A unicorn is a term used in the venture capital industry to describe a privately held startup company with a value of over $1 billion. The term was coined in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures.
According to Investopedia, companies with valuations of over $10 billion are sometimes referred to as decacorns.
According to the Hurun Research Institute’s Global Unicorn List 2020, India is home to 21 unicorns, valued at $73.2 billion. Paytm is India’s highest-valued unicorn, at $16 billion. Top 10 Indian unicorns make up 78 percent of the total value of unicorns, while Paytm alone claims nearly 22 percent of the total valuation share of these unicorns.
Find the right idea
The most essential work of your startup if you are aiming to become a unicorn is to find the right idea for your business. The idea has to be innovative and should have the potential to work. The idea should create a change in customer behaviour and also improve their lifestyle.
Understand the potential of your product
It is very important to understand whether your product will fit the crowded and the cluttered market and has the potential to stand out. Your product should also be attractive enough to encourage customers to pay a premium price on a regular basis.
Keep your customers in the centre
The job of a startup is to find a solution to a problem that customers want to solve.
Recognise your weakness & Keep an eye on the competition.
Never lose sight of how the industry and competitors are evolving, especially start-ups with new and potentially disruptive ideas. If you have to succeed, along with your strength, it is also very important to identify your weakness. If you understand your gaps and imperfections, you can always make away with them. This ability defines the success of a startup.