A business can only become as big as the size of the problem it solves. In other words, if your solution is limited to a local problem that’s your total addressable market, whereas if you solve a global problem your potential market is worldwide.
Global reach, mentoring and networks are important, and in the case of a scale-up they are non-negotiable. Entrepreneurs would do well to focus on five key areas, such as the ones Endeavor enables, to ensure the best chance of success. This is how a scale-up can best embark on a journey towards unicorn status.
In layman’s terms this can be interpreted as: “If you aim to grow 1% every day, it is the small things that add up over time. In a year you will be 38 times bigger than where you were a year before. This is the 1% principle.” I believe working together is key, particularly when aspiring to build a unicorn, because on that level of scale an entrepreneur must take advantage of the net effect of collaboration with human capital — encompassing employees, partners and customers.
Success depends heavily on remaining true to your core competency and purpose and zoning in on what you do best. It is better to have 100 customers who love you and can’t live without you, than 1,000 who kind of like you. When looking at collaboration and intentionality it is easy to see how 100 customers who love your product will grow with you and become your launching pad.