Common mistakes made when trying to bootstrap a community
Common mistakes happen all the time in the world of startups. It is an exciting and dynamic landscape filled with innovative ideas and ambitious entrepreneurs, so they are easily overlooked. In this blog post, we will delve into five common missteps that crypto startups often make, focusing on the areas of ambassadors, permissions, airdrops, token launch delays, and ‘generously optimistic’ roadmaps. By recognizing these challenges and learning to navigate them, entrepreneurs can better position their startups for success.
Ambassadors: Proceed with Caution
Many startups today rely on agencies for ambassadors or influencers to help promote their projects. While this strategy can yield fast numbers in terms of outreach and community engagement, it can also backfire if disingenuous. Another mistake lies in allowing ambassadors too much freedom and autonomy and no clear definition of what is expected of them.
Solution: Establish Clear Guidelines
Startups should take the time to identify key players already within their community, and empower them as Ambassadors. Then, establish clear guidelines and expectations. It’s essential to maintain control over the brand’s messaging and image. Define ambassadors’ roles, responsibilities, and boundaries, ensuring they align with your brand’s values and vision.
Permissions Chaos: Protect Your Discord
Maintaining a strong online community is crucial for startups, and platforms like Discord are popular for building and nurturing communities. However, allowing external individuals to jump into your Discord server and modify permissions without proper vetting can lead to chaos and potential security risks.
Startups should create a controlled onboarding process for new members of their Discord community. Require a registration or approval process to ensure that only trusted individuals have access to modify permissions. This approach will help maintain order and security.
Airdrops: The Double-Edged Sword
Airdrops are a common tool start-ups use to distribute tokens to early supporters. However, if done without a clear strategy or purpose, they can lead to token dilution and disinterest from the community.
Solution: Plan Purposeful Airdrops
Startups should carefully plan and execute airdrops, ensuring that they align with their project’s goals. Use this tool to incentivize an existing community, not to create one. Focus on rewarding genuine supporters and use airdrops as a means to generate interest and commitment from the community.
Delaying Token Launch: A Risky Proposition
Token launches are highly anticipated events. Delays can result in lost opportunities, frustrated investors, and damage to your project’s reputation, especially if you’ve already raised funds.
Solution: Rigorous Planning and Preparation
To avoid token launch delays, startups should thoroughly plan and prepare. This includes having a robust technical infrastructure, a well-thought-out roadmap, and a team with a deep understanding of the process. An intelligent strategy is to add a buffer or a rough token sale date period (mid June, for example), as unexpected issues can arise during the launch; however, in no case is it advisable to delay your token in order to time the market.
‘Generously Optimistic’ Roadmaps: Set Realistic Expectations
One common pitfall for startups is creating roadmaps that promise specific features and milestones within tight timelines. This ‘generously optimistic’ approach can backfire if you cannot deliver as promised.
Solution: Set Milestone-Based Roadmaps
Instead of specifying exact dates, startups should create milestone-based roadmaps. By breaking down their objectives into quarters (Q1, Q2, Q3, etc.), they can clearly define their goals without making unwarranted promises. This approach ensures that the team can focus on delivering value without the pressure of unrealistic deadlines.
Success in the ever-evolving world of startups is far from guaranteed, however many of the common mistakes can be avoided with proper planning and execution. By being mindful of the common mistakes related to ambassadors, permissions, airdrops, token launch delays, and ‘generously optimistic’ roadmaps, entrepreneurs can build a strong foundation for their ventures. Startups that learn from these missteps and adapt their strategies are better positioned to navigate the complexities of the startup ecosystem and increase their chances of long-term success.
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