Generally, a unicorn is a privately held startup company with a current valuation of US$1 billion or more. It denotes a company that has achieved significant growth, innovation, and market presence, leading to its high valuation.

Why is the Term "Unicorn" Important Today?

Today, startups play a big role in shaping our world, bringing new and creative ideas to life. In this environment, a "unicorn" is a startup that stands out because of its huge success. These companies are worth a billion dollars or more, but it’s not just about the money. Unicorns are admired for their creativity, their ability to bring something new and exciting to the market, and their rapid growth.

People who are interested in business, especially those wanting to start their own companies, look up to unicorns. They want to understand how these companies grew so fast and became so successful. It's not just luck that makes a company a unicorn. It’s a mix of great ideas, smart planning, and the ability to quickly adapt to new challenges and opportunities.

History of "Unicorn"

In 2013, Aileen Lee, a venture capitalist and founder of Cowboy Ventures, introduced the term "unicorn" to describe startups valued at over $1 billion. Back then, reaching such a valuation was as rare as finding a mythical unicorn. These high-value companies were something special, breaking the usual business norms and achieving something extraordinary.

Unicorns have changed the way we think about business success. Before, it was mainly the big, well-established companies that could reach billion-dollar valuations. However, unicorns showed that even new startups could achieve this level of success with the right combination of innovative ideas, smart planning, and effective execution.

How Use the Unicorn Mindset in Your Sales Strategy 

Embracing the "unicorn" mindset is about blending innovation, flexibility, and extraordinary value into your approach. It’s inspired by those rare startups that skyrocket to a billion-dollar valuation, thanks to their ingenuity and adaptability.

Innovation is crucial. For sales professionals, this means continuously refining and upgrading strategies to be cutting-edge. It's about harnessing the latest technologies and fresh approaches, ensuring solutions are not just current but ahead of the times.

Flexibility is another key trait of unicorns. In a constantly changing market, the ability to swiftly adjust strategies is essential. Sales approaches need to be tailored and re-tailored to fit changing consumer behaviors and trends, ensuring they always strike the right chord. 

But it’s not just about being innovative and flexible. Offering exceptional value is at the core of being a unicorn. In sales, it’s about elevating from just selling products or services to offering enriched experiences and solutions that transform the customer’s world.

Creating a culture of constant learning and growth is also a part of this journey. Unicorns are always evolving, and in sales, this means fostering an environment where learning and development are prioritized, and excellence is a constant pursuit.

In essence, adopting a unicorn mentality in sales is about being more than just a seller. It’s about embodying innovation, adaptability, and unmatched value, stepping beyond the norm to redefine expectations and set new benchmarks in the industry.

Frequently Asked Questions About Unicorn (FAQs)

How Does a Company Become a Unicorn?

A company becomes a unicorn when its valuation reaches $1 billion or more. This status is typically achieved through rapid growth, significant innovation, and establishing a strong presence in the market.

How Do You Determine if Your Company is a Unicorn?

To determine if your company is a unicorn, assess its valuation. If the company is privately-held, a startup, and valued at $1 billion or more, it falls into the unicorn category.

What is a Sales Unicorn?

A sales unicorn refers to a sales professional or entity that extraordinarily outperforms peers and expectations. They achieve this by utilizing unique skills, innovative strategies, and delivering exceptional results in sales.