Who is a Serial Entrepreneur?
Do you know how to become a serial entrepreneur? Entrepreneurs have been known as a group of risk takers who take the initiative of establishing a business which in most cases starts from humble beginnings. Although there are stories of so many failed businesses, there are equally stories of successful ones which came about by trying repeatedly. For any successful business today, there are accompanying stories of failures which were eventually overcome. Before achieving success, they had to learn through these experiences what things were responsible for past failures and fixing these.
However that is not our focus for this article as we are interested in finding out who a serial entrepreneur is, what he does, as well as how he does it.
Who is a Serial Entrepreneur?
As the name suggests, a serial entrepreneur is an entrepreneur who has been able to understand the dynamics of setting up business ventures, and continually does so by taking on challenges of building a business from scratch. When the business becomes stable or fully established, the serial entrepreneur is not interested in focusing his attention solely on this business, as he looks for competent hands and delegates the task of running this business. The entrepreneur’s sights are set on the next big business idea and he/she begins to concentrate his/her efforts and energy into bringing this to fruition.
A serial entrepreneur can earn several businesses. However the entrepreneur is not only interested in creating several businesses as he may be interested in selling of fully established businesses at high premiums. This comes with huge gains as the entrepreneur is handsomely rewarded for his efforts. For serial entrepreneurs, they are more interested in setting up businesses, as they see these as economic systems which generate rewards if well planned. They always venture, and in their bid to conquer have been able to gain that critical perspective which gives them an upper hand to surmount challenges or avoid common pitfalls responsible for the failure of many businesses.
A Serial Entrepreneur as a Risk Taker
If there is anything characteristics entrepreneurs are known for, one of the major ones include the capacity to take on risks by leaving the ‘security’ offered by salaried jobs to venture into the unknown. These businesses they are venturing into may either become successful or fail. However for many failed businesses, lessons have been learnt and serve as a guide for new entrepreneurs. For seasoned entrepreneurs, they have gained a critical understanding of how the business world works and know that many times, challenges will present themselves. During these times, the attitude of the entrepreneur determines how far he goes.
While others may see salaried jobs as a safer option for them, the entrepreneur is never satisfied by this option. He always wants to do more, to be in the driver’s seat of things, to become his own boss even when he/she is not assured of a steady income stream, the entrepreneur believes this will only be temporary and moves on. To become an entrepreneur, one should be able to take calculated risks by venturing beyond his/her comfort zone.
Other Characteristics of Serial Entrepreneurs
Getting Restless and Bored a Few Years after Successfully Starting a Business:
This is a common trait of serial entrepreneurs. After having successfully establishing their business, they easily get bored within a few years. They want to start something new, want to cover new grounds, want to go beyond their current achievements. These feelings are not fuelled by greed but by a desire to set up economic systems for generating income or making money. In most cases, they are unable to contain these feelings and these find expression in venturing towards a new business project.
Having a Predominant Fear of Regret
While many people have a fear of failure which leads them to stick to ‘safer’ options of salaried jobs, serial entrepreneurs realize that failure at any venture is inevitable, this is a necessary step in the process of eventually getting things right. This totally eliminates any fear of failure. However a major fear they mostly have is the fear of regret. Serial entrepreneurs see life as presenting opportunities which if not properly utilized will lead to regrets at the end of their lives. This gives them the push to give full expression to their business ideas.
Being Very Objective
When starting a business, there are times when things may look good at the initial stages but at certain points, the business is discovered not to be meeting up with expected targets. This is where serial entrepreneurs take an interested in evaluating every department of the business with a view to finding out if the situation is worth salvaging. If it is, the right strategies are applied to it. However if it is discovered that the business will drain more resources and time than required, it is liquidated and efforts channelled into more productive ventures.
Serial entrepreneurs are risk takers who have realized that failure and challenges are a part of achieving success. They are able to set up several thriving businesses and sell off some. They are driven more by wanting to establish efficient business systems where productivity is at its maximum while moving on to the next big thing.