The economy has a lot to be thankful for to crowdfunding as it helped reach out small businesses that otherwise would be left in the financial dark with no access to funding. They were able to use the power of the crowd and rally them as a group to thrust their ideas into mainstream marketing and production and be able to service a lot more people.
Along the way, the journey would be different from one project to another. There are those that did everything on their own while others had to rely on the help and support from other people. These people could be family and friends, co-workers or people they looked up to. It can even be leading industry people who have been in the social funding scene for the longest time.
Human nature is very complex and when you look at it in conjunction with crowdfunding or finances in general, it becomes a whole new different field. With this in mind, it is a tough thought process to try and dissect the numerous pieces of advice you will be getting as a project initiator on how to improve your campaign.
Crowdfunding advice from people
Here are a few things you can look into to help you dissect and understand if the advice you are getting from people is worth your time.
- How well do you know the person? Family and close friends know you the best and would be in a great position to give you nuggets of wisdom about anything you pursue. Their point of view comes from knowing you for a long time and understanding how you think and approach things. They might be able to tell you the hard truth while other people would just tell you what you want to hear. They will not sugar coat potential challenges along the way so you are better prepared as you move forward.
- Do they have your best interest? There are some people who will give you advice wherein at the end, they get to benefit from that decision. Take for example a supplier who carries a specific brand and tells you that it is better if you buy their products rather than their competitors. Of course, you need to weigh a lot of things such as quality and cost but the bottom line is that you should always take such pieces of advice with a grain of salt.
- Are they in a position to give you advice? There are industry leaders in crowdfunding which aims to advance the industry to boost its reach and effectiveness in the lives of people. Some are able to do this by releasing books, putting together a website or through speaking engagements. There are expos or conferences regularly conducted by industry leaders to help startups get the direction they need from trusted names in their field.
- Will it be beneficial for you? At the end of the day, you always need to put your project first and assess if it will benefit from the pieces of advice you get. You need to consider how the advice you intend to follow would affect your campaign and what the end result would be. At the end of the day, you are still the one who will make the decision and will be responsible with what you follow.
This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]