Failing Forward: How JD turned failure into success

Yo yo yo,

Some of my greatest lessons as an entrepreneur have come from failure. A few of them hurt (a lot). In the world of blockchain finance, where DIY entrepreneurship is the norm, the stakes are high, and failure is a real possibility.  Yes, mistakes and failures can be painful, even devastating, but with the right mindset, they can be a catalyst for success.

My journey in decentralized finance started with a great idea, a small group of very dedicated founders, and a lot of passion. We met already bullish on DeFi and found our values aligned. It was obvious that together we could be successful. We were determined to create a platform that would revolutionize blockchain finance (at the time, primarily DeFi), so we poured all of our time and resources into making it happen. But things did not go according to plan.

Our first attempt was a complete disaster. We'd underestimated the complexity of the protocol and severely overestimated our abilities. Ugh. We had also failed to consider the competition or the changing market conditions - we simply were not agile enough. Our product was not only inferior, but it was way too late to market.

The team was devastated. We had invested so much time and money, and we had nothing to show for it. So, instead of giving up and being like, “Oh well, that was not how that should have gone,” we decided to take a step back, reevaluate our strategy, and learn from our mistakes. We asked ourselves, “How can we carry this further, right?” 

We began by conducting an honest and critical post-mortem of our first project. It's tough to be honest with yourself, but make a practice of this is you want to be a successful entrepreneur. We asked ourselves the tough questions, and we took responsibility for our shortcomings. We then studied the competition and the market to identify opportunities and gaps. We also reached out to our customers and investors to understand their needs and expectations.

Yes, basic business. But during a bull run, amongst all the hype, considering an emerging technology for an international market, our typical business frameworks don’t always apply. We had to link our degen and entrepreneurial outlooks. Some of the founders were new to being business owners. Others should have been more familiar with blockchain technology. Only one of us could code a smart contract. Running our first business venture together was more about the excitement, and the possibility of digital assets. Going forward, we knew the process to start a business would be more time-consuming.

Our next project was a complete 180 from our first. We adopted a structured and thoughtful strategy, concentrating on creating a product that was cutting-edge but also workable. We incorporated an effective and clear project management system. We found more autonomous ways of working. We felt more grounded. Honestly, we had a little less fun. All of this enabled us to remain focused and be flexible to any modifications.

Our hard work and perseverance paid off. Our new product was a success, and it opened doors to new opportunities and partnerships. We were able to attract more investors and customers, and we have become recognized as a leader in the industry.

Looking back on our experiences, I am filled with gratitude for the times I have failed. These failures allowed us to learn invaluable lessons and to become more creative and resilient. I recognize the errors I made, and I'm confident that my partners have gained the same wisdom. I am certain we will not repeat our mistakes.

The journey to success in the world of blockchain finance can be challenging because failure is a stark possibility. With the right mindset and mentorship, WAGMI. 

Later,

JD Gagnon