Before I tell you what it means to be a serial entrepreneur, I think it is important that I first explain who an entrepreneur is. If you run your own business, you do not depend on an employer for your income, you are what is simply called an Entrepreneur. An entrepreneur is someone who comes up with a new idea or innovates on a previous idea by someone else and builds a successful business around it. The main goal of an entrepreneur is to make sure that this business is raking in enough profit to keep it running and also scale as time goes on.
While most people are traditional entrepreneur who sticks to one business and nurture it to fruition, the world has experienced those called Serial entrepreneurs too.
So, Who Is A Serial Entrepreneur?
A serial entrepreneur is simply someone that is capable of starting and running multiple businesses at the same time. After starting their first business, they tend to hunger for more success and expand by starting multiple more. They either delegate the running of the previous business to someone else or just sell it off entirely.
Various people nowadays love to refer themselves as serial entrepreneur maybe because they started a few businesses but only one survived. Being a serial entrepreneur is no easy feat. Serial entrepreneurs have certain qualities that makes them stand out from the crowd
Traditional Entrepreneur Vs. Serial Entrepreneur
A major difference between these two types of entrepreneur is passion. Traditional entrepreneur tends to be unwilling to leave the comfort of their already thriving business. They are skeptical about starting another business because of the fear of neglecting the first one which could ruin it, so they stick to what they have. A serial entrepreneur on the other hand has this burning passion to try out another thing. They are in love with the process and enjoy working on new ideas, they have little or no fear of failure.
Let us now take a look at some characteristics that make up a serial entrepreneur
(1) A Burning Passion
The strong passion they have is one important thing that makes them successful in the first place. They have strong belief in the goals and work hard to achieve it. Regardless of whether it is working out at first or not, they put in a lot of work hours and even motivate their team because they strongly belief in what they are doing. For serial entrepreneurs, failure is not an option. Once they have this new idea to work on, they try every possible best to build a successful business around it. Although their passion is not heavily fixated on a particular idea, they are just in love with the process. Once they see significant progress in their current business, their mind is already thinking how to start another one simply because they are so passionate about what they do.
(2) Strong Self-Confidence
Most times, starting a new business can be scary, it might be filled with a lot of uncertainty. This is why you need to have a very strong self-confidence. You cannot be a serial entrepreneur if you do not have a strong self-confidence. Serial entrepreneurs have this kind of confidence in abundance. Some might call them egoistic or stubborn, but without this very strong self-confidence, success in another venture is not really guaranteed. Along the way, entrepreneurs tend to encounter various obstacles which may derail them from their path. But with a strong belief in what they are building, they would eventually surmount their obstacles. Self-confidence gives serial entrepreneurs the ability to see the bigger picture even if they are not experiencing much progress in what they are working on.
(3) Good Time Management
This is an important characteristic that you would surely find in Serial entrepreneurs all over the world. Our time is limited so choosing carefully what we spend our time on is important to achieve success. Serial entrepreneurs are great time managers. They know how to compartmentalize and shift from one task to another. This special ability helps them to achieve more. In the present world, there are a lot of distractions, from social media notifications to email messages, even the call of loved ones sometimes can be highly distracting. A lot of responsibility comes with being a serial entrepreneur, knowing how to manage time effectively is a great characteristic that every serial entrepreneur must possess.
(4) Strong Discipline
If you were a successful entrepreneur, you must be a disciplined individual. Being a serial entrepreneur requires much more discipline to succeed. Running a business is no joke and it is even more work when you have a lot of people working under you. You are your own boss but you would still be accountable to some people, for example your investors. Having the right attitude is not enough, a serial entrepreneur has this zeal to get things done, even when it is uncomfortable. They are always focused on the task at hand and they serve as a source of motivation for their team. Without this strong sense of discipline, a serial entrepreneur would derail from their track and eventually spin out of control
(5) Great Team Players
The ability to work with a team is paramount to the success of any entrepreneur. A serial entrepreneur is sure to have a whole lot of people working under them, divided into various teams. Being a good team player is a necessary arrow in the quiver of every entrepreneur. Collaborating effectively with your team members would help you achieve your goal and even give you a new perspective to your business. There are lots of times that a serial entrepreneur would not have certain knowledge needed to get some things done. In this kind of situation, a quality serial entrepreneur seeks out individuals within his team who have this knowledge and leverage on that. This makes them learn new things and also get the job done easily.
Above are some of the major characteristics that serial entrepreneurs possess. This list is not exhaustive as there are other various important characteristics that can be found in serial entrepreneurs. Some examples included the ability to utilize the resources they have effectively, ability to learn from previous mistakes, patience etc. If you are looking to be a serial entrepreneur, you should check out if you have these characteristics already. In case you don’t, work on getting some of them as they would help you greatly in your journey as a serial entrepreneur.