ETFs ETFs ETFs – all the recent news coverage in blockchain relates to the SEC’s approval of Spot BTC ETFs and what that means for BTC and the larger digital asset industry. Let’s instead take a different perspective and “look at the film” – what brought these ETFs to market and why are some blockchain companies still here while others are not? One word – Leadership.
Leadership defines success … there is no way around it. The web3 industry is not different and the last few years have exemplified this further. Yes, many companies simply had to fight tough geopolitical climates and tough market headwinds that resulted (in some instances) in closure. But an argument (and a strong one at that) can be made that those companies still operating in the digital asset and web3 space are operational because of strong leadership teams.
There are 4 core pillars a leader should focus on in building a successful, sustainable and scalable business in a nascent industry: 1. Vision Implementation, 2. Mission Execution, 3. Versatility, and 4. Culture.
The Vision
Key Take Away: The vision of a company is the heartbeat – it tells the employee why they are showing up to work and grinding day in and day out – it is the underlying theme across the company to push 24/7. A vision can be “to bank the unbanked” (as an example).
Why It Matters: The Vision is the why and without a why – what is the point?
Lesson: A successful leader sets the vision from Day 1 and makes a point that all employees believe in that vision – there is nothing more powerful than belief – it is a company’s biggest weapon.
The Mission
Key Take Away: The Mission (or missions) are definable objectives a company is striving to achieve. A mission can be “to become a top 5 centralized digital asset exchange by volume” … the clearer and more straightforward, the better.
Why It Matters: To keep motivation, employees need to see progress. And having a mission helps those fighting day to day battles see the inches gained towards achieving that mission.
Lesson: Any great leader (or leadership team) needs to establish a path towards measurable success. Otherwise, employees will be left wondering how they are actually helping the ball move down the field inch by inch. Progress must be definable and determinable for any Leader to motivate the troops.
Versatility
Key Take Away: To be successful in an industry – a leader must ensure his personnel are able to reset, adapt and redeploy quickly and seamlessly.
Why It Matters: The market moves fast – faster than any company’s operations. A Leader must have the competence to navigate and pivot his or her company’s operational strategy to achieve continued success.
Lesson: If you cannot adapt, you will likely lose. This is no different than coaches making half-time adjustments in the NFL – coaches trust their players, know they are talented, and rely on training to execute the new strategy and fulfill the team’s vision. Leadership is possessing the humility to check your ego and adapt rather than doubling down on a failing strategy.
Culture
Key Take Away: The pulse of any company is driven by its culture and its culture is defined by its leadership.
Why It Matters: A company with a strong culture will find itself surviving in tough times because its people (a company’s most valuable asset) ensure each individual is driven to push through tough times.
Lesson: A leader who takes the time to build a community and establish relationships with those around his or her company will inevitably ensure the growth and development of a company’s culture.
These 4 pillars – are key attributes of any company that a successful leader focuses on. Those companies that have survived the most recent “crypto-winter” will, in most cases we would argue, have strong leadership that established a vision, communicated a mission, developed versatility and grew & fostered a strong culture.
But we leave you with this – an ever-important point about leadership in general … everyone in any position has the ability to be a leader – if you notice, no titles are referenced above … it could be very likely that the leader responsible for a company’s success is someone who is considered “junior” to most.
“You don’t need a title to be leader” – Life.
Post Date: January 31, 2024