Many people have great business ideas, but they lack one crucial thing. Yes, they lack the courage that serial entrepreneurs have in them. But the reality is that the reward is also more significant if the risk is more extensive. If we look at the basic definition of an entrepreneur, it’s a person who thinks out of the box. For instance, an entrepreneur has all abilities like leadership, investment, and management. So, it’s an exciting business model; that’s why most people love to do this. However, if you think the same and want to start something different, read this piece of writing.
Who is a Serial Entrepreneur? A complete guide about definition:
“A person who starts new businesses and constantly comes up with new ideas.”
Usually, the entrepreneurs start a business with a whole new idea. But a serial entrepreneur is a person who loves to take on challenges again and again. For instance, once the company is set up, they can sell it off and reinvest in the new thing. But a successful person learns from the mistakes and applies them to the next project. Apart from this, there is a difference between an entrepreneur and a serial entrepreneur. Here are the main qualities that draw a line between both:
|It comes with new ideas
|Has new ideas
|Starts business and stays in the company
|Starts the company and doesn’t stay in the company for long
|Play an essential role in day-to-day activities
|He doesn’t play an active role in day-to-day operations
|He handles everything on their own and doesn’t hand over responsibility to someone else
|Hand over responsibility to someone else and start searching for something different
Earlier, we discussed that a serial entrepreneur is a person who starts several businesses simultaneously. However, later that person hands over that business to others and again starts searching for something unique. Here are different types of serial entrepreneurs that are most important:
|These are working mothers who mainly focus on project-oriented business.
|They remove market barriers to survive in the market.
|Apply technology by creating & developing in the form of different products/services.
|They focus on digital commerce and create user-friendly customer interaction and brand management strategies.
- A person should be passionate enough to pursue dreams.
- Moreover, it’s vital to have curiosity because, in this way, you will start digging for new information.
- The serial entrepreneur has a unique charisma in their personality as it helps to attract the right kind of people.
- Above all, intelligence is a must-have ability that will help to handle tasks efficiently.
- Innovation is another important skill because if products aren’t creative, then no one will buy them.
- Time management is a crucial skill because if you aren’t handling tasks daily, then you will stay behind.
In addition, emotional agility is an ability in which you handle things with a positive approach instead of the negative one. But remember, these qualities aren’t final and could be changed according to business requirements. For instance, in some businesses, risk-taking, persistence, and vision are other crucial skills.
What are the positive and negative areas of being a serial entrepreneur?
If you open LinkedIn, you will see more than 857,953 searches that people do to understand the term “Serial Entrepreneur.” However, all inquiries claim different definitions. For instance, according to an MIT paper reference, entrepreneurs learn from their experience. Serial entrepreneurs acquire more experience that prepares them to deal with highs and lows. But if you think that starting a new and unique business is a bed of roses, then you are wrong. Serial entrepreneurship comes with its highs and lows. So, let’s discuss this in detail to understand the guide better.
Advantages of being a serial entrepreneur:
At first, you, a businessman, have a little thought that later turns into a final product or service. But many processes and challenges come on the way. However, a true entrepreneur understands ways to deal with these hardships. So, here are points that give an edge to serial entrepreneurs over traditional.
Freedom/flexibility is the key advantage:
When discussing serial entrepreneurship, freedom is the critical thing most businesspeople miss. We can say it’s a top advantage that helps these people to think out of the box. For instance, you can enjoy the freedom in following ways:
- They don’t need to follow fixed working hours
- Freedom of working from home or any other place in the world
- They don’t need to report to anyone
- There isn’t any restraint in following instructions
Moreover, a serial entrepreneur is the only driver and gives any direction to the idea. Shortly, you don’t need to make anyone happy and can do whatever feels right.
Have more control and efficiency:
A successful person does the work more efficiently. So, serial entrepreneurs are those who can utilize most of their time. For instance, their workplace is their bedroom, lounge, garden, or coffee shop. So, this is the best thing that lets them think out of the box and boost productivity. Apart from this, you can enjoy more control if you work for yourself. You can have better control over these items:
|You can control the hiring process.
|Handles work deadlines
|Deal with the financial matters
|Don’t rely on anyone else’s decision
Above all, you can decide about the ways that you will use to deal with the challenges. Being a serial entrepreneur, you can choose your work in the areas that are your favorite.
As an entrepreneur, then you will have to deal with everything on an individual level. So, in this way, you will get the chance to master weak areas. For instance, you get to meet and collaborate with people from different walks of life. However, it helps in link building and networking that you can later use to grow your business. Apart from this, people come from different backgrounds and get to know the world. We can say that serial entrepreneurship is a distant horizon of knowledge where you grow personally and professionally.
Increased earning potential:
Serial entrepreneurship is an excellent way if you want to get success in a short time. However, being a serial entrepreneur is a good approach if you wish to enjoy high earning potential. It helps to learn from the failures that ultimately enhance your chances of success. So, if you are doing all the hard work alone, then you are the one who will enjoy the fruit too. Earlier, we discussed that serial entrepreneurs think about the idea, plan, start a business, hand it over to others, and move on to the next. So, in this swapping, the entrepreneur earns considerable money. Ultimately, all these things lead to prosperity and a high return on investment.
The disadvantages of being a Serial Entrepreneur:
Running a business is a game of pain and gain. Earlier, we discussed the perks of being a serial entrepreneur. But there are always two sides to stories, and here are some cons as well:
In serial entrepreneurship, you deal with new ideas and types of businesses. However, this situation exposes you to more risk because the audience doesn’t accept all unique products/services. Apart from this, other factors like market competition or uniqueness could lead to business failure. Often, entrepreneurs put their hard-earned money into a project that fails. So, if you are the only person involved in one project, you will have to bear the loss alone.
Serial entrepreneurs face more workload:
In this type of business, you are the only person handling everything. Most people work extra hours in multiple roles at the same time. However, the workload will increase in this situation, and you will start feeling exhausted. So, the early stages of starting a new business could be overwhelming when you deal with management and investment alone.
Irregular financial situation:
The initial days of any business are stressful, where people survive the most. Apart from this, in this period you deal with extra expenses like:
|And project cost
But in starting, people don’t know whether the project is successful or not. Most entrepreneurs make mistakes by not planning for rainy days. So, as a result, they face tough days because a unique business is like a gamble that can take your entire savings. Moreover, if you don’t plan finances well, it can lead to other problems.
There could be a lack of focus:
It’s a natural phenomenon that overwork can reduce productivity and cause burnout. So, as a serial entrepreneur, you will have too much on your plate if you have more businesses in your name. For instance, enterprises demand attention simultaneously, which takes courage and confidence. So, to convert an idea into a success story, you must put heart and soul. But the overwork results in a lack of focus, and you can’t put your heart and soul into one dream project.
“If others can do it, you have the potential to do it too.”
It’s a reality that a serial entrepreneur gets involved in a capital generation game by offering unique products and services. But if you want to be on the road to success, don’t feel afraid of failure. Apart from this, pay attention to everything, even if it’s a bit detailed. If you are a creative and consistent person, it is one of the fastest ways to accumulate capital. In short, it can bring significant financial results. But you need to make sacrifices like time, passion, energy, and vision because these provide a strong base. We have many real-life examples like:
But if you are enthusiastic, nothing can stop you from going ahead. All factors are super connectors and if you fail, try again because it’s a real mantra of success.