lead to poor customer experience and kill you dead before you even get started. Bitcoin did not do this and shows that growing slowly can work better over time. Although always generating interest, it took its time to expand, which also gave it the chance to speed up transactions and improve mining hardware. You should think about doing the same.
Be ready to scale up and be agile
When Bitcoin began to really take off around late 2017, prices were hitting the $20,000 mark, and this meant that everything involved with it ramped up a level to cope. This is a key lesson for all entrepreneurs running their own business. You should always be prepared to scale up your operation to meet any new demand or surge in popularity. This will give new customers a positive experience and ensure that they stay loyal to you while also continuing to draw in fresh ones. The key here is proper strategic planning that takes into account any expansion plans for the future.
Be prepared to roll with the punches
It might surprise you to learn that how Bitcoin has actually turned out is not how Nakamoto originally intended it to. This is another key lesson to take on board – once your product goes live to customers, they will decide how to use it or what it is best for. You may think that you have designed a more efficient chat app for business, but people may actually use it more to send memes socially to each other, for example. The point is that you cannot battle this or make people use your product in a set way – the best thing is to adapt and make the most of it to succeed.
Let Bitcoin lead the way
The story around Bitcoin and its growth over time contains many great lessons for the modern entrepreneur. As well as those above, it shows just how key marketing and getting talked about by people is – this not only creates a buzz around your company but also extends your brand image far into the public consciousness. If you are just about to start a new business, then these lessons are well worth considering.