Behind the Scenes: There Ain't No Such Thing as a Free Lunch

#TANSTAAFL, or "There Ain't No Such Thing As A Free Lunch," explains the idea of opportunity costs. It emphasizes that when we make a choice, we inevitably forgo an alternative option that could have provided some value. Decision-making involves making trade-offs and assumes that truly free offerings do not exist in society.

Yesterday I was one of the 1.8K people watching live for 12 hours TBF - The Basic Fundamentals. As the host said, the free event had the opportunity cost of 250K Eur. Not bad for a reach of 4000 (in-house) and 1.8K (online) people.

It's fascinating to witness individuals who do not actually live in a particular country offering business advice in an environment that is highly politicized. In such countries, the extent to which businesses can grow and succeed is often influenced by the prevailing political conditions (businesses can grow up to the "allowed" level), but this is a discussion for another article. Because Razvan Cazanescu you've mentioned Viorica D?ncil? in her absence in an entrepreneurship context, and without proper research, let me remind you that prejudice is a deeply ingrained bias. It involves forming judgments or making assumptions about individuals without sufficient knowledge or understanding. Here is an example from 12 years ago. Another example from 5 years ago. Kindly remember this advice from me: Unity and collaboration pave the way to greater gains, far surpassing the meager rewards of ridiculing each other's weaknesses. #BuildingBridgesNotWalls #CollaborationOverCriticism

In this period of the year, a lot of conferences happen from different industries. In this particular line of business (consulting/coaching) #TBF found the novelty/differentiator (their own conference). From an executive perspective, this is a necessary step with direct and immediate results and benefits. Why? oh, well:

Brand visibility: Hosting the event on entrepreneurship will increase visibility and awareness. Positive brand perception is achieved by the free event giving back and supporting the entrepreneurial community.

Thought leadership: By organizing the event, the company can position itself as a thought leader in the industry. By showcasing expertise, it demonstrates expertise and methodologies in front of the audience. The style and content quality is leaving a long-lasting impression.

Networking opportunities: Attract a diverse audience, including aspiring entrepreneurs, business professionals, and industry experts. Hosting such an event allows you to connect with like-minded individuals, potential clients, and collaborators, expanding your professional network.

Lead generation: A free event will always serve as a lead generation tool. Attendees who find value in your event are more likely to be interested in the company-paid consulting services. The management system product it's priced at 4.5k Eur. That means the cost of the event is fully paid if 55 products are sold (that's 0.95% of the audience buying the product).

PR and Media coverage: Benefits from lots of attention from local media, bloggers, and influencers. Looking forward to the next editorials (paid or not).

One very interesting perspective was the host's approach to technology. To praise #chatgpt and highlight the potential of increasing 5 times the productivity (I don't even ask about the studies behind it) is one thing - BTW (good luck trying to explain openAI and privacy concerns of putting company data on such tools), but to refuse to respond TOKERO Crypto Exchange 's CEO Marius Morra question on wrong assumptions, it looked to me something like: "Stay hungry, stay foolish". Let me explain why and how can you make use of #cryptocurrency by highlighting some use cases:

Peer-to-peer payments: Cryptocurrencies enable individuals to send and receive payments directly, without intermediaries like banks. The average credit?card?processing fee per transaction is 1.3% to 3.5%, while exchanges have 0.05% to 0.25%.

Smart contracts: Cryptocurrencies like Ethereum enable the creation and execution of self-executing contracts, eliminating the need for intermediaries. Why this should not be beneficial for entrepreneurship if trust is valued?

Donation platforms: Cryptocurrencies provide an easy and transparent way for individuals to donate to charities and causes. I would extend this also to the political parties (you, as a citizen, need to know who is behind those generous "donations").

Also, a priori, we can use it for Voting systems: Blockchain-based cryptocurrencies can be used for secure and tamper-proof voting systems, ensuring transparency and accuracy. Can be a good idea for an entrepreneur for next year's elections. I'd go even further and present the use of Escaping hyperinflation: Individuals living in countries with high inflation rates can store their wealth in cryptocurrencies to protect against the devaluation of their national currency. Especially in those countries where in 2023 their government achieved the performance of borrowing billions of DOLLARS and 5, 10, and 30-year bonds. What we will tell then to the entrepreneurs when their businesses will collapse? That the model is no longer working and they need to think in 2 weeks increments (instead of 6 months as recommended today?).

Getting back to TOKERO Crypto Exchange question about "What guerilla marketing techniques can be used" I will give my two cents:

I would choose and tailor the guerrilla technique to the event and audience, ensuring that it aligns with the overall brand image and objectives of the crypto exchange. It's a free event and everybody loves freebies, therefore I would go for a surprise giveaway. Everybody has a smartphone nowadays and can scan a QR code. This can lead to an automatically created wallet. You can organize a crypto-themed treasure hunt in the small event breaks (hiding digital tokens that represent different cryptocurrencies). Led participants with different clues (and incorporate also some educational elements) and interact with them directly. Those incentives can be exchanged later. Don't know the actual regulations, but I think that for a young entrepreneur having won let's say the first prize as 1 #BTC (for example) can be very beneficial in the first phase of the #startup, and it will help build confidence in working with cryptocurrency.