In the era of Covid-19, start-ups have had to adapt their plans to achieve stability. This has meant sacrificing rapid growth and replacing it with a measured growth target and a positive unit economy. To face this new panorama, startups have had to become known as camel startups . In this article we explain what they are and their characteristics. Keep reading!
It may interest you: Master in Digital Business & Lean StartUp
Index of contents
- What is a Camel Startup?
- The new mentality of camel startups
- Characteristics of a Camel startup
- Reduce your costs
- They charge for the added value
- They turn to financing when they want
- They are prepared for threats
- Diversification of the business model
- They look to the long term
What is a Camel Startup?
The pandemic is hitting the emerging industry hard. Many businesses are going out of business. Venture capital firms will undoubtedly continue to search for the next great start-up, but it will be much more difficult to secure funds than before. Those startups that have not yet adapted to the camel mentality, it is time to do so.
In times where the economy can seem like a desert, with hardly any financing, it is essential that companies are able to maintain their activity independently . No need for water, so to speak.
For new startups, imitating camel customs suits them perfectly. These animals adapt to all types of climates and are able to survive without food or water for months. They prioritize sustainability and therefore survival from the get-go . They balance growth and cash flow. These organizations are known as camel startups .
Camel startups will be able to survive during desert phases, where funding is scarce and they have to subsist on their own income. Also, on the other hand, they will be able to capitalize on an opportunity when it arrives. It is not that they have to give up private financing, but they choose when to turn to it.
The new mentality of camel startups
Startups need to spend more money than they make to develop a new product and thus start to win customers.
The beginnings mean constantly losing money, even after having acquired clients and generated income. This is because, initially, fixed costs are often too high and sales too small to cover operating costs.
To cope with this situation, organizations spend capital to attract new customers. A startup may have a good business model, but it will also have negative cash flow until it achieves sufficient sales volume to support its operations and become profitable.
Silicon Valley startups have a common goal: to prioritize growth over profitability . This increases the need for hedge funds for survival, and there are only two outcomes: a complete success or a dismal failure.
Camel startups remind us that there are other possibilities. Although the end goal is still to grow quickly, they have more realistic goals, such as managing costs and charging a reasonable price for a product.
Although many of these entrepreneurs take advantage of the Internet to expand and achieve enviable growth rates, their scalability is not at the level of Silicon Valley startups. Instead, they focus on sustainable growth from day one, and keep the cash curve from sinking too disproportionately.
Marketing strategies for Startups
Characteristics of a Camel startup
Taking into account the aforementioned, we can summarize the characteristics of a camel startup in six:
Reduce your costs
In addition to having the costs very well planned, the operations will have to be reduced significantly . New hires have to be justified by increases in revenue and operations. Taking advantage of cost advantages and managing spending levels should be combined.
They charge for the added value
From day one, these types of companies focus on entering for the added value of their products. Until they start charging their customers they don’t try to grow their market share . So your service has been monetized since its inception.
Not all sectors can afford to carry out this point, since only those industries where the added value is important and there is product differentiation and little competition can do so.
They turn to financing when they want
It does not mean that they avoid venture capital. As we have explained previously, a camel startup does not reject the possibility of financing. It is true that they have less need for them and, therefore, will use them to grow and not to survive. In fact, they often choose who to accept it from and when.
They are prepared for threats
They are not only prepared for crises like the current one due to the pandemic. The startups camel are in an environment where threats can come from any front. As they are aware of this they are prepared and invest in it. When they detect a risky situation, they know and are able to act quickly.
Diversification of the business model
They have a wide portfolio. All their products and services are varied, as are the geographies where they do business. In general, this is usually discouraged from entrepreneurs, since they are asked for a focus, but these types of companies diversify under a criterion and with an objective.
They look to the long term
The road to finding the oasis can be very long and they are aware of this, it will require patience and resilience. The long run will help you win the race and the survival mindset will make it happen.
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How to Create Account in EXMO step by step
In this article you will learn how to register in EXMO in 2022, as you well know it is a cryptocurrency platform to trade, as well as buy and sell digital currencies. Next, we are going to make you a quick and easy guide to create your account.
How to open an account in Exmo.com step by step
Access the official website of EXMO to be able to register for free.
At the top right you will have a Registration button, click on it and there you will open a form to place basic data such as username, email, telephone, password and its confirmation, as well as the acceptance of terms and conditions of the platform.
Likewise, if you want you can subscribe to receive news you just have to activate the option. then activate the captcha and click on “Registration”
Phone and email verification
They will send you an SMS to the registered phone to place the verification code and give it confirmation. The same will happen with the email, in which they will send you an email with a link to confirm the account and activate it.
Once you have completed all the registration, you must verify your account, this is quite important that you do it so that you do not have limitations, it is a financial platform and as such, by regulation you must verify your identity and address.
- For identity, you can do it through your ID, passport or other identity document, also a selfie with the document, you can support yourself by linking the mobile if you do not have a webcam.
- In the case of the address, it would be verified with a bill for services such as electricity, water or other document where they can verify your location or residence, this is to raise the limits further.
- For the card, you need to enter your card details and even take a photo and attach it.
Ideally, you should verify everything, but the first thing is the identity, in which you will be required name, surname, middle name in the case you have. Secondly, you will be asked to identify what type of document you are going to use to identify yourself, for example, the DNI.
After that, you must upload a photo of the front and back of the identity document, if you do not have them at hand, you can do it with your mobile and send it to you by mail or web whapsapp or another application, and then upload it from the computer.
Once this is done, it will request a selfie with specific details, where you must write down on a paper the word EXMO, followed by the date of the day of the photo and hold the DNI without covering anything, there you capture the photo and attach it, with these steps you will already be in the process of verifying the identity.
Likewise, you can do it to verify the address with a receipt and in the case of the card you must do the same, they are similar processes quite simple, the idea is that you complete the entire registration process.
Another important point regarding registration is the security configuration in which you can add extra protection and have two-step authentication. Likewise, you can observe other options such as personal information, which you can review carefully.
How to create an account on Poloniex step by step
In this article you will learn how to register with Poloniex in 2022, it is a cryptocurrency trading platform, where you can trade with margin or leverage and you can also do hodl. Here’s a step-by-step way to create an account on Poloniex.
Go to the official website of Poloniex
Access the Poloniex registration page to later follow the step by step that we will give you to register for free.
Select “Sing Up”
Once you are on the platform you must select in the left menu “Sing Up”, where you must enter the email and password, the latter you must confirm it. Additionally, you must place the referral code (optional), as well as accept the terms and policies that govern this page.
Verify your email
Once the previous form has been completed, you must check the email where a link will be sent for the purposes of verifying the email, in order to continue with the account registration process.
With the email and password data entered, we select “Log In” and access. Among the important things that there are is the “profile”, where you will have to verify your account.
If you want to apply margin for trading or leverage you must verify your profile in “Upgrade” you will be able to select other aspects that will help you verify your identity, you will probably be asked to upload a file, such as a photo of the DNI or an invoice to verify the address.
Then, in the event that you want to use the future option that allows margin up to one hundred leverage, you have to have verified these things.
This request is totally normal, since it is required by all financial platforms by legal issue, with this you would already have verified level 2 and with it you would not have any type of limit.
Right now, you could make all kinds of deposits, normal purchases with certain fairly high limits.
Two-factor authentication verification
To protect your account you can activate 2FA this is double authentication code, so you must enter a code apart from the password to be able to log in.
How to Invest in Cryptocurrencies on Skrill
If you are one of those investors who do not like to deal with many complicated orders, but prefer to hold long-term, then Skrill is an excellent alternative for you. With the simplicity that characterizes it.
But the question is, how to invest in cryptocurrencies within Skrill? The answer will be shown in this article.
But first log in to your Skrill account, then you could already start the step by step that will be shown below.
Access Skrill’s Cryptocurrency Investment Options
Like any financial platform, Skrill puts at your disposal tools so that you can invest in cryptocurrencies within yourself, doing so in a simple and comfortable way. To access these tools, below, we will describe the following procedure:
Within the home screen of your account, in the left sidebar, find and tap on Cryptocurrencies.
Important: It is likely that when you enter this section, you will be asked to accept some terms or similar.
Once there, you are presented with different options in terms of cryptocurrencies. From among these, you will select Invest now, clicking on this option.
Once you access that section, you will be shown an extensive list of existing cryptos in Skrill. In each of which, you are given a Trade option. If you click on any of these, you would enter their trading options.
When you have entered the crypto you chose, you will see a Buy – Sell panel.
Ways to trade cryptocurrencies in Skrill.com
In this buy-sell panel or trading box, you will have some options that will allow you to perform these operations:
Steps to buy cryptocurrencies within Skrill
First of all, talking about the purchase of cryptocurrencies in the Instant mode (which is the usual one), you will be able to do the following:
Select the currency in which you want to buy cryptos.
Set the amount to spend that, for its purposes, must be a minimum of 10 EUR (You are also shown the balance you have available).
Select the cryptocurrency in which you are going to invest.
See what you are going to receive in cryptos in equivalence for what you have invested.
See the commission you will be charged for that transaction.
When you have everything ready, then you can click Next.
After this, you will be able to see the summary of the entire operation; you will be told everything you have added, such as the amount and what you would receive, and also the commission charge, which will be added to the total amount to be spent. If you agree with everything, you can click on Confirm.
Steps to Sell Cryptocurrencies within Skrill
There is not much to comment on in the case of selling your cryptos within Skrill, as they are basically the same steps as in the case of the purchase:
You establish the type of crypto that you are going to sell (and that logically, you should own).
You indicate the amount of cryptocurrencies to sell directly or, if you prefer, using the percentage indicators.
Select the currency in which you want to receive the funds in equivalence.
See how much you will receive, in the same way as the previous case.
Having this ready too, you would click Next.
Following this, you must also click on Confirm in a summary similar to that of the case of the purchase, where you will see important data with which, if you agree, you can proceed to the respective confirmation.
Some other options that Skrill gives you to trade
The options you have in Skrill to trade are very practical and easy to use. And for your convenience, they are not numerous. Here’s what you can find on Skrill for when you want to trade on it:
The Portfolio section
In this section you have at hand some useful things for your negotiations, such as:
The Watchlist, with which you can keep abreast of the indices of your cryptos in the market.
Alerts and orders. With these options you are given the possibility to mark an index within the cryptocurrency, which, if the price reaches it, this will be notified to your email or mobile, as you have it configured.
Recent activity. It is the section where you will get your last financial movements, when it comes to purchases and sales, as is logical.
The Trade section
Within this section, you can do what you are told below:
Visualization of Graphs. This will allow you to take a look at the stock market movement in a not at all complex interface (you can also see the current trend that the market has in terms of sellers and buyers).
As you can see, the trading system within Skrill is not complicated. They are few and simple options, but with the same utility for people like you who do not want to get too entangled in the stock market issue, but to play it safe, but in a simple way.
This tutorial summarizes it this way so that you have a general idea when investing in cryptocurrencies within Skrill.