One of the important aspects of crowdfunding strategy is the determination of the lengths of the campaign. While some campaigns reach their goal within the first 24 hours after the launch, other cases show that it may take much longer for the entrepreneurs and the teams to lead the campaign to success.
Usually, the length of a crowdfunding campaign is 30 or 45 days. These 30 days can give so much to your business venture – from revelation of the market potential through building a community to raising the needed amount of cash. But the entrepreneurs gain a lot in a personal level as well.
Running a crowdfunding campaign can boost your leadership skills in many ways, such as the following 12.
Get to know oneself – Good leaders know themselves very well. They are aware of their own strengths and weaknesses and have embraced them. Crowdfunding is a great way to learn more about yourself as it is challenging and puts you in many different and unexpected situations. Running a crowdfunding campaign for a first time is a life-changing experience!
Discover your style – The fundamentals of successful crowdfunding campaigns such as crafting a plan, creating compelling video and content, having strong social media strategy and so on should not be underestimated. Yet, the entrepreneurs must add a pinch of their own personal style in the campaign to make it unique and well-recognized. Great leaders are famous with their personal style – this is what makes them so charismatic after all!
Build relationships – Making the relationships with others important leads to success in crowdfunding. Good leaders must know how to build lasting relationships and how to foster them to grow in strength in the future.
Communication – In crowdfunding, sending the right message to all potential supporters is essential. On the other hand, communication is a critical element of leadership. The ability to encourage, to say the right things at the right moment, to give and to be open to receiving feedback, and to listen effectively are traits of great leaders.
Stay focused – Distractions are everywhere. It is important for crowdfunders and leaders to remind themselves of the main goals and what their mission is. Crowdfunding campaigns are limited with time and this keeps the entrepreneurs focused on the final goal and teaches them discipline.
Effective goal-setting – To run a successful crowdfunding campaign, the entrepreneurs must be able to set realistic and measurable goals, a skill that is much valued by good leaders.
Focus on the bigger picture – Crowdfunding campaigns teach the entrepreneurs the importance of detailed strategizing. Campaigns that are run with a focus on the bigger picture are more successful, so are teams run with the same approach.
Accept criticism – Crowdfunding campaigns receive a lot of comments and feedback from the crowd. Some of these comments are positive, some are negative. Crowdfunding teach the entrepreneurs to filter the critics’ opinions, to learn from the constructive criticism and to improve.
Authenticity – Staying true to yourself and the product that you believe in is an important skill for successful leaders.
Trustworthy – To receive support from the crowds, you must gain their trust. Being trustworthy is a necessary trait of every leader, who wants to lead their team to success.
Transparency – In leadership as in crowdfunding, being completely honest and open with the people is what gains their trust and gives them the comfort of knowing what is happening within the business.
Embrace failure – Failure comes in different shapes and sizes, so does success. Even the successful crowdfunding campaigns can teach the entrepreneurs something about failure. The way we understand failure shows how open we are to taking risks and experimenting. It helps us to learn from our mistakes and become better, stronger and more confident.