Stop thinking so much and just give it a shot. Take more chances and explore more. Try everything at least once.
Ty Smith is the 25 year old Co-Founder of Crypico, the cryptocurrency industry’s top freelance platform. He is a innovative blockchain pioneer with a passion for technologies that boost the rate of decentralized currency adoption.
Despite growing industry pressures to raise funding, Smith has successfully bootstrapped Crypico into the rapidly growing company it is today.
Prior to the creation of Crypico, Smith was a medical student before leaving to work at a top Wall Street firm specializing in Institutional Equity Derivatives. He graduated from the University of Maryland in 2014.
Where did the idea for Crypico come from?
We identified a need in the space. The current number of ways to earn cryptocurrency is really lacking. Unless viable earning options exist, the growth of cryptocurrency will be incredibly stunted.
In the past, people without a certain level of disposable income were barred from entering the community in a substantial way. They simply didn’t have the money to risk. By enabling anyone to earn cryptocurrency we can vastly grow the number of market participants and further the reach of this groundbreaking technology.
What does your typical day look like and how do you make it productive?
Every day is different. It really depends on what we are focusing on as an organization at the time. We’re always doing a mix of things but some weeks we will put more emphasis on marketing, forming a partnership, or coding a particular feature. I enjoy the lack of pattern. Fortunately, I work with some insanely talented people so we can get a lot done at once.
How do you bring ideas to life?
Obsessively. When I find an idea I am passionate about I can’t help but fixate on it. Also, I try to seperate myself from any preconceived ideas of how something should be done. I find that starting from scratch rather than reworking an existing concept yields much more interesting results. I question everything. My teachers hated me.
What’s one trend that excites you?
I’m really excited by the growing adoption of cryptocurrency in developing nations. The banking systems in many of these nations are ineffective and can’t be reasonably relied upon. Decentralized currency gives a lot more security and financial control to citizens of these areas.
What is one habit of yours that makes you more productive as an entrepreneur?
Background music is vital to me being productive. We have a really great coding playlist on Spotify that makes my whole team way more effective. When it comes time to brainstorm new features I find it better to turn it off though. Silence for thought, sound for productivity.
What advice would you give your younger self?
Stop thinking so much and just give it a shot. Take more chances and explore more. Try everything at least once.
Tell us something that’s true that almost nobody agrees with you on.
I really love sea shanties. I listen to them all the time to get centered. My brother is the only person I know that shares the appreciation.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
I try to learn something new every day. In the past year, I’ve picked up a ton of skills that I now use frequently with Crypico. I find YouTube videos to be the quickest and most effective way to learn anything.
What is one strategy that has helped you grow your business?
Be honest in business (and life for that matter). There’s a lot of deception and manipulation out there, especially, in the cryptocurrency industry. Right now, there are too many people having ICOs (initial coin offering) to fund underdeveloped projects that haven’t been entirely thought through. It’s reckless and erodes confidence in the entire community. We haven’t had an ICO because we don’t think it’s necessary to the project being successful at this point. I want to give my customers value and not rip any one off. I think it’s the correct way to conduct business and our users seem to agree.
What is one failure you had as an entrepreneur, and how did you overcome it?
The first time I pitched to members of the press it was…..humbling. My pitch was scattered, I didn’t hit all of my talking points, and I’m certain I seemed out of my league. It hurt but I try not to dwell on things. I really hate being bad at things. I think it’s best to get back on the horse as soon as you can. The first step to being great at something is sucking at it.
What is one business idea that you’re willing to give away to our readers?
There’s unlimited opportunity in the blockchain industry right now. Build ancillary services that make it easier to use cryptocurrencies. Simplify crypto tax calculation, create more user friendly ways to interact with the blockchain, develop more efficient arbitrage systems, explore the feasibility of cryptocurrency derivatives. The options are really endless and the infancy of the field means there’s far less competition than others.
What is the best $100 you recently spent? What and why?
A bottle of Talisker 10 year Scotch. That stuff is good.
What is one piece of software or a web service that helps you be productive? How do you use it?
Google Analytics is incredible. It helps me track all of the traffic on our website and gives me insights related to where the traffic came from. It’s very helpful in determining the efficacy of our marketing efforts. Whether it’s my computer or phone, Analytics is constantly open on one of my screens. Within the first few days of Crypico’s launch we had about 10 thousand hits. It was a really incredible feeling to have created something that people all over the world were using.
What is the one book that you recommend our community should read and why?
I really enjoyed “The Art of Money Getting” by P.T. Barnum. The messages are short, sweet, and timeless. The rules followed by Mr. Barnum are very similar to that of my own. My only criticism is that I think it encourages readers to be a little too grounded. A little bit of optimistic delusion is healthy in entrepreneurism, I would even argue it’s necessary.
What is your favorite quote?
“Life is too short so love the one you got ’cause you might get run over or you might get shot.” – Sublime
Key learnings:
- A little optimistic delusion in healthy in entrepreneurism
- Pick up a new skill every day. Use YouTube as a learning resource.
- Be honest and transparent in business and life
- The first step to being great at something is sucking at it
Connect:
www.crypico.com
Ty Smith on LinkedIn: www.linkedin.com/in/ty-smith/
Ty Smith on Twitter: www.twitter.com/TyCrypico
Crypico on LinkedIn: www.linkedin.com/company/crypico/
Crypico on Twitter: www.twitter.com/crypico
Crypico on Facebook: www.facebook.com/CrypicoHQ/
Carlyn runs the day-to-day publishing operation here at ideamensch and interacts with our awesome customers and entrepreneurs. She is likely editing this with a cat on her lap.