A unicorn company is a private start-up firm that has a value of one billion dollars. The term unicorn was given by Aileen Lee to mark the companies that gain extraordinary success within a short span. Companies having worth over ten billion dollars are given the term decacorn and the ones over 100 billion dollars are called hectocorn.
Some of the biggest unicorn companies are Uber, Airbnb, Xiaomi, Didi Chuxing, Pinterest, ANT Financial and Palantir. These companies grow at a rapid pace owing to their strategy that focuses on fast growth. They have substantial funding, they emphasise cutting prices to gain maximum benefit on the market shares, and they leave back their competitors, way behind.
Not every organisation can become a unicorn company. To succeed and continue to improve you must think differently. A lot of companies fail because they do not plan well. The points mentioned below will help you considerably in making the right choice and get value out of your business-
1. Look to build something that can be used by a wide variety of customers. Products or services that make the life more accessible for people are sure to make a big success.
2. Create a business culture in which the employees love to work and can perform at their full potential. Have a work statement to which all employees are a lion and a working towards a common goal
3. Have an agile environment where you do not face any challenge to adapt as per the situation. Keypad track of your competitors and be ready to change your direction as and when required for the success of the organisation
4. Remember that customers option welcome Challenger in the market. Just because you already have established customer does not mean you will not be able to make a success. There are numerous examples of Unicorn companies that had made prominent even when there was immense pressure from other organisations
5. Ensure that you have proper communication plan setup and all your employees are up to date to what is going around in the market. For any Unicorn company, it is essential that the market Trend and Expectations of the customers are studied well to define the right approach.
There are around 241 such companies, and their worth is approximately 818 billion dollars. 24 countries in the world have startup unicorn companies, and these countries are known as Unicorn Hotspots. Succeeding as a unicorn company require a lot of effort and dedication but when you are on the right path, the returns would be worth the effort that you have made.
You should keep a track and refer to the guidance provided by other people who have made their Unicorn companies are a profitable venture. You must be firm in your decision and be ready to take a risk at the right moment, however, make sure that you put in the required effort needed to plan your startup well and collect the necessary information. Reaching monetary value may take time, and you must be patient to understand the larger picture and when the returns may start coming in.