Starting a business is easy, but becoming a unicorn startup requires time, effort, and hard work. In general, a unicorn startup means a company’s value is rare and has a market value of over USD$1 billion.
There are also types of unicorn startups such as companies with more than USD$100 billion market value, known as the hectacorn. The other type is a decacorn wherein the market value of such companies is worth more than USD$10 billion.
While it may seem impossible to achieve such a market value, many opportunities are out there waiting for you. That’s why the number of unicorn startups nowadays has increased compared to before when opportunities for growing your business are limited.
In addition to the opportunities you can take, you must also do the following if you want to become a unicorn startup:
- Make Your Ideas Come To Life
You may have the most incredible idea, but it’ll become a waste when you don’t put them into action. Don’t wait for the magic to happen; turn your ideas into valuable ones by taking action. You’re showing potential investors that you’re serious about your endeavours when you do.
This means you may have to show viability by developing a business plan, bringing your product or services to the market, and monitoring your results. Potential investors don’t only focus on a company’s projected growth and revenue, but one of their priorities is a startup’s traction. Your traction can serve as your hard data or proof where investors can forecast your company’s growth in the next 12 months or following years.
On the other hand, it’d be challenging to ask investors for funding without numbers to prove your claims. If you’re wondering where to find potential investors, you can discover more here. You can find insights and stories of investors here and from similar websites so you can weigh if they resonate with your company’s purpose or vision.
- Be Innovative
Your company should provide innovative or disruptive solutions to attract more potential investors. Being one-of-a-kind means your business offers a unique solution or services to people. For instance, Airbnb has changed where travellers can stay while Uber changed how people commute. These companies are disruptive, but they bring better solutions.
If you want innovative ideas, here are some ways to find one:
Business ideas are everywhere, especially in cyberspace. If you have a specific niche in mind, you might want to follow sites, social media accounts, and a similar niche. Checking them out may trigger a concept that might just become the solution that most people need.
- Make Existing Businesses Better
If a business already exists and you’re not satisfied with how the products or services are, create a better one. For instance, you’re a picky eater and you want a specific ice cream flavour. However, it doesn’t exist in the market. Turn this idea to create a flavour that may be what others want.
- Prioritize Technology
These days, most consumers rely on the internet to find their needs. That’s why your business should also exist online. This means having an app, website, social media account, and other technological innovations that make it more accessible to every consumer. This can also mean using technological innovations when creating your products. For instance, 3D technology and other automated machines may help manufacturers become more efficient. As a result, they can cater to more demands.
- Secure Funding
Funding is essential to keep your business operating. You can start by investing in your own finances or asking family and friends for financial support. If you know how to pitch, you can also pitch to investors.
You can also launch a crowdfunding campaign. Here, you’ll be showcasing your business idea or product. You also need to show how your company can be valuable to investors. Moreover, you should promote your campaign on various crowdfunding platforms.
Or if you want to deal with financial institutions, take out business loans from them. You must find a provider that has lower interests and flexible terms.
- Get The Right Team
You can’t do business without hiring team members. Depending on the industry you’re in, you can now employ virtual workers from across the globe. The best about this is the higher chances of hiring the best talents because you’re not limited to hiring locally.
Moreover, you must hire talents that’ll help you develop your business. These hires should have the right mindset and attitude aside from having the skills.
Unicorn startups didn’t become unicorns without starting from scratch. These companies may also have struggled, but they worked harder and smarter before achieving where they are now. That’s why you need to brace yourself for bumpy roads, but don’t give up. Most importantly, make sure to consider the tips mentioned above.