Many of the unicorn startup companies are based in Asia. One of the greatest strengths of this region is its vibrant startup ecosystem. But of course, that’s not all to the success of the unicorn companies. Wondering what could be the key to their success? Take note of these beneficial lessons from the very best.
1. Cater to People’s Needs
Meeting customers’ needs is one of the most important things that need to be done by startup companies who aspire to be successful. Take a look at the thriving companies these days. For example, Grab or Go-Jek, the two companies that offer services in online transportation. They understood the people’s need of getting transportation easier at any time and anyplace and made it into an opportunity. Another example is the way McDonald’s always adjusted their menu to the preferences of people in a certain country, resulting in different variety of menu across the globe in order to meet their demands instead of trying to push people to buy what they have to offer without considering the customers’ preferences. When it comes to successful companies, it’s not about what you sell, but rather what your customers need. Understand what people want to buy from you and have that demand supplied. In this era, it is far more important to focus on what people are buying instead of what your company is selling.
Who can deny that technology runs our daily lives and it changes the way we do things? The internet, especially, is very powerful. Technology draws people to unicorn startup brands and has been one of the most important keys to their success. If you think about it, a lot if not all of the unicorn companies today are the companies that best utilize the power of technology and the internet and continues to support these companies’ growths. Undoubtedly, mobilizing your startup company by going online is something that you cannot afford to look away from.
3. Trust Culture Building
All startup business owners need to understand that building trust with customers is very important. The way it is done is to innovate. People are more drawn to real results instead of an impressive presentation. With real results, funds come in. Profit margins, growth stats, and the revenue of your business must give off an impression of the kind of innovator you are.
4. Innovate First, Then Grow With Repetition
Being able to execute the idea of your innovations well is absolutely critical to your success. It maintains your business running for a long time. Ensuring good processes and systems, streamlined operation and refined process at all times are the essentials to a long-running and thriving business.
5. Be Creative Let’s take an example from Byju, the unicorn company that earned 20 million users within three years of its launch. Successfully, it acquired 1.26 million annual paid subscribers. How did they manage to pull this off? Well, Byju Raveendran, the learning app’s CEO, first embarked on the journey by teaching students at campuses and schools. Due to his creative idea at that time, he managed to turn it into a billion-dollar company with big inv