Starting a unicorn business is a challenging task. According to a study, there are about 400 startups that are founded every year in Silicon Valley alone. However, only a few see the light of success and become unicorns. But what sets apart these well-known unicorn companies?
Is there a secret to their success? In this blog post, we reveal the surprising unicorn startup secrets according to a Silicon Valley insider that can help you in your entrepreneurial journey.
Think and Grow Rich
by Napoleon Hill
⏱ 13 minutes reading time
🎧 Audio version available
Passion is critical
When you think of successful unicorn startups like Uber, Airbnb, and Snapchat, the first thing that comes to mind is their founders’ passion. Passion is the driving force behind all successful businesses. Your passion and determination will keep you going during the low points and help you take calculated risks and make bold moves that others may not consider. So, follow something you’re passionate about, and be bold and pursue it.
Build a great team
You can only build a successful unicorn business with others. You need a team of dedicated individuals who share your vision and can help execute your ideas. A Silicon Valley insider suggests that startup founders should focus on hiring people who are smarter than them. This may sound intimidating, but when you have the right people on board, you’ll see how they can elevate your ideas to new heights.
Be open to change
One of the most common mistakes that startups make is not being adaptable to change. Success requires a lot of experimentation and a willingness to pivot when necessary. For example, a unicorn company like Instagram started as a location-based check-in app. Still, after realizing that the photo-sharing feature was gaining traction, they shifted their focus and became the platform we know today. Flexibility is vital when it comes to achieving unicorn status.
Keep your finances in check
Startups are known for burning through money quickly, and unicorn startups are no exception. However, being cash-strapped can lead to bad decisions and a lack of focus. A Silicon Valley insider suggests that startup founders should continuously closely monitor their finances. Even if you have raised a large amount of funding, you should still spend your money wisely. Always plan and ensure that you stay within your budget.
Focus on the user
Ultimately, the success of any unicorn startup depends on its users. A Silicon Valley insider suggests that startup founders should prioritize creating a product that solves problems and provides users value. A focus group feedback can provide insights into the features that resonate well with your target audience. The focus should be on building an exceptional user experience that creates loyal and happy customers.
Related: How to Be a Super Performer and Outwork Your Competition
Achieving unicorn status is not easy, but certain secrets can increase your chances of success. According to a Silicon Valley insider, passion, building a great team, being adaptable, keeping your finances in check, and focusing on the user are some of the surprising unicorn startup secrets. So, keep these secrets in mind as you embark upon your entrepreneurial journey, and you might build the next unicorn startup.
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