Edmonton Business Coach Cautions Entrepreneurs as Bitcoin Exchange Opens in WEM

March 11, 2014 - PRLog -- Edmonton, AB- As just witnessed on the world stage last week, Bitcoins are a unique currency innovation that doesn’t come without risks http://www.cbc.ca/news/canada/calgary/bitcoin-security-woes-not-scaring-edmonton-business-owner-1.2565318. Today, everything from major corporations to kids’ lemonade stands have begun accepting it. But the five-year-old venture now finds itself embroiled in controversy as a major exchange shut down transactions amidst millions in missing currency. While it remains to be seen what these latest developments will mean for its future, Edmonton ActionCOACH Master Licensee Greg Kopchuk hopes the Bitcoin story serves as a cautionary tale for entrepreneurs looking at adopting new technologies into their businesses.

As a new bitcoin ‘ATM’ is set to open shop in West Edmonton Mall, and an Edmonton bitcoin bank, Flexcoin, was hacked, Kopchuk hopes that business will stop to think about everything that’s involved in integrating new tech into their day-to-day operations: “Things are moving so fast, sometimes, it’s hard to keep up. As a result, I see a lot of businesses getting caught up in a trend and being too quick on the draw when it comes to adopting new technologies.”

Greg frequently helps entrepreneurs looking to integrate new methods, and gets them to start by answering a few questions:

·       What costs will I incur adopting this technology?

·       Has the technology become an industry standard in your field? Has it demonstrated measurable success in improving the quality of service and/or products?

·       Can you afford to gamble? If your company is teetering or you have any doubts about its future, then taking a risk on a technology that has not passed the ‘tried and true’ test.

·       Will your customer base benefit from your adoption of the technology? If so, how much of it?

·       What kind of support in its adoption? Whether it’s a new computer system, payment system, or automation process, you need to make sure that help will be available when something goes wrong—24/7.

·       And most importantly: do I need this technology to either survive or thrive as a business? Many get so caught up in the hype that they forget to ask whether it’s really necessary.

It’s important to make sure you don’t do a ‘drop and run’ when it comes to a new technology. And this is where Kopchuk often sees owners dropping the ball. “There’s nothing inherently wrong with risk-taking. In fact, it’s what makes for a great entrepreneur! But without making sure you’ve got well-organized systems in place to allow for the smooth integration of a new platform or process, you’re almost guaranteed to fail.”

For more information about Greg and ActionCOACH Canada visit www.gregkopchuk.ca

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