Many entrepreneurs aspire to own a billion-dollar company, but very few ever achieve that milestone. In fact, it’s so rare that privately held startup companies valued at over $1 billion are called unicorns. There’s no roadmap to building a billion-dollar company, but if others have done it, so can you.
As of 2021, there are more than 800 unicorns globally. The majority are software companies in the US and China. You, too, can put your business on that list. Here are the secrets any entrepreneur can use to build a billion-dollar company.
1. Think Global
If you want to propel your startup to success quickly, you must put it in the global market. Aim at meeting global needs and providing solutions. Many software startups and tech companies are unicorns because their solutions address global needs. But you don’t have to be a techie to create a unicorn, even Facebook is a billion-dollar company. What’s important is to make sure your products or services provide global solutions.
2. Come up With a Disruptive Business Idea
Your business idea must stand out from the crowd. It doesn’t have to be radical, it just has to be simple and well-thought-out. Uber wasn’t based on a revolutionary idea, the founders just did something different, bringing safety and convenience to an already established industry.
Uber became popular because it focused on people’s convenience. It made it easy for people to order a ride. Before you come up with a business idea, find out public demand and what people are dissatisfied with then create a solution that addresses their need.
3. Get Funding
Funding is important for any startup. While you can bootstrap your business and take it to unicorn status, it may take years for that to happen. Some of the best funding sources for startups include community development finance institutions, venture capitalists, angel investors, crowdfunding, peer-to-peer lending, and grants.
If you are open to other forms of funding, short-term loans such as title loans online and invoice financing also offer a good way to resolve sudden cash flow issues. They are a great option for small businesses that can’t apply for a line of credit from a bank.
4. Embrace Customer-Oriented Marketing
You can significantly increase conversion rates by putting your customers at the center of your sales and marketing efforts. Boost customer engagement rates by creating great customer experiences, making your brand relatable and meaningful, and using conversational marketing. Also, be ready to change and adapt as customer behaviors evolve.
5. Put in Work
There’s no defined formula for building a unicorn. You must be willing to work extra hard and keep changing your business strategy until you find what works for you. You’ll fail several times along the way but don’t give up. Use your failures to make adjustments and become better. All billion-dollar companies today have failure stories to share. You’re not exempt from failure.
Startups have a 0.00006% chance of hitting a $1billion valuation, but achieving unicorn status is not impossible. Think global, come up with disruptive ideas, secure funding, and embrace customer-based marketing. Put in work to make your unicorn dream a reality.
About The Author:
Aqib Ijaz is a digital marketing guru at Eyes on Solution. He is adept in IT as well. He loves to write on different topics. In his free time, he likes to travel and explore different parts of the world.