For Subscribers

Building the Right Kind of Unicorn

Unicorns are often criticized for being high risk and offering little in return to investors. So how do you create the right kind of unicorn?

learn more about Renen Hallak

By Renen Hallak

Nay Sakdi Chay Kay Kaew | EyeEm | Getty Images

Opinions expressed by Entrepreneur contributors are their own.

For the past decade, the hunt for unicorns — privately owned startups valued at $1 billion or more — has been an obsession for many investors and founders and the media. Recently, unicorns have come under fire for being high-risk and offering potentially little in return. We've learned through the years that high valuations can be meaningless; just because a founder has convinced investors to part with their cash, doesn't mean they can run a successful and profitable company.

So how do you create the right kind of unicorn? What does it take to build a scalable, successful business — even during an economic crisis?

Here are five key strategies for making your startup a success.

1. Help employees see the company as their own

Providing employees with an opportunity to share directly in the company's success through stock options gives them pride of ownership. It encourages employees to feel motivated and productive because they actually have a vested interest. The more that people think of the company as theirs, the more they do what is right for it. When everyone has skin in the game, you can create a culture based on the collective good and eliminate individual interests and agendas that take away from overall company health.

Continue reading this article — and all of our other premium content with Entrepreneur+

For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:

  • Digestible insight on how to be a better entrepreneur and leader
  • Lessons for starting and growing a business from our expert network of CEOs and founders
  • Meaningful content to help you make sharper decisions
  • Business and life hacks to help you stay ahead of the curve

Related Topics

Editor's Pick

Everyone Wants to Get Close to Their Favorite Artist. Here's the Technology Making It a Reality — But Better.
The Highest-Paid, Highest-Profile People in Every Field Know This Communication Strategy
After Early Rejection From Publishers, This Author Self-Published Her Book and Sold More Than 500,000 Copies. Here's How She Did It.
Having Trouble Speaking Up in Meetings? Try This Strategy.
He Names Brands for Amazon, Meta and Forever 21, and Says This Is the Big Blank Space in the Naming Game
Green Entrepreneur

A Massive Hole In the Sun May Cause Dazzling Light Show Here On Earth

NASA says the coronal hole could blast the Earth with solar winds as early as Friday. What does this mean?

Business News

Gen Z Loves the Toyota Camry. Here's What Car Brands Boomers Love Most

S&P Global Mobility provides data on what types of each age group likes the most, based on car registration.

Business News

'Wanted by Several Countries.' Crypto Fugitive Is Nabbed in Montenegro.

Do Kwon was wanted in South Korea and the U.S. on fraud charges related to TerraUSD and Luna crash.


Working Remote? These Are the Biggest Dos and Don'ts of Video Conferencing

As more and more businesses go remote, these are ways to be more effective and efficient on conference calls.

Growing a Business

The Best Way to Run a Business Meeting

All too often, meetings run longer than they should and fail to keep attendees engaged. Here's how to run a meeting the right way.