What C-suite Executives Can Learn from the Fastest-Growing Unicorn Companies?

What C-suite Executives Can Learn from the Fastest-Growing Unicorn Companies?

We have all heard the term ‘unicorn companies.’ These are privately held companies valued at $1 billion or more, which connotes an innovative and disruptive company. Aileen Lee, founder of Cowboy Ventures, coined the term ‘unicorn’ for companies in 2013. It is often presumed that introducing the right product at the right time in the right market hits the jackpot for the organization to be in the unicorn companies list. Well, that is true, no doubt, but there’s more to it. Two crucial aspects need to be paid more heed to. The company culture & leadership quality.

Fostering a winning culture combined with empathetic leadership qualities can skyrocket the organizational image. There are preconceived notions about unicorn companies, like they care only about monetary aspects at large, the CEOs are ruthless & exploit the team members, contributing to a toxic culture, leading to disorganized operational teams, a chaotic & non-inclusive environment prevails etc. Again, these facts aren’t denied in this article, but these aren’t completely true. For C-suite executives, there are a heap of aspects that must be factored in.

Fun tidbits: California is home to most of the unicorn companies.

The above-mentioned table is represented to show the importance of products being the ‘heroes’. But as we said before, only product being the highlight isn’t the key here. There are a lot of hidden aspects behind these genius product discoveries. We would like to mention them below:

Amalgamating culture with impressive results: According to Deloitte, 88% of executives and 94% of employees believe a distinct corporate culture is important to business success. In unicorn companies, only culture will not sustain a business; it must be combined with performance & results. It is self-explanatory that it depicts not just solidarity but also the quality of valuing your employees. Long-term results matter more than short-term gains.

Fun tidbits: Stanford, Harvard, & University of California are the top three alma masters of unicorn founders.

Set a uniform framework for the team to follow: There are perspectives & orientations when a team comes together as the team functions according to responsibilities given to function. Every team has a goal to achieve, while non-team members may be unaware of these agendas. A lack of alliance becomes an obstacle to achieving the larger or company-wide objectives. Unicorn companies have this intact & ensure every employee in the team is one the same page.

Keep your recruitment balance: In unicorn companies, there’s always a hierarchy in hiring talent. They make sure the employee inflow & outflow are in sync at all times. CEOs should have set goals in their minds as they have to achieve a target. They should aim to work relentlessly towards achieving the goal.

Let new hires dive directly: Unicorn companies create an inclusive environment to connect the new employees culturally & emotionally to the company. Ideal practices these companies follow are mentorship programs or team-building activities. As soon as the new hires start putting in the effort in the core work it gives them a moral boost to start working efficiently & effectively from the first day itself.

Fun tidbits: The top 10 most valued companies are evenly split between China & the United States.

Unicorn companies have ideal managers: This is considered a greater advantage than having a better salary. Ideal managers who are recruited in these unicorn companies have a knack for creating a healthy & impactful work distribution pattern. These managers are empathetic & keep developing skills. It puts them in positions wherein more growth is possible. An aspiring C-suite executive can inculcate this habit to be in the good books of the team allocated to him & also the upper management of the organization.

Have a streamlined selling process: The selling process in unicorn companies is pretty sorted & in place. The skill to qualify & close deals is impeccable. Sales individuals can qualify deals in & out more quickly while prioritizing their time to spend on tasks depending upon a hierarchy set by themselves. The team is given the freedom to handle their sales according to each team member's experience of dealing with the actual sale.

Fun tidbits: In 2016, China and the U.S. were neck to neck for the greatest number of unicorn companies.

Signs you’re about to be a unicorn company:

Unicorn companies are highly respected in the business world, and rightfully so. As it is universally known, to reach a unicorn status, a company needs to reach an investor valuation of $1 billion or more. Very few startups reach this kind of a successful stature. They go through a lot of difficult hurdles to turn a company into a multi-billion-dollar enterprise. Here are some signs of reaching near the unicorn tag:

1.You’re the market pioneer: In unicorn companies, there is always a disruptive measure that makes it separate from the competitors. Your adaption of technology & innovative approach has taken you on a pedestal of recognition & growth that will definitely carry you till the unicorn stage. Your peers & subordinates always help you hear this.

2.You’re customer-oriented: Not only to cut costs but to build a connection with the customers, you directly sell to the customers. In this way, when you’re about to enter the list of unicorn companies, you get immediate feedback of your as you directly interact with them face-to-face or via your e-commerce website.

3.Growth-driven: Unicorns have committed growth strategies which opens doors for investors as per the organization’s need for a valuation. Investors are intrigued by your idea of doing business & always check up on you to see whether or not you need an investment boost. As they see potential in you, they are ready to invest as they believe in the idea, too.

Fun tidbits: 94% of the unicorn founders are men, and the remaining 6% are women.

4.A strong business model: Unicorn companies often possess a transformational business model that drives in growth & upsurge in the revenue figures. You witness strong funding rounds from venture capitalists & private equity firms. Your investors understand your focus is user-based. They also understand the potential of the demand your business will get in the market.

Conclusion:

Innovation & agility are the cornerstones of unicorn companies in recent times. Fostering a strong & coherent company culture along with the required empathetic leadership takes a unicorn company far in the long run. An inclusive environment in an organization, crafting the core values & fostering a balanced perspective overall helps the company gain higher employee retention rates. The internal culture of an organization drives ideal performance & growth, making it a fundamental element for the company’s sustained success.

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