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There's a thin line between ethical business ventures and unethical practices in businesses and most of the business space leans towards the latter.
Why?
There could quite frankly be a long list of reasons but what checks out the majority of the time has a lot to do with how the world views business.
For example, a person venturing into a point-of-sales business may have a dominative thought of exploiting the growing reality of individuals being often short on physical cash to handle petty expenses rather than prioritizing the idea of “meeting people's unexpected cash needs”.
This very view on business makes it difficult for people to seek to offer value but focus so much on extracting value. The results?
Failed business ventures.
While in an example as the one presented above, there may be limited risks of failures, as the industry is already vastly favorable for point of sales business, but for more complex businesses or simply ventures that require high consumer satisfaction to scale, many business developers may find themselves failing.
There are limited shortcuts
I'll admit, there are shortcuts in business, but they are largely buried in the presence of knowledge. If a person lacks the exposure to specific information or data that can facilitate certain development advantages then the likelihood of experiencing fast growth in business will be limited.
The absence of the knowledge makes it impossible to have a quick walk around it. This is why it is much easier for previously successful business developers or entrepreneurs to set up new business structures and succeed faster than a newbie can. The exposure, knowledge and experiences - effectively the expertise they've attained over the years enables them scale their ventures faster.
The shortcuts exist where knowledge has been previously attained or else that journey will be a long one.
Money is a factor but not always a big one
Ever heard people blame business failures on money? The limited access to money specifically?
Surely or perhaps they have not met well funded businesses that failed regardless of the access to a large amount of money?
The professionals will tell you that money is a very small factor in most cases. You can have money and waste it because you focus on using this money to exploit and extract most times “unrealistic values”(given the stage of a business or it's market of focus) rather than drawing out a path(not necessarily a clear one) on how to deliver services or products that people need or can leverage to solve their problems.
As some of us may know, or are practically partakers in as fraud, in the digital marketing ecosystem as much as $84 billion(22% of all online ad spend) is lost to ad frauds and this number is projected to reach $172 billion by 2028.
So imagine that out of all money you set aside for advertising, a whopping 22% has a chance of being lost to ad fraud. This leaves you with 78%.
How much of your estimated average conversion will be affected by these numbers? Considering the over-saturation of the business landscape, does this leave your business vulnerable to failures?
Well, this was just looking at ad frauds. What happens when we start looking at poorly executed advertising campaigns or what's rather common - the inability of delivering on the services or products often advertised?
These factors simply shoot businesses right in the guts and send hundreds, to billions of ad spend to waste but the circle inevitably continues because the business environment is viewed as a venture for short-term value exploitation.
Funny enough, this general ideology simply affects new structures like new technologies. For example, this shares a close similarity to how people view the cryptocurrency industry, leading to what is commonly reported to be a whopping 95% of crypto traders losing money while trading.
How crypto is reshaping the business standards
In the current business landscape, the only way developers can attain success without prioritizing market study and delivering valuable services or products is to choose the unethical route to business.
Just ask fast fashion.
It is evident enough in today's world that many businesses are built on an ever expanding list of unethical practices. Some may call it a “smart approach to business development” but no amount of cherry picking words to define these unethical practices can change their reality.
That said, crypto may just be a factor that can influence the business reality if the fundamentals remain the strength and drive of the community.
When we look at the stock market, it isn't always easy to pick what has “potentials” and what doesn't and better yet, what has been operational and still on the path of being well managed. There is often minimal data to back choices to a point we can say that “100% accuracy” is a surety. While I'm in no way implying that with crypto there are guarantees, I am however saying that the many fundamental values of crypto makes development easy to study and value prepositions easy to determine.
Public or at least, verifiable data is essential for proper business value assessment. With crypto, most phases of developments are hosted on-chain, empowering individuals with the advantage of having data-driven insights on the different phases of any business evolution.
This plays a huge role in affecting how business developers execute various plans they craft out for their crypto projects - given that on-chain data will work against any attempt to lie about things like company financials for example, there's a more “end-user-controlled” atmosphere to business development, as a result.
This, coupled with the realities of tokenized businesses such as direct controls via token governance casts an interesting shadow on how the business landscape may evolve through crypto.
Business developers may prioritize delivering value, unethical practices could be limited as financials are verifiable on the blockchain and of course, personally investing more into their venture as less involvement would generally mean less control, both reputation-based investments and financial investments.
The reality of crypto and blockchain technology forces individuals to give to the system a little more, as a focus, rather than lay preying on vulnerabilities to exploit or attract as much for themselves.
Would this era be a reality for a surety?
That solely depends on how vastly tokenized businesses become a thing and to what level the tokenized aspect of the business ranks in control over the business development process. That said, there are many reasons to believe that business developers may want limited exposure to blockchain technology as data is an asset and public data is really just charity to data aggregation software businesses. And at the same time, this affects how much damage control a business can exercise internally and externally.