When it comes to digital currency entrepreneurship, passion is more important than money

The main reason I wrote this article is to share with you our entrepreneurial journey in the field of digital currency over the years. I was also inspired by the fact that a friend of mine is at a crossroads in entrepreneurship and asked me for some advice, so I wrote this article. If anything below is unreasonable, please feel free to discuss it with me!

Let me briefly tell you our story. Sosobtc has been established for four years and has been focusing on digital currency market data services, completing the difficult process from 0 to 1. In the early days, market data was far from money, but closer to users. The technical investment was particularly large, and the process construction cost a lot of money. It was particularly difficult to do. Now think about it, a large part of our success depends on entrepreneurial enthusiasm and interest in digital currency, a new Internet thing.

I often tell my friends that I had a hard time in the past few years of entrepreneurship because we did the most "low-level" and tiring work in this industry. We made very little money in the early stage, but we always believed in the principle of "user first" and started slowly by polishing the product technology. Today, more and more users use our products to check the market, and the user habit gradually formed "check the market of XX coins on sosobtc". In the eyes of users, we are already the most professional digital currency market data and analysis tool service provider in China, and can be called the "Tonghuashun" of the digital currency industry.

A year ago, a friend of mine who had no shortage of money quit his job and traveled abroad after working for less than half a year. When he came back, he wanted to start his own business, so he found me. He knew very well that he had no team and no projects. I was not surprised by this, because I cared about whether he would really start a business and whether he was passionate about it. Finally, I gave him some practical business advice. Another year has passed, and he talked to me again a few days ago. This time he was not so excited. I asked him what he planned to do, and he said he would give it another try. I dare not imagine how far he can go.

People often think that money is the most important thing when starting from scratch, and maybe that’s true. Having enough sources of funding can be of great help, but the injection of funds cannot miraculously make a non-existent market better, nor can it lead a team of like-minded people. Nowadays, there are many startups that get big venture capital, but how many of them succeed?

In addition, the rule of entrepreneurship has always been "fast fish eat slow fish". You can't do faster and better just by starting with funds. If the team is passive and inefficient every other day, or is anxious to figure out the needs, they will fall into the trap when they are anxious. In this way, no amount of money will be enough. Therefore, we advocate "small steps and fast running" so that we can quickly adjust the direction if we make mistakes. In any case, we must remember one thing, that is, we must act quickly.

Starting a business also requires an excellent team. Surround yourself with excellent people, preferably people who are better than you, and then work with them. You will feel great and enthusiastic, which will make our work smoother, because excellent people are also full of enthusiasm. Starting a business is often difficult, but when everyone in the team has enough enthusiasm, everyone can keep moving forward even in the most difficult times.

Now think about it, wasn't it the same when we founded sosobtc? Because of economic problems, we once thought about giving up the transformation, but we still persisted. Thinking about this reason again and again, I think it is inseparable from the passion of our sosobtc team for this industry. If it weren't for this passion, if we were just "for making money", this goal might not support us to go so far. Life without money is not easy.

Therefore, before starting a business, you must make sure that there is market demand for your product or service and that you are interested in it. If you start a business just for the sake of starting a business, I think your risk of failure is very high, because there is no "heroic epic" myth in real entrepreneurship. Starting a business itself is an adventure, and funds are never enough. Apart from spiritual support such as enthusiasm, what else can keep an entrepreneur motivated and on the road every day?

Finally, I wish good luck to all my friends who are preparing to start a business!