26122024 Bharath, Editorials:
- How should a future unicorn team think and act?
- How are we solving the problem of the domain?
- What is so unique about our solution?
- How is our team to take this challenge?
- What are our advantages and what are other’s disadvantages?
Here are five profound questions that every ambitious founder seeking unicorn status should deeply contemplate, along with the reasoning behind why these questions are crucial:
- Am I solving a problem large enough to support a billion-dollar company, and will this problem still matter in 5-10 years?
This question strikes at the heart of building a lasting business. It pushes founders to think beyond immediate market opportunities and consider long-term sustainability. For instance, when Brian Chesky and Joe Gebbia founded Airbnb, they weren’t just solving a temporary accommodation problem – they were reimagining how people could use their living spaces to generate income while providing unique travel experiences.
- What unique insight or advantage do I have that others have missed or can’t easily replicate?
This forces founders to identify their genuine competitive moat. When Deepinder Goyal started Zomato, his insight wasn’t just about food delivery – it was about creating a comprehensive digital food ecosystem that integrated discovery, delivery, and dining experiences in ways that weren’t being done in India at that time.
- Is my current team capable of scaling 100x from here, and if not, what gaps must we fill?
This question addresses the critical aspect of human capital and organizational scaling. It pushes founders to be honest about their team’s capabilities and their own limitations. Consider how Kunal Shah built CRED – he didn’t just hire for current needs but assembled a team that could handle the complexity of building a premium fintech ecosystem.
- How will my business model evolve as we scale, and what metrics truly indicate we’re on the right path?
This question challenges founders to think beyond current revenue models and understand the economics of scale. When Nithin Kamath built Zerodha, he focused on metrics that indicated sustainable growth rather than just user acquisition, leading to profitability without external funding – a rare achievement in the startup world.
- What could kill my company, and how do we prepare for those scenarios?
This question forces founders to confront potential existential threats and build resilience into their business model. When Bhavish Aggarwal was building Ola, he had to consider multiple threat scenarios – from regulatory changes to global competitors entering the market – and build strategies to address each one.
- Do we have enough runway to achieve escape velocity?
This question goes beyond simple cash flow concerns. It’s about whether the company has sufficient resources – not just money, but also talent, technology, and market positioning – to reach the scale needed for unicorn status. Look at how Swiggy raised significant capital early on to build infrastructure and acquire customers before their competition could catch up. The question forces founders to think strategically about resource allocation and timing.
These questions are particularly powerful because they force founders to examine their core competencies and think deeply about fundamentals rather than just growth metrics.
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