So it has been a busy week! This week has been quite the test to see how these two finance gurus, Jeff and Dan, work in a real business setting. Today they asked me to describe a typical day of finance. I began by describing them as two people who have a lot to learn. Their backgrounds and what they have experienced have left them with a lot of questions.
So how does a typical day of finance go? After Jeff tells you what you need to do, then Dan tells you the steps for getting it done. Dan then tells you the steps for getting it done, etc. After that Dan says, “Well, I guess that’s it then.” Then he tells you how to do it.
I’m sure you’ve already seen this in the news a million times. The new financial crisis has led to a lot of people losing money. But the truth is, most of us don’t really know how much we have, or where to start. Jeff tells you the steps for getting it done. Dan then tells you the steps for getting it done. Dan then tells you how to do it. Then Dan tells you how to do it. After that Dan tells you how to do it.
Ok, so you’ve got a big pile of money, but no clue how to put it to use. You’ve got a few billion in real estate, but no clue where to start. You’ve got a few hundred million in shares in a company, but no clue how to use it to make something better. You’ve got a few million in bonds, but no clue how to use them to make your life better. So you ask Jeff to help you.
We’re not here to be your therapist. We’re here to be your advisor. So here are the steps for getting it done.
First, you need a plan. This is an incredibly important step, because without a plan everything is a recipe for disaster. So we’ll start with the plan. The plan is to start an ICO, or Initial Coin Offering, to raise the funds for the initial coin offering for your company. That’s a long term goal, but you can always skip this step.
An ICO means you are going to raise money for a coin that doesn’t yet exist (and are currently illegal to do). So why is a coin that you can’t do without being illegal a good idea? Because the goal of an ICO is to make money for your company.
Because of the difficulty of raising money for an ICO, a lot of people are looking into other ways to make money. This is one of those ways that is often not so illegal. For instance, there are many ways to raise money from a crowdfund, which are quite legal but take a lot longer to raise money and are therefore not a good fit for an ICO.
The easiest way to raise money for an ICO is to raise money from the market. A great example of this is of course Bitbond, an ICO that raised over $1 million in the first 24 hours alone. In the last 48 hours that same company has raised over $1.5 million dollars. This is a clear demonstration of the power of the market to do this, as well as the importance of having a clear idea of what you’re trying to accomplish and how to move forward.
Of course, this is not an exact science. Investors can make mistakes. A mistake can also be a mistake, and not everyone is going to get it right. But there are a few things to keep in mind. First, you don’t always need to raise money on the market. One of the more successful ICOs out there is Emercoin, which raised over $300,000 in the first 24 hours alone. In the last 48 hours this ICO has raised over $1.
