A unicorn company refers to startups that are able to surmount obstacles and be able to achieve a market value of $1 billion. According to researches, about nine in ten startups do not make it through in the first year hence, we can reach the conclusion that being able to attain the unicorn status is a rarity. It’s been estimated that each new startup only has a 0.00006% chance of becoming a billion dollar company! At this point, one important question to ask is “How did the unicorn startups do it?”
How did the unicorn startups do it?
1️⃣ Idea and Vision
Every great thing starts with an idea, however, it is important to channel that idea to productivity.
2️⃣They Meet Needs
Anybody can have great ideas, but not all great ideas turn out successful. Hence, it is not just about having great ideas, but tailoring that idea to meet important needs. Entrepreneurs who are smart, take their time to study people’s reactions and preferences, and then go back to the drawing board to plan.
3️⃣They Plan
Effective planning and strategy is a very vital part of being a unicorn, and it involves both short term and long term plans, without losing sight of intended milestones, and the vision in general.
4️⃣ Flexibility, Learning, and Adaptability
Learning is a continuous process, and it is important to know that what worked 10 years ago may not work today, hence, there is the need to constantly learn new ways of doing things, and also have a fluid and flexible approach to running the startup.
5️⃣ They Listen
No one knows it all, no matter how experienced you are, no matter how elaborately planned your strategy is, it is always good to get some insight from people who know more, as they can point you in the right direction, and show you better ways to achieving more.
6️⃣ Focus, Commitment, Motivation
Having a startup is one thing; being focused and motivated with it is another thing. Unicorns get their motivation from their vision, and they do not get complacent when they begin to make headway.
7️⃣Vigilance
They are vigilant and very conscious of the partnerships they go into, the people saying the wrong things about them, and knowing who and what to ignore or embrace.
8️⃣Excellence
Unicorns are always striving for success, and will not relent until they get what they want
9️⃣Attention to Quality
Unicorns do not just create the best plans, but they also ensure that their products or service are just as good. They believe in delivering quality, and will not compromise that value
🔟Global Coverage
Becoming a unicorn involves getting involved with businesses in different parts of the world, hence, they are open to meaningful partnerships across the world, which is a major avenue to increase revenue.
Other Important Facts
🔸At the moment there are 341 unicorns in the world, and they are actively functional. China has the most concentration of unicorns with 127 of them, while US follows with 90 Unicorns.
🔸The major unicorns in Southeast Asia include: GoJek, Tokopedia, Traveloka, Bukalapak, Lazada, Revolution Precrafted, Grab, Sea (Garena), Razer, VNG Corporation.
🔸Fintech is the industry that has the largest concentration of unicorns, followed by internet software and services, healthcare, on-demand services, and data & analytics.
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A content curation by YellowBlocks
Sources: visualcapitalist.com, cbinsights.com
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