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Unicorn businesses are any startup companies that have successfully transcended the milestone of $1 billion market value.
Reaching this level if the stair is indeed difficult and not many start-ups succeed in doing so. Pinterest, Uber, Zenefits etc touched this milestone with over a billion-dollar market value.
But in the backdrop there were many young business founders and launchers that failed to even survive.
So, what it is that these unicorn businesses have in common? What is the thread that ties them together and the common ground that helped them achieve this remarkable benchmark?
Here are some common and salient features that these unicorn businesses have but this ain’t your prescription to your future success. These are studies and analyses to learn from and not adhere to.
They fill in the void
A start-up can either launch a product that is novel and new to market or something that already exists and is currently in use.
A general pattern is noticed that these unicorn businesses usually introduced a new innovation in form of a product to the market that solved a prevailing problem in the market.
Due to this, only some start-ups are able to stand as unicorn businesses while others either fail or operate at lower market value.
But this doesn’t mean that a start-up with an existing product cannot touch the billion-dollar mark. At the end of the day, it is all about your efficiency and operating technique
Fetish for results
The people running unicorn businesses are obsessed with results. They set quantitative and measurable goals and deploy any form of scheme and strategy that fetch them the results they want.
They don’t stick to rule books or adhere to taught knowledge. They venture and take leap if at the end of the roads they see the results they wants.
Pursue set goals and achieve them at all costs is what they do.
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Flexibility over rigidity
Adaption to market dynamism is another common thread that ties these unicorn businesses together.
They go along the trend and change according to market needs. They are flexible and open to any new learnings.
They quickly modify and camouflage with their market environment. You must always learn to adapt to your surroundings else you lose the race. A case in point for the same is The Eastman Kodak Company.
They had confidence that though new technology had entered the market for digital photography people will still buy traditionally used films. They denied the change and lost its pride of being one of the most powerful companies in the world.
Attention to quality
Unicorn businesses are vigilant for the quality of their products. They ensure that the customer does not undergo any form of inconvenience.
They pay attention to minutes of details and do not tolerate any form of loose ends that might blotch their reputation. Quality matters to them.
They don’t want their customers to feel cheated or money not worth paying for their product. If the product is vocal about your firm’s tenets and vision, it will be accepted and consumed by loyal customers.
They believe in going global
The world needs to be tapped in for turning your start-ups into unicorn businesses. Unless you leverage the unbounded nature of business and take it overseas, it is hard to reach the desired benchmark.
You need to take your business outside the boundaries of your country and introduce your product in other countries across the world as well.
Expanding reach is what these unicorn businesses do. They launch their branch all over the world and widen their horizon of operation and increase their market occupancy.
Employing technology to scale
The idea is to achieve optimal efficiency so that more can be achieved with less.
With world driven with technologies, star-ups are no different and have deployed new innovations in their operations and leveraged to market.
No wonder human capital is productive and required for running and ensuring systematic workings in company but technology have been swiping away a major chunk of it.
Unicorn businesses use these new innovations to be cost effective and more productive so that the company continuous to work optimally. They have been making use of artificial intelligence to increase the customer experience.
It is good to know and learn from success stories. But when we talk of market dynamism, the stories should mere be a learning means and not something to strictly stick to.
It is an agreeably hard task and no piece of cake to actually take your start-up to the heights that unicorn businesses fly at but effortsare worth putting in.
The job is a tall order but dreams are worth sweating for.