The Silicon Review - Best Business Review Magazine 10 Best Startups of the Year 2019 Asia | Page 44

T
Lessons to Learn From Billion-Dollar
Startups to Make It into the Elite List
here is no shortcut to success.
Anyone or any team that has
ever achieved success is due
to their efforts, innovations and a
strong belief in their ethics. And
this success gets a kick start when
founding teams create solutions that
are focused on improving the daily
lives of their consumers.
Its take sheer bravery and talent
to establish a company these days.
While a significant percentage of
companies fail somewhere around
in their fifth and tenth years, an
elite number of startups have
made their own path to drive them
towards becoming billion dollar
organizations. Some of the lessons
that other firms can learn to uncover
valuable business ideas and market
strategies are mentioned below.
Mission-Driven Company
Culture Goes a Long Way
WeWork is an organization aiming
at offering private and share
workspaces for small and medium-
sized businesses. Though it started
off small, the firm is now worth
$20 billion approximately, making
it one of the largest privately held
companies in the US. WeWork
has idealized the art of conveying
its clear mission to its target
customers. Every WeWork space
has a large sign saying “Do what
you love”. The mission that the firm
works with is held precious by
several entrepreneurs and business
communities. Due to its mission
driven company culture, WeWork
has grown really quick.
Focus On What
Customers Love
Back then in August 2008, when
Airbnb started, it was struggling
to gain traction in the market. Paul
Graham, the co-founder of the
influential startup accelerator and
seed capital firm Y Combinator told
Brian Chesky that he should put his
major focus on developing a product
that people will truly love, and not
just a product that they like. Now
Chesky has been following that
principle and goes on to say that it is
always better and smarter to create
a product or service intended to be
loved by a hundred people rather
than something that is liked by a
million people. The network thus
formed when people love and talk
about a product is enough to propel
a business to their heights.
Owning a Market Share
Is Not Limited to Just
One Disruptor
After Uber made a disruption in
the ride-sharing industry, Lyft soon
walked through the same path
three years later. Though it didn’t
have much advantage like Uber, the
company is growing at a faster rate
and is worth $11 billion. Lyft is the
perfect example that shows that a
company can still be welcomed in a
market where there’s already a well-
established pioneer in the market.
Forward-Thinking
Organizations Are
Always Supported
According to a study by Google,
millennials consider Tesla as one
of the best companies in the world.
As many respondents were too
young to have owned a Tesla, this
is a prominent achievement that
the company has made. Therefore,
it’s clear that a company striving to
bring a transformation in the world
will always find a strong foothold in
the market.
SR