Pick five qualities that you associate strongly with entrepreneurship - did you list risk taking, passion, profit creating, vision, boredom… yes, boredom! If you didn’t embody the last one, assume once more, for it’s one amongst the prime factors that have led to a replacement breed - the serial entrepreneur.
A serial entrepreneur is one who doesn’t do things in [*fr1] measures. (Either that, or he just doesn’t get it!) Beginning and moving on from one business to a different is half of his genetic makeup. First, there’s the purebred serial entrepreneur who flirts with business when business, forsaking a fair share of successes and failures; the opposite is either more daring or a hybrid entrepreneur-manager (depending on how you select to view it) who straddles additional than one business at a go. However, both are joined at the hip when it comes to one characteristic - they never understand when (or maybe the word is “how”) to stop.
Most serial entrepreneurs will profess their dislike for usual management of a running business that they were only too glad to begin-up. Whereas they are gung-ho concerning meeting the challenges of a recent begin - outlining vision, raising funds and drawing up business plans, they seem to lose it a bit when it involves taking their business to the next level. And when the novelty of starting out wears off, that’s when the serial entrepreneur bolts the stable! Even those that choose to remain with multiple businesses long after the initial stage, rent a team of capable managers providing the right foil to their own “non-managerial” persona.
It’s additionally rare to seek out a serial entrepreneur with a passion for a particular product or trade - that’s virtually a contradiction in terms. Rather, this breed has its sights firmly trained on more necessary matters - the bottomline, growth potential or cash flow, for instance. Most can confess that they don’t really care what widget they create, as long as it makes them some pretty money!
If you’re a wannabe serial entrepreneur, you might like to require a few lessons from those who are there, done that.
You need to optimize resources. The advantage of beginning a second or third business is that the primary one will facilitate your get a head start. Take resources like money, individuals or IT infrastructure, for example. Don’t duplicate these across businesses - leverage your existing sales force to cross sell; build a group website instead of individual company sites; and combine administrative functions like recruitment and accounting.
It gets easier. Each expertise takes you up a number of notches. A previous history of fitting an organization will add the credibility that's thus essential to gap new doors.
Be prepared to move on. Failure is most likely a more vital half of serial entrepreneurship than success. Whereas you don’t have to appear forward to it, don’t dread it either; definitely don’t be disheartened by it. As the wise folks at myGoals.com advise, failure, particularly by a tiny margin, is found to be a huge motivator, and serial entrepreneurs must learn to accept the higher risk associated with running multiple businesses. Bear in mind, being a serial entrepreneur may be a bit of a long haul; you have to remain in the game to win it.
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