Bitcoin is the new currency, maybe it’s a pipe dream or maybe it is the evolution of commerce. Whatever it is, here is what small business can learn from it.
Change will come
No matter what your market and how much you know, one day you will be obsolete. Count on it. That’s the thing about Bitcoin. It reminds us of this and that’s why it’s so scary. Noone understands how far it will go. As a small business this is the best and worst scenario. But you can’t hide under the blanket until it’s over. We have an incredible opportunity to not only adapt to change, but to initiate it.
New rules, new mistakes
With Bitcoin everything is new, the problem with that is that the mistakes will be new too. In a virtual world the lines are blurred at best and for a small business this means a whole new area of exposure. Small businesses will have to understand their strengths and fully understand their weaknesses. In a new market space a lack of knowledge can mean the difference between flourishing and failing. Small business owners will have to know their market and play their position.
Knowing how to play, creates opportunity
The thing that stumps most business about Bitcoin is the payment structure. The companies that have figured out how to leverage the payment source, have had explosive success. The take away here is that knowing how the game rewards is arguably more important than lining up the right players. Small businesses don’t have the resources to make impressive partnerships, but we are agile enough to understand the rewards systems and which brings success to our doorstep.
Being a small business owner means you often have to be the fastest, smartest and toughest kid on the playground. Taking these lessons from Bitcoin shows us that there is strength in innovation. Even though it’s scary, it can be our playground. So go build your empire, I’m waiting for your success!