Why Blockchain Projects Keep Failing

If you've been keeping up with reports coming out of the blockchain community over the past year, you've probably heard plenty of jobs hyped as the next best thing-- only for them to fall off completely off the map a few months later. While some of these jobs offered no practical remedies and seemed destined to fail, others creatively used blockchain technology to boost the way we carry out day-to-day tasks.

So, What's the Concern?

For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.

What's more, when you look at the average blockchain start-up's website, you'll very likely find a list of team members with distinctions a mile long. And many of these "success" are in similar blockchain projects that have yet to take off. This makes it hard to separate between what is buzz and what is reliable info, which scares off all but the high-risk investor.

Projects Success Starts at the Team Level

The unforeseen interest in cryptocurrency and blockchain technology can be contrasted to the California Gold Rush. Everybody wants to get in on the ground floor so that they can make as much money as possible.

Regrettably, this mindset isn't just present among investors-- it's how team members operate, as well. Too many venture leaders and CEOs are too focused on becoming the next Steve Jobs. Instead of developing technology that attends to actual pain points, they focus on two things: money and fame. As a result, project failure skyrockets as tasks are bungled and team members leave, aggravated with out-of-touch executives and overbearing managers.

To resolve these troubles, start-ups must first tackle the challenges that arise at the team level.

• Stop focusing so much on money. Blockchain ventures need to use technology to solve issues or increase specific tasks.
• All team members need to be involved in the project planning phases.
• Management needs to come up with a long-term job roadmap to sustain scope and not waste time and money on irrelevant tasks.

Creating a strong team is the first step towards ensuring your blockchain job succeeds. Not only does it add more design to your organization, it helps prevent conflict and power struggles that lead to hard forks and other troubles. Because when team members are motivated to reach key goals and objectives aside from just earning money, they're more likely to work cohesively.

Poor Money Management

Organically, not all challenges affecting blockchain tasks are team related. Poor money management also leads to project failure as managers recklessly spend money on things that don't help them reach their goals and objectives.

Another reason why it's important to create a clear-cut roadmap during the initial phases of your task.

It's Time for a Better Paradigm

Venture results starts at the team level. Clear-cut goals and objectives ensure that the scope of blockchain projects are aligned with the interests of the investors and supporters. This results in less scams and more legitimacy in the community as developers work towards creating workable blockchain solutions rather than making a quick million.

Stick around for our next blog post to learn more about how you can maximize your job's effectiveness. Also, be sure to check out the ICOSuccess website to learn more about how you can market your ICO in a way that positions your job for long-term success.