Entrepreneurs are a special group of individuals who solve a particular problem using their creativity. They learn how to monetize their particular idea and create a business out of it.
If that particular business has a valuation of more than 1 billion US dollars then they are termed unicorns.
Between 2020 and 2021 there have been around 44 companies that were declared unicorns. The most valuable unicorn in India is currently One97 Communications (mobile internet company) with more than a billion dollars valuation. The most promised company in 2022 is Byju (online education providing company) because of the current announcement of the company becoming an official partner of the FIFA World Cup.
LESSONS LEARNT FROM INDIAN UNICORNS
Unicorns are using technological innovation and top-notch market strategies to disrupt the existing markets and create new ones. These startups were developed from an idea by a less experienced team and faced similar challenges as any other new business.
However, by studying their story, an early-stage entrepreneur can learn important business lessons to build a unicorn startup.
1. They have a good sense of identifying a problem and solving it feasibly and practically.
2. One of the biggest lessons to learn, is to provide a good work culture(mission-driven culture)within the company.
3. To know how to diminish risk is a very important quality and taking sensible actions when required.
4. Creating a smart team will put your company at an advantage compared to your competition.
5 . Determination, perseverance, accepting failure and working on it no matter the problem thrown at you.