TIPS TO BECOME A UNICORN STARTUP

In our childhood, we all have seen or at least heard about unicorns in the TV and fairy tales. But, after growing up, we realise that it is just an imagination created to fantasise the small children. In reality, the unicorn is the term used in the corporate world. Yes, you heard it right! This is the categorised as the start-ups that have shown their mettle and accomplished their goals in just a few years of their journey.

The unicorn start-ups are actually the newly started companies whose turnover is more than a billion-dollar. Now, this is the milestone that many well-established companies are not achieving after being in the industry for several years. Here are some of the most popular start-ups that have managed to get this title:

  • Tik Tok ($76 billion)
  • Uber ($72 billion)
  • Didi ($65 billion
  • Airbnb ($29.3 billion)

There are many more companies that are in the category of unicorn start-ups. Now, all the companies might be serving a different market and performing under different industries. But, the thing that makes them common is their willpower to do something new and unique for the consumers that no one has ever done.

How to Open a Unicorn Start-Up?

These companies too started from scratch and worked hard and put their money, time and blood to earn the title. So, if you are a young start-up and dream to achieve this feat, then the first thing that you need to do is believe in yourself.

This will act as inspiration fuel and will you push towards your goals. Other than there are numerous factors that you will have to take care of and tasks that you need to carry out in perfection. Here, in this blog, we will be discussing the step by step guide that can help your start-up achieve the title of Unicorn. So, let us get started.

  • Uniqueness is the key to success

Reaching the unicorn feat is not an easy task than it might sound. No matter how fairy or mesmerizing the title might sound, but attaining it involves a lot of hard work, patience and efforts. Now, you will see many companies that have been doing all these from the past few years but have not reached this pinnacle.

Uniqueness is the key that can lead you to success. Running a business in which numerous players are already indulged will be very difficult to establish yourself in the market. Hence, if you want to taste success in the early years of your start, then you have to do something unique that has not available in the market yet.

  • Having a vision is essential

The last quality or skill that you must have to become an established start-up is having a vision. Yes, you must have long term goals for your business but at the same time, don’t ignore your short term goals as these will be the building stone of the path that you want to follow.

As an entrepreneur, you will have to make numerous decisions and that too quickly. So, for this, vast knowledge of the market and experience is required. Be ready to make quick decisions like:

  • When do you need to increase your sales?
  • Notice the sign of change in the market
  • Decide when to borrow money
  • Implement a new strategy to promote your brand
  • Focus on the business structure

Many start-ups enter the industry with the dream of becoming successful, but not every one of them can to do it. A good number of entrepreneurs fail in their early years of start-up career.

There could be various reasons behind the failure such as:

  • Lack of business planning
  • Improper management
  • Funds issues
  • Lack of marketing

Thus, the first barrier that you will have to cross is dealing with these business tasks in an efficient way without causing any mistake.

  • Don’t wait for growth, make it rapid

As a start-up, it will take several years to get establish yourself in the market. But, when you are chasing the title of the “Unicorn, then you cannot wait for that much time. Look for different ways that can help you boost the growth of your business and reach your goals faster. Yes, it will be hard but this is a must if you want to reach that summit.

Assess your business and see the aspects that you need to address quickly. If you need any infrastructural change in your business or need new equipment, then you can take a small business loan as a funding solution to purchase it. Wrapping up, these were the overall tips and suggestions that can help you become a unicorn start-up. Yes, the journey will be far tougher than you can ever imagine, but the fruitful result will only come after the hard work and right decision during the crucial time.

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