10 Hard Questions to ask Yourself Before Running an ICO
Its always good to do some self reflection as a reality check before attempting to run an ICO because it is time consuming, complex and tedious. At the end of the day, what really matter is the greatness of your idea. You need to be confident and focussed that your idea can solve a problem and therefore has a market.
There are so many alt coins or tokens which have no purpose except for traders to play. Indeed, people used to dump money in any ICOs. Today, the climate has changed and people are a lot more cautious and critical of what they are investing. I would expect the quality of ICOs only getting better and the failure rate getting higher.
So here are some questions to ask yourself to ensure that you are on the right track:
- Why does the world need your product and why do you think it will succeed?
- What is the difference between your product and [your major competitor] product?
- Give ONE major reason why people should invest in your ICO. Try an experiment. Out of 10 people and giving 1 min to each, how many people can you convince to buy into your idea.
- What are the biggest roadblocks you see to delivering a workable product within the timeline. What are your plans to overcome these roadblocks.
- Even if you don’t have a working product yet, show evidence that you have the capability to deliver what you claim you can deliver within the timeline.
- What security measures do you have in place to ensure that your product is safe and not hackable?
- Explain how your tokens can be used with your product in 1 min.
- What have you done to ensure the ICO and product complies with the laws within your country.
- Are you ready to do an interview or speak in front of a group of audience who will scrutinise your idea.
- Do you have at least 80K to run the ICO campaign and can absorb the lost if the ICO fails. Can you commit an additional minimum of 20 hrs of work per week continuously for 3 months.
I think you are quite ready if you could answer all the questions above.