In this article we shall discuss about Serial Entrepreneur. The process of starting a business isn’t a simple task. Finding a lucrative business plan is difficult. Implementing an idea for a business and transforming it into a business that is successful is even more challenging.
This is why, after establishing a solid business, many entrepreneurs focus all their energy and efforts on the ongoing growth of their company. They do their best to ensure that their business doesn’t fail, because they’d have to tackle the difficulties of establishing an entirely new company and over.
There is a different group of entrepreneurs that seem to enjoy the risks and uncertainties of starting a brand new venture starting from beginning from scratch. They’re brimming with business ideas and, once they’ve implemented one of them and make it an enduring business, they’re going to work on a different idea, sometimes in a completely different field. These entrepreneurs are referred to by the term “serial entrepreneurs.
Serial entrepreneurs love solving various problems , and they enjoy seeing their ideas come into the light of day. After a business is successful, they can either leave it under the supervision of a skilled manager and head off to begin a new venture or sell it to concentrate on their next venture.
Elon Musk Profile of an entrepreneur who is a serial success story
One of the best instances of serial entrepreneurs can be found in Elon Musk. Elon Musk is arguably the poster child of serial entrepreneurs. Musk began his venture into business by founding Zip2 in 1995. It was sold within four years in 1996 to Compaq in a deal worth $307 million.
Then he launched X.com in 1999. The company became a part of Confinity in 2000. It later was rebranded as PayPal. In 2002, eBay purchased PayPal in 2002 for $1.5 billion. Musk put all the money that he earned through this sale in three different businesses: SpaceX, Tesla, and SolarCity. After that, he was able to create and co-found Neuralink, The Boring Company, OpenAI, and conceptualized Hyperloop.
In light of the fact that even starting a company is a daunting task What is it that makes entrepreneurs who are serial like Musk that allow them to establish not just one but a number of businessesand be profitable?
Let’s find out the things that serial entrepreneurs do in a way that others do not:
1. Serial entrepreneurs collaborate with other entrepreneurs and their partners
Many serial entrepreneurs are aware of their own limitations. Often serial entrepreneurs begin companies in a variety of fields. For example, Musk has started businesses in the fintech field as well as the automotive industry, space and more.
Naturally, it is impossible for any person to be skilled in such a broad spectrum of fields. However, entrepreneurs who are serial aren’t letting this hinder them from pursuing their dreams. They instead collaborate alongside other highly educated and skilled individuals to fill in their knowledge gaps and expertise in specific areas.
If you examine the majority of serial entrepreneurs, you’ll be able to see that they didn’t start all of their ventures on their own. For example, Musk co-founded Zip2, Tesla, SolarCity, Neuralink and OpenAI along with other entrepreneurs.
Similar to numerous serial entrepreneurs like Andy Bechtolsheim (Sun Microsystems and Arista Networks), Neil Patel (Crazy Egg, Hello Bar, and KISSmetrics), Jack Dorsey (Twitter and Square), Dustin Moskovitz (Facebook and Asana) … you can name them. They didn’t create all of their businesses on their own. Instead, they sought out others with the same skills who had the same vision and created businesses with them.
In addition to collaborating with others in the creation of new businesses Serial entrepreneurs also depend on others to manage and run their businesses for them. We all know that running the daily operations of a couple or three businesses isn’t easy and the serial entrepreneurs are aware of this. So, they don’t attempt to accomplish it.
Instead, they will put their attention on one particular business at the beginning of the process then build it until it is profitable, then put the systems put in place that keep the company running, and then they find an experienced manager to manage the company for them as they start another company.
2. Serial entrepreneurs benefit from platforms and pay other entrepreneurs
The running of a business requires an enormous amount of effort and time. To simplify things for their employees serial entrepreneurs are adept of using platforms and systems to automatize different tasks and decrease their work load. Apart from freeing up their time, automation can help serial entrepreneurs cut expenses, increase efficiency, guarantee the quality and consistency of their work, as well as improve the quality of governance and reliability.
The internet has offered entrepreneurs hundreds of platforms that they can utilize to automate different aspects of their business. If, for instance, you’re making use of the social web as a part of the digital advertising plans There are hundreds, if not hundreds of digital marketing and social media tools available at your available.
There are platforms available today which can be used to automate almost anything including automation of customer service and lead generation email marketing, report generation and distribution as well as content scheduling and posting invoice and billing and many more. It is also possible to make use of Learning management software to manage tasks like onboarding employees.
Apart from platforms Serial entrepreneurs are also adept outsourcing their tasks. Let’s say, for instance, you’re in need of creating content to promote your business but don’t have time to manage it all yourself You don’t want to employ an entire time content creator.
In these situations, the majority of serial entrepreneurs outsource these jobs to contractors. There are now a myriad of platforms for freelance work where you can find freelancers who take on tasks such as the creation of content such as graphics design, marketing on YouTube as well as creating websites or social media site, and more.
Being aware of the right time it is time to delegate or streamline work allows entrepreneurs with multiple businesses to manage their companies at the same time, without one of them being ignored.
3. Visionaries are serial entrepreneurs.
When traditional entrepreneurs set out to start their own business and then make it profitable, they pour all their energy into that one company. They try to find ways to keep their company profitable and keep ahead of their competitors.
Serial entrepreneurs On the other hand they aren’t content operating a single company. They are brilliant visionaries who see the kind of future that could be like and set up businesses to create the type of future they envision.
For example, Musk started out by thinking of a future where individuals could electronically transfer money and he created X.com. After the company was sold and imagining the world of the future that doesn’t have to rely on fossil fuels. Therefore, he founded Tesla to create electric cars. The same way, Musk envisioned a world in which people often travel to space and he set up SpaceX to create rockets that can be reused.
This is among the characteristics that distinguish serial entrepreneurs. They always think about the future and are always looking for methods to help make their visions happen.
4. Serial entrepreneurs aren’t scared of failing
Beginning a business is an investment that is risky. There’s no guarantee that the business you start will be successful. Actually, nearly 90% of all businesses fail with 10% failing within the first year. That means anyone who plans to start an enterprise must be prepared to fail. This is actually one of the primary reasons that prevents many people from starting their own businesses.
For entrepreneurs who are serial the risk of failure is multiplied many times. Every business they launch there is a possibility that it will fail. But serial entrepreneurs don’t let their fear of failure keep them back. They are aware that it’s an element of the game and many have had to fail several times.
Richard Branson, a renowned serial entrepreneur, who has several businesses within the umbrella of Virgin Group, is no one to be afraid of failure. Branson’s venture into entrepreneurship began when he quit school to pursue his first venture, Student Magazine. The business, however, was not very successful and he later shifted to music.
Richard Branson’s was not his sole business failure. He has also had a number of failed companies which include Virgin Cola, Virgin Cars, Virgin Brides, Virgin Digital and others. However, despite all of these failings, Richard Branson has continued in the business of starting new companies.
Branson aside the other serial entrepreneurs, many have either failed or been flirting with failure several times, yet they refuse to let this hinder their progress. It’s this perseverance and refusal to give up even when they’ve experienced numerous failures, that make them able to create several profitable business.
Alongside being at ease with failure, entrepreneurs are also extremely confident of their abilities and capabilities. A study conducted from Coutts along with the Centre for Entrepreneurs found among the first-time entrepreneurs 40% of them reported the worry that their venture could fail. For entrepreneurs who have created six to 10 companies however only 13% of them said they were worried that their venture could fail.
This indicates that serial entrepreneurs are confident about their ability to create an effective business. This is a major reason they achieve success.
5. Serial entrepreneurs are experts at managing their time
A good time management skill is one of the essential abilities for a successful entrepreneur. The entrepreneurs who are successful in the past require even greater proficiency in time management than the average businessperson.
The fact that multiple companies are operating concurrently requires that a serial entrepreneur is required to attend all meetings to develop strategies to ensure the ongoing growth of their businesses and come up with fresh concepts, meet with shareholders and investors and shareholders, and so on. It’s impossible to accomplish this without effective time management as well as a few productivity hacks.
Musk, the poster child of serial entrepreneurship gives a wonderful example of what it is to be a great time-manager. Musk adheres to a strict daily schedule that he sticks to by breaking his day into five-minute slots.
Musk also follows a strict schedule for the week. In an interview in 2013, Musk reported he spent Mondays at SpaceX at Los Angeles; flew to the Bay Area to work at Tesla on Wednesdays and Tuesdays while working at SpaceX on Fridays and Thursdays and spent the weekends working at Tesla or split the time between the two companies.
Without this control of time, it will be difficult for Musk to manage two profitable businesses. If you want to be an entrepreneur of a few hundred times time management is among the essential soft skills to master.
6. Serial entrepreneurs adapt quickly
There’s a popular saying in the military that says every battle plan is destroyed when it comes into encounter with an adversaries. It means that no matter how well you think about it the events will not take place exactly as you laid they would, regardless of how well your business strategy is it will always be factors you did not consider.
For entrepreneurs who are serial the chance of something going wrong is more likely due to the fact that serial entrepreneurs may create businesses in areas they are not experts in. How do they manage to create successful businesses in these industries?
As it turns out, Serial entrepreneurs can be masters at adaptability. They are aware that regardless all the planning they’ve made, the business is always going to surprise you. So, they’re always willing to adjust and pivot as they go through the development of products and customers until they find the right solution.
As an example, when he founded SpaceX Musk’s idea was to create the greenhouse necessary for humans to cultivate foods on Mars. Musk planned to make use of refurbished intercontinental ballistic missiles for transporting the greenhouse’s technology to Mars. After struggling to find new missiles Musk took a different route and decided to design his own rockets that can be reused.
This ability to rapidly adjust and pivot in facing of obstacles and challenges can be a major factor in helping entrepreneurs with serial businesses create profitable businesses.
7. It’s not their only goal.
Many people begin companies to earn money and become wealthy. However, for serial entrepreneur it is not the primary goal. The primary focus on the part of these entrepreneurs is finding solutions to complex issues.
To better understand the how serial entrepreneurs feel about their love/hate relationship with money, ask yourself this What would you do If you had $180 million today?
A few would decide to retire and spend their time on a exotic beach. Others might buy a home or buy something else they’ve always dreamed of. At a minimum the majority of people would put the money in something that has the lowest risk in order to not lose the funds.
But what should an entrepreneur who is serial? When he sold PayPal in the hands of eBay, Musk made about $180 million. But he didn’t relocate to a tropical beach resort or invest the money into a high risk investment. Instead, he poured all the money into two startup companies: SpaceX and Tesla. At some point, he ended up in bankruptcy.
Fortunately, both companies came over and allowed him to create an enormous fortune. At one point in his life, he was the most successful person on earth however, only briefly.
This is one of the things that is what makes serial entrepreneur successful. They don’t focus on cash. In fact, they’re focused on creating the next thing that will be the biggest.
8. Serial entrepreneurs aren’t lost in the analysis rut
When starting a new venture the majority of people invest a significant amount of time studying how to plan, making research, creating an effective sales procedure and the list goes on. While being well-prepared is great but the issue is that many people are caught in a state of analysis paralysis. They are waiting till they’ve got all of the necessary information and, unfortunately, this means they are never able to begin.
As per Jack Dorsey, a serial businessman who co-founded the companies Square and Twitter the real learning process begins when someone is into the game. This is is shared by a lot of the other entrepreneurs who have been serial.
Serial entrepreneur don’t sit and wait for the right moment or until they’ve acquired all the information they require to be aware of. Instead, when they have enough information, they get into the ring to begin creating their own businesses.
After they have created something concrete, it is easier to know what’s working and what’s not, what the clients would like, and so on.
Serial entrepreneur don’t even involve other people until they’ve got something tangible. They don’t approach investors or customers before they’ve developed a viable product or have identified a market-ready product. They know that nobody is willing to be willing to invest in the idea that’s just in their heads.
In the same way, if you wish to succeed like an entrepreneur who is serial You should concentrate on starting now. Begin to write the code for the application you’d like to develop begin building the website, and then begin developing the minimum viable version of your app.
9. Entrepreneurs who are serially successful are always seeking new opportunities
Entrepreneurship is a result of the ability to spot and profit from opportunities. But, while the average businessperson only considers opportunities within their particular industry serial entrepreneurs are always searching for opportunities in every possible sector and industry.
Serial entrepreneur seek to be aware of each industry and every sector they are in contact with, and then quickly attempt to pinpoint problems within these areas that they could overcome. That is they’re always seeking problems to address even if it’s within an industry that they know absolutely nothing about.
However they place a lot of effort in studying. They don’t simply enter new fields blindly. Instead, they learn everything they can about the industry prior to deciding to enter it.
Are you prepared to launch an additional business?
Beginning a business can be challenging when you’re starting out, and once you’ve found an area of success it is common for entrepreneurs to put all their attention on the company. Serial entrepreneurs are, however like the challenges of creating a business from scratch and constantly hunt for the next opportunity.
What do serial entrepreneurs possess that allows them the capacity to launch one business that is successful after another? This article we’ve revealed nine of the things serial entrepreneurs can do differently that allow them to create profitable businesses across multiple sectors.
If you’re a first-time business owner and are considering making the leap to launch your second venture We hope that these suggestions will help guide you and boost your chances of success with your new venture.