Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Charlie Silver, CEO at Algebraix Data:
What does your company do?
Algebraix is building a mobile permission marketing platform that allows individuals to own and monetize their personal data. When a user opens the ALX application, they see advertisements based on their personal information they have willingly shared while remaining anonymous. When they view those advertisements, they are paid in ALX cryptocurrency. This changes the paradigm of existing digital marketing, in which individual’s data is exploited and their online experience is interrupted by ads without permission.
What is your role? What do you enjoy most about your role?
My role is the CEO. I am first responsible to make sure everyone on the company is on the same page with the same goals. This includes a culture of doing the right thing, paying attention to details, working hard, and having fun. On a day to day basis, my responsibilities are all about recruiting and building the right team. Culture fit is really important, our goal is to build a team that has no politics and everybody has each other’s back. Team success is the only thing that matters, there is no such thing as individual success independent of the team. I also lead all of the investor relations and fundraising activities.
What are the biggest challenges in your business right now?
There are several challenges taking place right now. We are creating a new paradigm for advertising so educating advertisers that permission marketing delivers better ROI is job #1. That is advertisers pay individuals directly to view ads versus paying Google or Facebook. This gives opportunities for advertisers to build a much closer one to one relationship. Trust develops when you are compensated versus being interrupted, as in traditional digital advertising. We also will need to work hard to create liquidity and trust in our currency the ALX. That means having it available to buy and trade on multiple exchanges.
If you could go back in time, what business advice would you give to a younger version of yourself?
My number one issue is to learn to have patience. After 25 years of building companies, I still struggle with this issue but I am infinitely better than I was when I was in my twenties. The other issue I struggle with that I have learned over time is extremely important, is to learn how to be a great listener. When you let customers, investors, employees, speak and they know you are listening, it really helps build trust. Without trust, nothing in business happens and the more you can do to develop trust amongst the people in your ecosystem the better off you and your company will be.