With companies such as Facebook, Apple, and Microsoft dominating their respective markets and earning billions of dollars each year, it’s no one wonder that every new startup founder wants to achieve the same level of success.
If you ask nearly any startup owner what they see for the future of their company, they will likely discuss thoughts of field domination, hoping to become the sole leader in their field, much like the many “unicorn” businesses we all see coming to success each day.
When we are young, we are encouraged to follow these big dreams, however as adults managing companies, there are many factors we must account for prior to chasing these goals. Starting a business isn’t free, and with more investments comes more influence into how your company is run. While having many investors may seem ideal, each investor then feels they have some say over how your company should be run, which can be frustrating in more than a few ways.
Owning a successful business comes with a wide array of benefits, and in many cases these benefits can include earning millions of dollars and living a life of luxury – something each of us would love to have during our lifetime. Unfortunately, running a unicorn business takes patience, self-control, and excellent decision making, as well as the ability to perform well under pressure, making it a poor career choice for those unable to fulfill those performance needs.
While business trends are an excellent guideline for choosing a field in which to establish your company, there is no possible way to know exactly which field or company will be the next Facebook, Apple, or Microsoft. It takes an ingenious idea and the capability to put this idea into the hands of users in order to establish a unicorn business, however understanding which ideas will spur unicorn-like success is nearly impossible.
Many years ago, simply owning a business was enough for one to consider themselves a success, but in today’s market, only the most successful startups see attention from the media and grow to dominate their respective markets. The goal has grown from making $1 million, to $10 million, to $100 million, to $1 billion, and many startup founders may find themselves feeling discouraged when they realize making $1 billion is much harder than Mark Zuckerberg makes it look. It takes more than a handful of small-time investors and a solid business plan, it takes dedication and patience, and it will not happen overnight, no matter how excellent your business plan may be.
There’s nothing wrong with shooting for the moon, but it’s important that all startup founders understand the reality of founding a unicorn business.
It’s easy to say, “I’m special, therefore I’ll be the next unicorn business founder,” but in reality, making it as an entrepreneur is hard work, and business doesn’t pick favorites. Success can only come with hard work, a great idea, and patience, and even then there’s no guarantee that your company will grow into a billion dollar franchise.
That being said, it’s best to start small, and be happy with whatever growth you have. Each step is one step closer to your end goal, and along the way you will discover exactly what your goal is. You may found your company wanting billions, but along the way you may find that simply cutting yourself a salary without needing a day job is enough to fulfill your business needs. You can only find out by taking the first step, and focusing on where you want to go from where you are now.