Not everyone is Elon Musk, right? Neither will you find an Oprah Winfrey at every corner! They are your quintessential serial entrepreneurs, entrepreneurs who have attained spectacular success with not a single but multiple businesses.
Starting a new business isn’t easy; one in five enterprises shut down within the first two years, and nearly half don’t make it to 5 years. Is their marketing strategy faulty, or is it financial woes that drain the budget even before the business gains momentum? Whatever the reason, building something from scratch takes courage and talent.
Who is a serial entrepreneur?
When you meet an individual who has tasted success time and again with whatever he has ventured into, it’s obvious he is not like everyone else. This individual is a serial entrepreneur with a difference that stands out from the rest of the entrepreneurial tribe.
A serial entrepreneur comes up with an idea, and when the venture starts to show progress, he hires professionals to run it for him. This ensures that he can give adequate focus and time to each initiative.
What makes a serial entrepreneur different from the rest?
- A serial entrepreneur is different from others because he always looks for new beginnings. He wants to try new things instead of dedicating his time and efforts to maintaining what he founded. He is adept at multitasking and open to experimenting with new ideas in different markets.
- The distinguishing feature of such an entrepreneur is his passion for innovation and ability to handle various business ideas simultaneously. He doesn’t need to set up every venture independently as a serial entrepreneur. He could partner with others and launch multiple products under the same brand name.
- A serial entrepreneur has the power to identify lucrative business opportunities. He can come up with a clear vision for a business and stays most excited during the initial stages. This is when he is actively involved in product conceptualization, attracting investors, or building teams.
- Serial entrepreneurs are not your run-of-the-mill entrepreneurs. Traditional entrepreneurs are risk-takers but won’t be tempted to risk everything to translate their vision into reality. Serial entrepreneurs, on the other hand, are go-getters who have an unending list of ideas, an in-depth knowledge of the market, and an ambitious streak that is hard to come by.
- You won’t find a serial entrepreneur easily succumbing to pressures and setbacks. They won’t give up in adverse situations and look at obstacles and problems as opportunities rather than deterrents.
- If you meet serial entrepreneurs, you will notice that they are always looking for something new to excite their minds. They get bored quickly because they are inquisitive. It’s the spirit of adventure that keeps them going.
- You won’t find a serial entrepreneur satisfied with his achievements, the urge and drive to do something new. Their work is always connected to a broader purpose. This could be as dramatic as revolutionizing an entire industry or solving buyer pain points. Their restlessness keeps them energized and unafraid to take significant risks.
You can heighten your chances of success by working in close contact with a serial entrepreneur. He can mentor you about new business ideas and give you the courage and guidance you need to take them forward.