Startups Should Aspire to be Camels, Instead of Unicorns
Entrepreneurs typically envision their firm becoming a unicorn, or having a $1 billion valuation. But this isn’t your typical moment. Companies must adapt to the current economic climate and change in order to survive.
Now is the moment to switch gears and behave like a camel if you are the leader of a startup. This is why.
Camels are skilled at gathering resources to survive in some of the worst climates on earth. Even without water, they may live for six to seven months, which is remarkable. The fact that they can consume up to 32 gallons of water at once when they get access to it is more significant.
Using this analogy, can your startup withstand going without water (financing) for a prolonged period of time? Do you know how to make the most of the opportunity to gain wealth when it arises? Startups must stretch their financial resources further in an environment where venture funding is often being done with more caution.
While some businesses that are exhausting their funds still have time to make adjustments, others are simply operating at an excessive rate. These businesses may not have enough time to apply the breaks, and they run the risk of going out of business. It might be challenging to strike the ideal balance between fostering development and guaranteeing longevity, but it’s crucial for businesses to keep both in mind when setting objectives.
You should take into account how your organization is performing on the income front when considering resource preservation. Do your prices accurately reflect both your position in the market and your level of quality? Do you need to review the way your business model is set up? You can live longer without a literal inflow of water by making sure these elements are locked in at the proper locations.
Functionality is more important than aesthetics
When money was easy to come by, many entrepreneurs put their appearance above running a successful business in an effort to attract venture capital firms. Startups used a growth-at-all-costs strategy to obtain significant investment rounds and high valuations.
Successful business owners must prioritize being useful over being attractive if the objective is to develop a strong company and make money linger as long as possible. By exposing the business model’s weaknesses rather than pretending they don’t exist, you can improve its functionality and position for long-term sustainability by making necessary corrections.
However, a word of caution: Being functional does not imply rejecting progress; rather, it simply entails changing how you approach it. For instance, many excellent businesses in 2008 slowed down excessively and missed out on opportunities that might have resulted in considerably better outcomes had they wisely chosen when to accelerate and when to slow down rather than completely hitting the brakes. It’s challenging to achieve this balance, but it’s crucial in times of economic uncertainty.
Finally, camels adapt to every situation, no matter how harsh. Their humps serve as heat regulators, enabling them to withstand sweltering summer heat and freezing winter chill. The thick amount of skin they possess also allows them to sit comfortably on the hot sand.
It’s crucial for business owners to grow a thick skin that can withstand the pressure of managing a company through difficult times. They must not only control their own emotions and actions in response to outside influences, but they must also serve as a control for the highs and lows of their team members. Not only is adaptation advantageous, but it is also necessary for long-term survival.
The characteristics listed here demonstrate how camels are among the toughest and most resilient animals in the animal realm, and how business owners who emphasize the same qualities can build some of the toughest and most resilient enterprises. But maybe most significantly, camels act instinctively with survival as their guiding principle. To thrive, they rely on their distinct advantages. You’d be best served to follow suit if you want your startup to survive a tumultuous economy or any other unforeseen circumstance.