They never run out of unique ideas and thrive on constantly building new businesses and monetizing fresh concepts. A serial entrepreneur sees through their idea turn into reality and successful execution of the enterprise. After setting up the entire system and having processes in place, they delegate the show’s running to someone they find capable and trustworthy from within the organization and set up the next shop! It’s usually an ongoing process, and nothing stops a serial entrepreneur.
It brings us to the question; of how does one become a serial entrepreneur?
Before jumping into serial entrepreneurship, I believe that a person needs to ask themselves a few questions to make sure; this is a good career path for them. Running a personality test on themselves is also a great idea before setting off, understanding their strong points, personality traits that they need to work upon for a successful run, and what really motivates them!
For the timers, it’s important to start small and one business at a time. It may look easy, but kick-starting a business and successfully managing it takes up long working hours and capital. One must make sure that the loans they take aren’t too large, especially if they will be going on over to another business and requiring capital for that and so on.
Having business partners with complementary skills and attributes is a great way to ideate and establish multiple businesses. This way, the workload is divided, and one can focus on the areas of their strengths. However, it’s important to remember always to have someone who duplicates their skill set or leads to leaving unfilled gaps in the business.
This is probably one of the most crucial parts of setting up a business. One needs to do things differently and visibly stand apart in a crowd. Unless the product or service on offer has a distinct personality, it will not do well. One needs to be on their feet and find the market gaps to be filled by their business ideas.
The importance of time management cannot be stressed enough in serial entrepreneurship. If one wants to establish multiple successful businesses, one needs to be smart about saving time. Learn to delegate and not micro-manage every small task. Focus on the most significant aspects of the business that will lead to growth and outsource tasks done by freelancers or contractors.
In addition to these tips, one must remember to never doubt themselves even in the face of failure. Every idea is not going to work first, and that shouldn’t be a decider of one’s future. Make mistakes, learn and keep moving on!
Some of the most well-known and successful serial entrepreneurs are Oprah Winfrey, Elon Musk, Richard Branson, Mark Cuban, Warren Buffet, but what they all have in common is a great idea and perseverance to see it through!