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CB Insights reports that as of 2023 there are currently 1,200 unicorn companies actively working and growing. These are IT startups valued at over 1 million US dollars in the market. However, according to Review42, only 1 out of 10 startups become successful and globally recognized. Most of them lose ground by the fifth year of their operation. The reasons vary for each case, but the most common one is a lack of funding.

On the one hand, the statistics are disheartening, but on the other, they offer a glimmer of hope. You could be that "1 in 10" who builds a unicorn company. However, to do so, you need to start off the right way and stick to a plan. The following 6 tips will answer your questions about how to launch a startup what pitfalls to watch out for and what steps to take post-launch.