Be a Horse or a Unicorn but don’t be a Donkey!

It's important to have a clear understanding of what type of business you have and want.

Are you a "horse” - blissfully content with steady, consistent growth and a comfortable lifestyle? 

Or are you a "unicorn," with game-changing aspirations to change the world and make billions? 

Or, are you a "donkey," unsure of what type of business you want to be and where you want to take your company? Maybe you think that starting a business selling condoms on keyrings will be the next big thing and make you a billionaire.

Understanding the type of business you run can help you set realistic goals, make informed decisions, and find fulfilment and success.

A "horse" business is one that is perfectly happy with steady, consistent growth and a comfortable lifestyle. This type of business might be a coaching or consulting business or something in a more traditional industry and is often, just based on your commercial experience and background.  It may even be a local shop.  It’ll make you a comfortable living and it plays to your inherent strengths.. Horse businesses are not looking to change the world, but rather to provide a stable, reliable service or product to their customers, where the market is established and identified. They are focused on providing a good lifestyle for the owner and their family, and possibly leaving something for their family, but not expecting to retire on it; but that may always be an option too!

On the other hand, a "unicorn" business is one with aspirations to change the world and make billions. These are the Teslas and Apples of the business world, companies that have disrupted their industries, found a niche, made a new market and set new standards for innovation and growth. Unicorn businesses are focused on world domination, and making an impact on the world. They are looking to make a lot of money, and to create a business that is highly scalable. They are hard to create, a beast to manage and very rare; be careful not to get drawn into the allure of potential and ideology…..just ask anyone who’s built a Unicorn

Then there are "donkey" businesses, which are those that are unsure of what type of business they want to be, and where they want to take their company. These businesses may struggle to find direction, set realistic goals, and achieve success. They may be too busy focusing on just surviving, and not thinking about what type of business they are or where they want to be.  It’s often a business trying to find a market and a sustainable business model.  It may be more of a hobby or an idea rather than a business and is often not thought through.

So, how can you determine which type of business you have? 

One way is to ask yourself what your ultimate goal is for you and your business. Are you content with a comfortable lifestyle and steady growth, or do you have aspirations to change the world? 

As the famous philosopher Socrates once said, "Know thyself." This principle applies not only to individuals, but to businesses as well. When it comes to entrepreneurship, it is crucial to have a clear understanding of the type of business you are running. 

Many entrepreneurs may start with a particular vision in mind, but as their business progresses, they may lose sight of their original goals and end up with a business that is vastly different from their initial intentions. This lack of self-awareness can hinder the growth and success of the business.

Being aware of the type of business you have is essential in order to make the right decisions. For example, if you want to grow your business and scale it, then you'll need to focus on growing customers rapidly, building a team and expanding into different markets. If you're running a lifestyle business, then you'll need to focus on providing exceptional customer service and building a loyal customer base.

Whatever you decide, with a clear understanding of your business and a solid plan in place, you can avoid being a donkey and instead, become a powerful horse or a unicorn business owner.

For help with untangling your business, clearing the fog and finding clarity, I’d be happy to help you grab the reins. (Donkeys are also welcome…)