A unicorn is a term used in the venture capital industry to describe a privately held startup business with a value of over $1 billion. As you can imagine, the feat of being valued at $1 billion dollars, let alone for a new, privately owned company, is extremely rare – like a unicorn!
For most people, becoming a unicorn founder seems like an impossible task. But it doesn’t have to be. With an awesome business plan, careful investment and capital fundraising, and a close eye on your accounting and financial situation can help you become a billion-dollar Pakistani startup!
- Create a Solid Business Plan
If you are committed to the success of your startup, you need to have a clear vision. This means understanding your objectives and 5, 10, and even 20 year plan. Creating a clear, detailed, and realistic business plan will also help you attract venture capital and investors, who will give you the capital to actually take your startup off the ground.
- Be Prepared for Rapid Growth
Unicorn startups are businesses that can withstand rapid growth and minimize their growing pains. You must be prepared to do the same for your new business. Prepare for growth in every way – mentally prepare yourself to deal with a larger hierarchy, have the finances in place to handle increased demand, and create a business expansion plan.
- Build the Right Product
You need to have faith in your product or service if you ever want to become a successful business. The right product is one that has an effortless product-market fit. It is also one that is unique, incomparable to competitors, and something that serves to fill a gap.
- Get the Right Investment
As the saying goes, you need to spend a dollar to earn a dollar. If you seek rapid growth and billion dollar valuation, then you need to get adequate investment for your startup. Seek out angel investors or venture capital firms that are interested in your industry and believe in your product.
- Look Towards the Future
Many new business owners look up to experienced entrepreneurs. However, keep in mind that their “tried and tested” formula to startup success from 10 years ago may not be relevant in this technology-driven, rapidly evolving age. Look towards the future for new opportunities to succeed and do not be afraid to adopt new technology.
The most important tip?
Track the right metrics! Metric app allows you to keep tabs on the health of your business, identify key metrics, and track them in real time! Metric is the most founder friendly business finance app in the world, and is your Day 0 Accountant as well as the virtual CFO you need for critical business insights and intelligence! Sign up today!