An entrepreneur is a person who starts their journey with a single idea and puts in all their efforts to make it a big success.
The focal point for an entrepreneur is to make their venture most profitable with the least expenditures.
Traditional entrepreneurs often do not wish to start another business along with the existing one, fearing that the ongoing business might be neglected.
However, a serial entrepreneur is capable of taking this brave decision of starting multiple ventures, one after the other.
But, who exactly are serial entrepreneurs?
And what traits do they possess?
Read on to find out.
What Is A Serial Entrepreneur?
A serial entrepreneur is someone who is exceptionally creative in bringing up new business ideas and works hard on those ideas to set up a new venture.
This is someone who can fail over and over again. This is someone who can take the lesson from their failures and turn it into greatness.
Everybody cannot create something amazing with the new ideas that they get, or not everybody has the ability to run multiple businesses at one time.
Only a ‘serial entrepreneur’ will be able to make the magic happen with their passion and focus on innovation and great ideas.
How Do Serial Entrepreneurs Manage Multiple Businesses?
Just because the serial entrepreneur came up with a business idea does not mean that they would be the ones carrying out the daily routines of these new ideas.
Once the business venture starts making progress, the serial entrepreneur will hire a staff just to run this specific company. This way, they will be able to give each of their business companies enough time and focus.
Now we know what you might be thinking. Why would a successful business person think of starting something new from scratch, especially when they are already doing so well with their current project?
Well, that is what makes them a serial entrepreneur. They want to try all their new ideas and transform them into something super successful.
This gives them room not only to experiment with whether their new idea would work in the market or not, but also to give them more exposure and see how better they can get at multitasking.
And, of course, who doesn’t like making some extra money?
And being a serial entrepreneur doesn’t mean that you are only starting a new business on your own.
This could also mean partnering with someone on a business idea. It could also mean you are introducing multiple products in the market under the same business name.
A serial entrepreneur can be someone who likes innovation and loves to handle more than one business idea at the same time (whether these are new products, new services, or a new subpart of your already existing company).
What Is The Difference Between A Traditional Entrepreneur And A Serial Entrepreneur?
The very first and most important difference between the two types of entrepreneurs is their passion.
A traditional entrepreneur does not have the same passion as a serial entrepreneur about starting up multiple business projects at the same time.
Here are a few characteristics of a serial entrepreneur that makes them different from a traditional entrepreneur:
They Are Enthusiastic
Serial entrepreneurs are very enthusiastic about their business ideas and, therefore, make the efforts to make their idea successful.
For instance, when they get a new venture idea, they start working on the business strategies to make it happen. They utilize their resources, including their capital, to start the new venture.
They are very enthusiastic about their new business idea, which drives them to work hard in the same direction.
Once their new venture starts to show progress, they tend to move on to another idea, while having a team handling the current venture.
They Are Not Only Driven By Money
A serial entrepreneur is not only driven by money goals.
This does not mean that they do not want to earn profits, but they don't just focus on the monetary gain.
Because they have so many ideas and have strategized their business plans, the only thing that they have on their mind is how to make their business idea a successful hit.
That is what drives them. They want to make their startup a success story. And once they have achieved this, they move on to their next business idea.
They Are Super Connectors
Serial entrepreneurs are great at networking and connecting with people, as well as connecting other people together.
As a good networker, they believe we have two ears and one mouth and should use them each proportionately. They listen to people's needs and concerns and find opportunities to help them.
To really build an empire you have to be able to build authentic relationships with powerful people and be able to bring value to each one of those people.
They Fail, But Try Again
Playing with new business ideas is a big deal. A traditional entrepreneur might not be very sure about investing their money and time in a new business idea as they might fear the downfall.
A serial entrepreneur, however, is courageous and takes the challenge of starting a new venture and giving it a try in the business market.
They strongly believe in their idea and their own ability to make their multiple ventures work. And, therefore, this helps them analyze the market conditions and take business decisions accordingly.
They Are Good Team Players
Being a serial entrepreneur does not mean that you have to be the only person leading the business idea.
It is good to be a team player and take help from people or partners that can, in turn, help you achieve your goal of turning your new business idea into something successful.
For instance, if you have an idea which is related to an industry about which you don’t have enough knowledge or don’t have the expertise to practically exhibit it, then the best way would be to team up with someone who knows that industry in and out.
Here, you will not only benefit from their expertise in that area, but you will also learn so much from them, which will help you in your business future.
They Utilize Every Resource Efficiently
A lot of people running small scale businesses want to be the only ones running their own business.
They don’t want to involve other people as they would have to pay them. But serial entrepreneurs take the chance and utilize all the resources available to them.
There are so many freelancers in the market who are willing to carry out major jobs for your business. You can hire them at a very minimal fee rate, and they can actually help you make your work a lot easier. And this is exactly what a serial entrepreneur uses to the fullest.
For instance, they might hire a freelance social media manager who will manage their Facebook or Instagram handles, making your social media presence active and up to the mark.
They Are Innovators
A new business idea doesn’t always turn out to be a unique idea.
However, you can make innovations and turn something ordinary into unique. And that is exactly what serial entrepreneurs do if they have an idea and see that this idea already exists in the market.
Serial entrepreneurs try to bring about some innovation that would make their idea more unique or to help build something that doesn't yet exist. That is the reason why they are called innovators.
They Are Strategists
To run multiple businesses at the same time requires strategies to manage all of them. You cannot start a new business and expect it to run on its own.
You need a strategy, a business plan that would help your new venture grow.
Serial entrepreneurs, after experience, of course, understand the importance of strategizing their business ideas in a way by hiring the relevant staff that would help them cope up with their different business ventures.
If They Can do it, You Can Too
Some entrepreneurs feel that they won’t be able to achieve the success that they aim for. But if you look at all the success stories around you, you would be motivated to be like them, or even better than them.
Such an example is of Oprah Winfrey, who is one of the living legends of Serial Entrepreneurship. She appeared as a TV anchor and eventually set up ‘Harpo Productions, Inc.
She is famously known for her talk show, ‘The Oprah Winfrey Show’, and has been a source of inspiration for many serial entrepreneurs. She is not only the co-founder of a famous cable station by the name ‘Oxygen’, but has also set in motion her ‘OWN’ Oprah Winfrey Network in 2011.
Setting up a successful business does not come easy for anyone. It requires a lot of hard work and team effort to make it reach its full capacity.
If you have a new business idea and want to experiment with it, you need to be confident about your abilities to make it happen. You cannot start something when you are unsure about it.
So be confident about your business idea and believe in yourself. You can do it!
If you would like to have more conversations like this, check out The Entrepreneur Cooperative. It's our group of inspiring entrepreneurs helping other amazing entrepreneurs connect with each other and get through the difficult times life throws at us!