CEOWORLD magazine – Top Stories – CEO Spotlight – Justin Halladay Discusses New Business Ventures and Offers Tips for Other Entrepreneurs
Justin Halladay feels fortunate to have been involved with several entrepreneurial ventures so far in his career. Currently self-employed in the information technology industry, Halladay has also launched companies in the education and sales fields. His work in IT has taken him in many different directions, among them software development and IT support. He has also provided his services for everything from small startups with few employees to multimillion dollar corporations like Morgan Stanley.
A few months ago, Halladay announced that he was working on several new projects that would transform the world of nonfungible tokens (NFT). NFTs are blockchain assets that are cryptographic and contain unique metadata and identification codes to differentiate them.
Halladay is excited about the opportunities that changes to NFTs will create in the world of alternative currencies. He is currently focusing on three primary areas and will release the full details of his plans soon. These include:
Regarding the last point, Justin Halladay describes real estate in the metaverse as an online network consisting of multiple virtual worlds. He intends the vast digital environment he is creating to support both commercial and social activities. Here are just a handful of examples of the activities Halladay expects to take place in the metaverse:
Virtual worlds like the ones Halladay envisions already exist. He is simply using his expertise as a tech entrepreneur to identify what a promising trend this is and jump in the game early by acquiring virtual real estate of his own. Sales in the virtual real estate space are on pace to double from $500 million in 2021 to $1 billion in 2022. Approximately one dozen online platforms are already selling virtual real estate.
“Location, location, location” is the rallying cry of realtors in the space of physical real estate. However, location is far less important in the metaverse. When asked to explain, Halladay states that what an investor does with their online real estate is far more important than where it sits. For example, early investors have already rented their online real estate to others for the purposes of building virtual storefronts, creating digital experiences, or displaying advertisements.
Halladay describes two well-known companies renting online space from virtual real estate owners. One is the auction house Sotheby’s, which rented a building in Decentraland to welcome avatars. Once inside the space, the avatars walked around and took mental notes on the items up for sale. The other company was Miller Lite beer. During the 2022 Super Bowl, Miller Lite opened its rented online space Decentraland to allow 20,000 avatars to interact at a virtual bar.
Yet another example of capitalizing on rented virtual real estate comes from Nike, the shoe company that also invented the game Roblox. Avatars can play Roblox, try on different pieces of Nike gear, or just spend time socializing.
What excited Justin Halladay the most about real estate in the metaverse is that the opportunities to create something unique and earn income are nearly endless. He does not face the limitations of physical space, like he would at a concert hall or football stadium. People who visit his new online virtual worlds can pay for games or merchandise with NFTs.
Teaching Others the Same Way He Learned from His Mentors
As a man of deep Christian faith, it is important for Halladay to share what he has learned with others so they can achieve the same financial independence that he has. He describes himself as being extremely fortunate to have had some excellent and caring mentors. According to Halladay, his early mentors gave so much of themselves to help him become the man and the business professional that he is today. He feels it is only right for him to pay it forward.
Halladay also sees the benefit of being part of a business ecosystem that embraces a reciprocal flow of people putting in and taking out. He sums up this philosophy in three simple words: learn, master, and teach. All three of these actions are equally important for an ecosystem established and operated by entrepreneurs to continue thriving.
Justin Halladay’s Provides Insightful Advice for New Entrepreneurs
Halladay feels that the Bible offers answers to some of life’s toughest questions, regardless of which faith system the reader ascribes to or whether they have faith at all. He recommends that all new startup business owners create a strong spiritual foundation for themselves. Halladay personally starts each day with Bible study and takes the time to check in with his wife and three sons. Engaging in these activities helps him put everything in perspective and reminds him of why he worked so hard in the first place.
For Justin Halladay, building consistency is the next step in entrepreneurial success. He recommends setting small goals first and writing down the steps necessary to meet each one. Halladay remembers the immense sense of satisfaction he felt as a new entrepreneur when he met his initial goals. By meeting early small goals, Halladay developed the confidence to create new ones that were progressively more challenging.
Another piece of advice Halladay would give to the newly self-employed is to discipline themselves to avoid wasting time on distractions like television, personal text messages, and social media. While there is nothing wrong with each of these things in moderation, they can pull attention away from work and become a great excuse to procrastinate. Fortunately, tools exist for people who find themselves tempted. They can turn off text notifications, mute social media during certain hours, or simply not have a TV in their workspace.
Justin Halladay Offers Additional Thoughts on the Importance of Business Mentors
Business professionals who have already reached goals that the early-stage business owner would like to achieve in the future are often willing to share what they have learned. Justin Halladay certainly fits this description.
When searching for a mentor, Halladay recommends that new entrepreneurs look for someone in the same industry. These mentors will have the most practical advice because they have overcome many of the same obstacles facing the mentee. LinkedIn, the local Chamber of Commerce, and entrepreneurs putting the word out in their social circles that they are looking for a mentor are all ideal places to find a good match.
Along the same lines, Justin Halladay urges new entrepreneurs to surround themselves with positive, ambitious people. Having even a single negative person on a work team can bring everyone around them down. He also urges young business professionals to invest in people and relationships. Jobs and circumstances change, and he feels that it is ultimately the connection we have with others that gives life meaning.
Think Beyond Accumulating Personal Wealth to Making a Real Difference in the World
Justin Halladay loves to give to others. While building personal wealth early in life has certainly been rewarding, he derives the greatest pleasure in giving much of his wealth away. He advises everyone who works for themselves to strive towards making regular donations to causes that mean the most to them. The specific causes will differ for everyone, but the important thing is to identify them and follow through with supporting charities and non-profits that aim to improve the quality of life for those they serve.
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CEOWORLD magazine – Top Stories – CEO Spotlight – Justin Halladay Discusses New Business Ventures and Offers Tips for Other Entrepreneurs
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