The Capital
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The Capital

Why You Need To Find A Larger Purpose When You Invest In A Cryptocurrency

By crypto talk on ALTCOIN MAGAZINE

As I thought about more crypto projects, I decided to look for the few coins that I really love, coins that are wonderful in the sense that they share my values and they walk my talk. I want to support Andrew Carnegie's, Steve Jobses, Larry Page, and Mark Zuckerburg’s of the world.

They were not driven only by greed. They weren’t perfect; they were driven by the personal desire to be the best, to create the best product, to invest their lives in making the best thing they could. It’s not idealistic to say so.

How can I figure out who the good guys are? What I want to do now is invest in people who are into everything.

I suddenly realized I could vote with my dollars in a larger way. Every day we, you and I, act on our morals with our money. We choose to buy organic food and amazing chocolates. But we have the opportunity to vote with our dollars in a much bigger, more impactful way than just buying dolphin-free tuna at the grocery store; we can support the Mission of a right-acting crypto project by buying its coin. By voting with all of our dollars, we could fix this crypto market mess. As a consumer, I had voted with my dollars every single day for what I wanted to see more of in the market. If I bought organic, it encouraged more organic — and indeed, the organic grocery market has gone from nonexistent to changing the face of the grocery industry in the last thirty years, thanks largely to consumers voting with their dollars at Whole Foods, which forced conventional grocery stores to offer more natural and organic foods in order to compete.

In exactly the same way, I now could expand voting with my dollars to the crypto market. Rather than being limited by my physical proximity and my immediate consumer needs, my dollars could support coins that consider all of their stakeholders when they make major decisions run by leaders with integrity. If I am going to invest, I want to invest in coins that understand that the bottom line, net profit, is required for their existence, but that it is not the only reason for existing. I want to vote for coins that had a Mission to change the world for the better just as much as the founders of the startups I loved did. The more I thought about it, the more I felt that these coins, with a strong Mission I support, would be better custodians of my money than anyone else.

Why Larger Mission Is The Key?

Together on the same mission

People with Apple laptop computers, for example, love opening them up while sitting in an airport. They like that everyone knows they are using a Mac. It’s an emblem, a symbol of who they are. That glowing Apple logo speaks to something about them and how they see the world. Does anyone notice when someone pops open the lid of their HP or Dell computer? No! Not even the people using computers care. HP and Dell have a fuzzy sense of WHY, so their products and their brands don’t symbolize anything about the users. To the Dell or HP user, their computer, no matter how fast or sleek, is not a symbol of a higher purpose, cause or belief. It’s just a computer. In fact, for the longest time, the logo on the lid of a Dell computer faced the user so when they opened it, it would be upside down for everyone else. Apple is clearly a symbol of a larger purpose and that is what you need to find while investing in a coin.

I saw a movie a day before about the life of a soccer coach. That guy wanted to make his team win the all-important tournament and he made a team full of talented players by traveling all around the country. He had the best players possible playing for his team but still, they lost their first game. He found out that all through the players were amazing talents they were not playing as a team. So he created some exercise in which players had to support each other no matter what. In the next game, they won with ease. See this is the reason why you have to have to know that if the team is working with a single goal or not. That can happen only when a team has a higher purpose. Something bigger than money.

There was a women’s hockey team, going to play for the world championship once. The coach was facing the same problem which I mentioned above. now, this is a real story. He was just thinking about how can I make these girls play for each other instead of playing for themselves. Once they went out for dinner and they were some guys who were harassing a couple of girls of the team. Other girls didn’t like it. So they literally started beating them and then other girls also joined them in doing that task. After this event, they suddenly realized that if we want to win the tournament than we will have to play for each other. That event sparked the fire which was needed for them to win the tournament. So some times these kinds of events may unite the team. So no matter how talented the founder is or how great their track record is or how much funding they have if they are not doing it as a team than coin will have really hard times to survive in the tough situations.

See the tough times are like tornadoes. They come once in a while but if you are not prepared then they will vanish the entire company. That is the reason why when Jim Collins wrote his book “great by choice” he mentioned that the CEOs who are always scared about the hard times and stay prepared for that, those are the ones who will actually survive. Of course, I am not saying that CEOs should not show their vision to people. In fact, they should do that very often bcoz’ that is how you unite the team but staying prepared for the worst time makes the coin survive in a longer run. This combo of showing the vision to others and believing it in yourself deep inside both things are needed. That can only happen when you have a higher purpose.

Jim Collins took a lot of CEO interviews to find out why some companies survive in tough times. What he found out was really interesting and if you will think about it then you will also feel that it is right. What he found out was that the CEOs of great companies had many amazing opportunities to expand their business but they also had to take some out of the box risk and CEOs who were successful were not interested in taking those types of risks. They wanted their graph to be steady instead of volatile. This can only happen when you are constantly thinking about a larger purpose.

Great products are like celebrities. You want to keep them watching and be around them. They win your heart. They solve a huge problem. It takes a lot to create a great product.9 out of 10 times a team will have to have a higher purpose to make a great product. you have to be Mark Zuckerberg and find Winklevosses to be lucky to have a great product without hard work. So there is a high probability that you will find a great product by a team that has a really large purpose.

See the thing is that when 10 people are working for themselves they are 10+10+10…..+10=100 but when they are working as a team with a single goal it becomes 10¹⁰ for 10 times.

Products with a clear sense of larger purpose give people a way to tell the outside world who they are and what they believe. Remember, people don’t buy WHAT a coin is doing, they buy WHY a coin is doing it. If a company does not have a clear sense of purpose then it is impossible for the outside world to perceive anything more than WHAT the company does. And when that happens, manipulations that rely on pushing price, features, service or quality become the primary currency of differentiation.

The drive to win is not, per se, a bad thing for a founder. Problems arise, however, when the metric becomes the only measure of success when what you achieve is no longer tied to WHY you set out to achieve it in the first place.

When you fill an organization with good fits, those who believe what you believe, success just happens.

What all great leaders have in common is the ability to find good fits to join their organizations — those who believe what they believe. Southwest Airlines is a great example of a company with a knack for hiring good fits. Their ability to find people who embody their cause makes it much easier for them to provide great service. As Herb Kelleher famously said,

“You don’t hire for skills, you hire for attitude. You can always teach skills.”

This is all fine and good; the problem is, which attitude? What if their attitude is not one that fits your culture?

For years, Southwest didn’t have a complaints department — they didn’t need one. Though Kelleher rightly talked about the need to hire for attitude, the airline, in fact, deserves more credit for hiring the good fits responsible for providing great service. Kelleher was not the only one making the hiring decisions, and asking everyone to simply trust their gut is too risky. Their genius came from figuring out why some people were such good fits and then developing systems to find more of them.

I don’t want to support a coin that takes advantage of good people looking for honest work by paying its employees the bare minimum and treating them poorly like Walmart does. A company can do extremely well financially without treating its employees well, as Walmart has, but I don’t think it has great long-term prospects. There is a slow decaying process to a company with a lot of employees who are unhappy. Aside from the ethics of how they are treated, those employees are definitely not going to give the extra hour needed to make something perfect, they’re not going to provide excellent service to customers, and they probably won’t stay at that company if they can find a viable alternative job. Similarly, I don’t want to own a company that buys chickens raised crammed into tiny cages and filled with antibiotics, like McDonald’s. It matters to me to not shop in those stores and not buy that food when I can help it. In the same way that I wouldn’t shop at coins that I didn’t agree with, I wouldn’t invest in them either.

I hope this article helps you.

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