How to Become a Unicorn Startup: 3 Tips
Entrepreneurs who build unicorn startups are respected by their peers, and understandably so. Off late, it has been observed that unicorns have experienced unprecedented growth within the Indian startup ecosystem.
NoBroker, Flipkart, PayTM, BharatPe, CoinDCX and other unicorns are often discussed, but little is concerned about what unicorns exactly are.
Wouldn’t it be interesting to know why some startups are referred to as Unicorns? Are there any criteria that need to be met for this title to be awarded?
WHAT IS A UNICORN STARTUP?
A unicorn is a term commonly used in the venture capital industry, to describe a privately held startup that has reached a valuation of $1 billion and is considered one of the most successful.
Having a startup can be challenging at times. However, the constant focus on the company’s vision and the fight against these challenges make a startup become a unicorn in the long run.
Find out how the world’s fastest-growing tech startups achieve astronomical growth-
1. Develop Rapidly
The process of building a unicorn differs from that of building a typical startup and from building a specific Fortune 500 firm. To achieve extraordinary success as a founder, you must be highly driven to create something revolutionary. Make sure your company’s mission, values, and culture take priority, and you are confident that your product or service will significantly improve users’ lives.
Decide what it takes to achieve key success benchmarks once you have a radical business vision and a profit-driven business model.
2. Product building
There are probably a lot of ideas that come to mind whenever you think about starting your own business. Rarely does a founder not find something that needs to be improved within a week. Startup founders create businesses that solve familiar problems. Often, most ideas come from the most apparent daily challenges and hindrances that we encounter daily.
It is, however, crucial to remember that to achieve your goal of building a billion-dollar company, a good idea is not enough. It is also very important that a large market segment highly desires your product or service. Often startups fail because there is no market need.
3. Invest smartly
A top investor only invests in the best startups in the world. In most cases, the investors you want to partner with will already have made investments in the vertical or industry in which you operate. Their main objective is to seek out startups that can already scale up to a big scale, as opposed to startups that are just starting. Securing a loyal base of brand champions is the key to scaling quickly after gaining initial traction with paying customers.
There is no doubt that unicorn companies have attained recognition and made a place for themselves in today’s market. It does not necessarily follow that every unicorn will end up as a successful startup that will succeed in the long run. Regardless of whether you have reached a milestone, startups should not stop working hard.
For interesting discussions with Unicorn Startup founders, listen to my podcast- Figuring Out
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