Each year without fail business owners attempt to turn their startups into unicorns which can be defined as such:
The term unicorn refers to a privately held startup company with a value of over $1 billion.
As you can imagine, this is difficult. How difficult you say?
Well a study done by CBInsights found that out of 1,119 US seed tech companies, only 15 ever reached that level or about 1.3%.
Another way to look at that number is that 98.7% of them failed to reach that level.
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Now while a few of the balance exited for less than $1B, many many more failed entirely.
By comparison, the odds of winning a hand of blackjack at a casino are over 40% and that’s literally gambling.
So my question is why would anyone try to build a business this way knowing these are the odds?
That’s like investing all of your time, effort and money into planning to win the lottery.