Starting a business is easy, but it takes time, effort and hard work to become a Unicorn startup. In general, a Unicorn startup means a company is rarely valued and has a market value of over USD $ 1 billion.
There are also types of unicorn startups, such as companies with a market capitalization of over 100 100 billion, known as Hectacorn. The other type is Decacorn where the market value of such a company is more than USD $ 10 billion.
While it may seem impossible to achieve such a market value, many opportunities are waiting for you. This is why the number of Unicorn startups today is higher than ever before when your business growth opportunities are limited.
In addition to the opportunities you can take, if you want to be a Unicorn startup, you must do the following:
- Make your idea come to life
You may have the most incredible ideas, but they will be ruined if you do not use them. Don’t wait for magic to happen; Take action to turn your ideas into value. You are showing potential investors that you are serious about your efforts when you do.
This means you need to show efficiency by creating a business plan, marketing your products or services, and monitoring your results. Potential investors not only focus on increasing a company’s forecast and revenue, but one of their priorities is attracting a startup. Your traction can serve as your hard data or evidence where investors can predict your company’s growth over the next 12 months or so.
On the other hand, it would be challenging to ask investors for money without numbers to prove your claim. If you are wondering where to find potential investors, you can discover more here. You can find investor insights and stories here and from similar websites so that you can weigh whether 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 provides a unique solution or service for people. For example, Airbnb has changed where travelers can stay and Uber has changed the way people travel. These companies are disruptive, but they come up with 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 may want to follow sites, social media accounts and similar niches. Testing them can trigger an idea that can become the solution most people need.
- Make existing businesses better
If a business already exists and you’re not satisfied with what the product or service looks like, create a better one. For example, you are a picky eater and you want to taste a certain ice cream. However, it does not exist in the market. Introduce this idea to create a taste that can be what others want.
- Prioritize technology
Nowadays, most consumers rely on the internet to find their needs. That’s why your business should be online. This means an app, website, social media account and other technological innovations that make it more accessible to every customer. It can also mean using technological innovations when creating your product. For example, 3D technology and other automation can help manufacturers become more efficient. As a result, they can meet more demand.
- Secure funds
Funding is essential to keep your business going. You can start by investing your own money 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 will showcase your business ideas or products. You need to show how your company can be valuable to investors. Moreover, you should promote on various crowdfunding platforms.
Or if you want to do business with a financial institution, take a business loan from them. You must find a provider that has low interest and flexible terms.
- Get the right team
You cannot do business without hiring team members. Depending on the industry you’re in, you can now hire virtual staff from around the world. The best in this regard is the high probability of hiring the best talent because you are not limited to hiring locally.
Moreover, you must recruit talent that will help you grow your business. These employers should have skills as well as proper mentality and attitude.
Unicorn startups didn’t become Unicorn without starting from scratch. These companies may have struggled too, but they worked harder and smarter before they got to where they are now. That’s why you have to prepare yourself for the random road, but don’t give up. Most importantly, be sure to consider the tips mentioned above.