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Chinese authorities are considering proposals to stop mining activity in Inner Mongolia.
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This episode was closely followed by reports that China had cracked down on Bitcoin, again. This is despite studies that show three-quarters of Bitcoin miners already use renewable sources. More recently, the Tesla CEO said he would re-accept Bitcoin if most miners go green. Things began with Elon Musk citing the environmental damage caused by coal-fueled mining. The FUD surrounding Bitcoin has been intense in recent weeks. But Mashinsky’s analysis of the situation highlights the extent of Senator Warren’s misconceptions. In a recent interview, Senator Warren said crypto had become a haven for illegal activity. But whatever you do this Valentine, do not fall in love.Serial entrepreneur and co-founder of Celsius Network Alex Mashinsky called U.S Senator Warren’s assessment of Bitcoin amateurish. So get excited, be affectionate and at the most, even passionate. At any given moment, there is more than one path you can take and you need a clear mind to make the right choice.” Entrepreneurs need focus and critical thinking in order to build successful companies and implement their vision. “Building a company takes focus and clarity of thought. Love clouds our judgement, and when it comes to our company, there can be severe consequences.” Inbar Haham sums up. “You need to make difficult decisions every day,” Mashinsky points out, “so being in love with your idea can make the difference between success and failure. We need to make sure our companies are attentive to their customers’ needs and constantly improve their product market fit.” Being able to pivot when necessary is important as well.
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Working with your partners and customers and listening to their suggestions on how to improve the product is essential. You can’t do that if you’re completely in love with an idea. “The best companies I have worked with,” says Haham, “all have one thing in common: they listen to their customers and understand the market in which they operate.
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Emotional attachment prevents effective execution.” “There are hard calls to make every day, like letting people go or pivoting. When running a company, you cannot be emotionally attached. “We like to invest in entrepreneurs that are not afraid of challenges but see them for what they are,” says Haham. “First time entrepreneurs usually do not have the experience to know if their idea is actually good or not, and how hard they should stick to it or pivot.” Both Haham and Mashinsky agree that first-time founders tend to minimize obstacles before they eventually understand that there is a reason why others failed before them. “They have seen or heard about others who failed in that specific area, and yet they believe they have the solution and that they can deliver a better outcome.” Mashinsky agrees. “It happens more often with first time entrepreneurs,” says Haham. When you’re in love you tend to ignore red flags, even when they are right before your eyes. In order to build a scalable company, it is critical for entrepreneurs to be focused on their vision while remaining practical and understanding the entire landscape and the challenges that may arise.” “When you’re in love with an idea, you have blind spots and you might be missing the big picture. That means they are not head over heels in love with their idea. When we invest in entrepreneurs, we make sure that even though they believe in their company and vision, they have their eyes wide open. “There is a fine line between being in love with your idea and believing in your idea. “Falling in love with an idea is not enough when you want to achieve actual results,” says Inbar Haham, Managing Partner at INcapital Ventures.