The anatomy of a unicorn business and what you can learn from it (Part 2) Image: Annie Spratt In the first part of our series on unicorn businesses, we explored the concept of startups reaching extraordinary valuations without being publicly listed. We discussed prominent examples like Bytedance and Carsome, Malaysia’s first and only unicorn company. We also touched on the importance of disruptive innovation, customer-oriented marketing, and technology integration in achieving unicorn status. Now, in part 2, we will delve deeper into these topics and uncover more insights that can help you on your journey to becoming the next unicorn. So, let’s continue our exploration of what lessons we can draw from their strategies! Put in lots and LOTS of hard work Unless you’re one of the lucky few, success doesn’t happen overnight for most people. It’s all about consistency, sticking with it, and putting in the work. It may sound cliché, but the secret sauce is to keep trying, even when things go wrong. Stay focused, stay committed, and stay motivated. That’s what it takes to make it big. After all, the journey to success is no stroll in the park – it’s a marathon, not a sprint. Globalise your business Have a goal to generate $1 million dollars in revenue as quickly as humanly possible? Consider taking your place in the global market. If you want your startup to reach unicorn status, you need to focus on the global needs and values that transcend borders. Image: rawpixel Take software startups, for example. They often have a leg up in the entrepreneurial world because they tackle a major global need. Vacation rental giant Airbnb nailed it by fulfilling a basic human need for accommodation that people all over the world have. Tourists and hosts alike love the simplicity and ease that Airbnb’s website and mobile app provides. Find investors Now, let’s talk about the practical side of things: investment. And the answer is pretty obvious: network, network, network! Unicorn companies often owe their success to strategic partnerships. By forming alliances with high-value firms in their sector, startups can attract angel investors and make a significant impact on a global scale. But here’s the key point, perhaps the most crucial one: having a predictable business model. Investors want solid, reliable, and promising business models. Additionally, angel investors prefer to actively participate in the businesses they invest in. That’s why they tend to gravitate towards companies that align with their own interests. So, building a strong connection with investors who share a common interest can work in your favour. Strategise fast growth Growing and developing a growth and sales forecast strategy is important for all businesses, but it’s even more crucial for unicorn startups. These startups get high amounts of funding to fuel their growth strategies. To expand fast, and outshine competitors, they offer their product/service at a lower price. Image: Freepik They invest large sums in each financing round to grab the largest market share and keep competitors at bay. As a result, the value of a unicorn skyrockets with each funding round. Rapid growth happens quickly, unlike slow organic growth. It’s riskier in many ways, but entrepreneurs are willing to take risks because they know they’ll reap the rewards in the end. Conclusion In conclusion, while the odds of becoming a unicorn business may be slim, it is not impossible with the right combination of determination, innovative ideas, and hard work. SalesWorks, Asia’s leading face-to-face marketers and sales experts, can provide the necessary support and guidance on this challenging journey. With over 25 years of industry experience and a presence in multiple countries, SalesWorks offers a range of comprehensive services in sales activation, including face-to-face marketing and sales. We have proven ourselves as a reliable subscription activation agency that delivers high-quality, high-volume sales and brand support. What sets SalesWorks apart is our commitment to client satisfaction and risk-free client acquisition. We ensure that clients acquire new customers without bearing any financial risks and pay only for the results they deliver. Furthermore, our interactions with customers guarantee a high return on investment through quality engagement. SalesWorks is well-equipped to help businesses navigate the challenging path towards unicorn status. Through our expertise in face-to-face marketing and sales activation, they provide a reliable and risk-free solution for acquiring new customers, guaranteeing a high return on investment and enhancing brand reputation. Contact us today to learn more about how we can support your business’s growth aspirations!