The startup landscape has gained much traction in the last two decades, and a new startup emerges every day. Various reports claim that over 100,000 startups are in the United States alone. However, the success rate of these startups is quite low. As many as 9 out of 10 startups fail within the first year of their operation. On the other hand, the success rate is around 18% for first-time business owners and slightly higher at 20% for second-time business owners. So, you can tell that the chances of building a successful unicorn startup are quite slim today. However, there are ways by which you can ensure that your startup is moving in the right direction. In this blog, we will discuss those methods. So, let’s look at what you need to do to turn your startup into a flourishing unicorn.
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5 Ways To Build A Unicron Startup
There are many ways to build a unicorn startup. However, we have listed a few time-tested ways to achieve it:
1. Define The Purpose
One of the most important steps toward building a unicorn startup is to define your purpose through your products or services. All unicorns are different, but they have one thing in common: they offer their products and services with a definite purpose. Let’s take Spacex as an example. Its services’ definitive purpose is to get you into orbit at economical prices.
Conduct market research, understand the customers and their needs, and evaluate how your product or service meets those demands or needs. Moreover, defining your startup’s purpose will also help you get the appropriate funding, which is vital for the growth of any business.
2. Build An MVP
A minimum viable product (MVP) is an initial product that validates customers’ needs, retention, and demands before developing a fully featured product. To turn your startup into a unicorn startup, you must introduce an MVP to demonstrate your concept. This will help you build trust and credibility within the customer base, understand their needs and demands, and help you secure funding for your startup.
3. Market Your Brand And Differentiate From Competition
Marketing has become the most important thing when expanding a business. In today’s world, marketing is extremely important for people to know about your business. One of the best ways to do this is by differentiating it from your competitors. Create unique selling points for your products or services to differentiate them from your competitors. One way to do it is to provide something that your competition is not or target an audience different from your competitors. However, the most driving factor for anyone is competitive pricing; make sure you cut your profit margins a little at the start of the startup. This makes your products or services much more appealing to the target audience.
4. Recruit A Passionate Team
As your startup grows and moves toward becoming a unicorn startup, you will need a team to keep up with the daily operations. This is an extremely vital part of the journey of any startup that wants to become a unicorn startup. A good team can make your work process much more efficient and easy. Having a team that works towards the same goal will help you achieve that goal faster.
This part doesn’t end at just recruiting the right team. It is your duty as a leader to motivate them and keep them aligned with the goals of the company. Ensure you maintain a good work environment where new and innovative ideas are welcomed. This will have a significant effect on your startup’s performance.
5. Secure Funding
This is another extremely important factor for someone aspiring to establish a unicorn startup. There are many different fundraising options, such as angel investor funding or venture capital funding. Research similar companies for the investors they seek and evaluate the pros and cons of the investors, such as the interest they charge or the percentage of equity they will take. Doing this will allow you to evaluate all of your options and choose the best one among them. This is also where all of the above points will come into play as investors look at everything before investing in a company: your team, marketing, purpose, and MVP. Also, your pitch can make a difference as well, so make sure you do your homework and approach an investor with a rock-solid pitch.
Turn Your Business Into A Unicorn Startup
Running a startup is never easy, and there are a lot of variables to account for. It is even harder to turn it into a unicorn. However, by following the ways mentioned above, you can rest assured that your company is on the path to becoming a unicorn startup. We hope this blog was helpful. We strive to bring you top-notch and original content. So, let us know what you would like to read about next.
