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TIPS TO BECOME AN UNICORN COMPANY
An enterprise is contrived of new ideas with a motive to revolutionize its target market. The evolution of a startup into a unicorn company is one of the top goals of its creators. Advancing from a startup to a billion-dollar company and wearing the shiny new armor of 'a unicorn company' has been a reality to many startups in the recent past like Airbnb and UBER. While there are numerous small businesses that thrive online, torchbearers of entrepreneurship do not stay complacent with just revenues and profits. There are a number of good entrepreneurship certificates online that can be taken to make your entrepreneurship dream a reality by turning your unique ideas into a running business.
Here are a few tips that lead the path of entrepreneurship to evolve from a startup to become a unicorn company:
Provide a benefiting value: Create a product/service of high-value proposition. A product that is of great importance in the market is an obvious winner, be it online or offline. Therefore, the maintenance and improvement of its value, comes into play when there is an increasing customer base and target audience. Sometimes, the scope for selling a product/service in an online/offline market is so monumental that the its origins remain subtle for decades. For example, people did not complain about using small screened-bulky TVs and yet now the same have become obsolete. As the LED screens started pouring in the markets, with curves and flat screens, projecting vivid colors, a spectral vision-3D and 4D of entertainment from the comfort of one's home, the ancestral TVs became obsolete. A unicorn company is to strive not only for a desirable product to sell but also have the ability to expand their innovation to solve some most obvious problems that may arise in their venture.
Thus, entrepreneurship at its best efforts to create a unicorn company would be not only in creating a unique service/ product but also to build a paradigm where there always will be a scope to save a need that people don't even know they have.
Listen to the market: Data suggests that 42% startups are known to fail because they overlooked the ‘market needs’ factor. It is an indispensable aspect of entrepreneurship to move with the flow of the market. There could be changes spawning through market needs in different time gaps, ranging from alterations that happen in a decade or sometimes even within a week! When such times arise, a company aimed at the unicorn path, diligently and keenly "pivot' to change their product/service whether online or offline. Further, they focus to grow and expand their value. A series of failures or negative feedback may impact the company at a financial and even molecular level, but the key here is to utilize the opportunity to analyze why the product/service is not acceptable to the market and thereby, construct cohesive "pivots" to fill in the gaps. With attention to detail and resilience, a company that acts quickly to market's changing needs leap giant steps towards the unicorn status. The best entrepreneurship certificate online programs equip both new and aspiring entrepreneurs with the knowledge and understanding of how to thrive and sustain new ventures in a market and the dynamic business and economic environment.
Focus on the Customer group: On the path to becoming a unicorn company, a startup faces numerous clients with varied needs. Based on their performance and delivery, they rightfully earn a loyal customer base. At such a proud milestone, a startup must not digress with new ideas to expand, but proactively play the field in focusing on the existing customer base, reacting to their opinions of the new launches and also in creating a seamless customer experience. To this end, they must keep analyzing what their customers have to say and accordingly fill the gaps.
Build the right product on the right platform: Data suggests that 87% of existing unicorn companies focus on software and a major percentage of successes are attributed to thriving on e-commerce and retail platforms. Also, a greater percentage of these unicorns are delivering their business products to the consumer directly than to other businesses. While this could be very useful statistics to learn the strategies to build a unicorn company, there are surely exceptions depending on online or offline consumer base, market platforms and other factors. Entrepreneurship opens a realm of critical thinking and groundbreaking moves yet, when it comes to furnishing a market need, it has to strike on with its uniqueness keeping in mind the company's prospects of growth and also its expansion and ability to change as per market needs.
While constant improvement and hard work are what most companies put in, it takes more grit, wit and stratagem to become a unicorn company. It is not only a striking achievement to rush through the race to reach the finishing line, but also to establish the remarkable stead of a unicorn company.
If you are a young or aspiring entrepreneur, enroll yourself in an entrepreneurship certificate online program and turn your ideas into a winning startup.
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