What is a Decentralized Business? (Paradigm Shift)
Wondering what is a decentralized business? This is the video for you. In this video, I am breaking down the complete decentralized business concept and all of the critical ingredients to success when building a decentralized business...
Watch the full episode here: • How to build a successful business wi...
The video discusses the concept of a 'decentralized business', a model where all operations are done online, including remote work, online transactions, and digital-only communication. Furthermore, there are fewer full-time employees and more part-time workers. Rich Ux mentioned the benefits of this model, such as cost savings in terms of rent and office maintenance, as well as the flexibility it offers to employees and business owners. It's also pointed out that operating in a decentralized manner might need a balance of strong KPI's and good measurement methods of job success. For a decentralized business, brand trust and a good online user experience are critical. Rich Ux also suggests the incorporation of a media component to the business in order to build an audience. Lastly, the video endorses on the idea of building an email list and using third-party fulfillment services for selling products.
Timestamps
00:00 Introduction to Decentralized Business
00:03 The Concept of Remote Work in Decentralized Business
00:43 The Role of Third Party Fulfillment
01:55 The Impact of Decentralized Business on Employee Structure
02:47 The Trade-off of Remote Work
03:21 The Definition of Decentralized Business
04:21 The Advantages of Decentralized Business
07:05 Who Can Build a Decentralized Business?
08:54 Keys to Success in Decentralized Business
11:14 The Importance of Building an Audience
13:54 Conclusion and Final Thoughts
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