Crowdfunding might seem a pretty easy Campaign to run with all the technology around being used by project initiators. These tools are at their disposal every project run and helps them connect with as much people as possible. The more individuals who participates in the project, the higher the chances it has of reaching its funding goal.
But this is a perspective of an outsider looking in because the reality is that running a Crowdfunding Campaign is still a lot of work. It helps to be working with industry leading companies who are passionate, professional and knowledgeable about the industry. But even with this, project initiators are still in for a lot of work.
Technology makes things easier but it does not totally eliminate the need for hardwork. People are still going to have to roll-up their sleeves and put in some elbow grease into it. With this in mind, one thing that will definitely not help your cause is Procrastination. This attitude towards work is similar to a poison that can slowly kill your campaign.
Putting off a crowdfunding campaign
If you are managing a project and you want to know how procrastination can work against your goal, here are a few things you can look at to understand it better.
- You put off working for another day. What you can achieve today should be done today because putting it off for tomorrow for no apparent reason is what epitomizes procrastination. You accomplish less with your project and doing a lot of these over the course of your campaign can lead to an incomplete and unfinished project.
- It does not give you a good start. Imagine being in a race and as soon as you hear the gun start, you decide to just run a little later or even start the following day. You will not only finish at the back of the pack, you might even not finish the race. This is not the start that you want especially if you are managing a crowdfunding campaign. The problem with this is that you might even have a hard time starting again because you are just so used to putting it off for another day.
- It gives stakeholders the wrong impression. Your stakeholders can include you team, suppliers, vendors, crowdfunding platform and even investors and it gives them the wrong impression when you put off work for another day. You do not seem to be serious about the project and they might be better off using their time for some other project that values their time. It also scores against your professionalism and lowers your trust rating with other people.
- You could lose momentum. Rather than be working on the project and getting started with the things, procrastinating with it forces you to start later rather than sooner. This can affect your momentum and you can even lose investors along the way.
- It can affect your timeline. One of the negative effects of procrastination is that it messes up your timeline. You might think that you are just losing a day but habitually putting work off for another day can set you back weeks and even months. It poses a danger because you might not finish your beta product on time, put together your marketing proposal for investors or even reach your funding goal.
This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]