You must have heard the term “entrepreneur”, as in today’s world every two from twelve adults are engaging in some entrepreneurial activities. The concept of entrepreneurship is new and being adopted by many young adults these days. Serial Entrepreneurs found success early and continue to launch products and businesses consistently.
This Guide Breaks Down The Pain Points And How To Keep “at it” As A Serial Entrepreneur.
An entrepreneur can be described as a person who comes up with any new business idea and has a dream to start his/her own business. He is the one who accepts the challenges and needs and has a clear vision to change things for himself and others too. Although it is a new trend, it still got some deviations in it. There is another category of “serial entrepreneurs” which is a little bit different than the typical one. Serial entrepreneurs have taken the whole concept of starting a new company and coming up with new ideas to another level. They don’t just stop as soon as they start their first company, but they move on to the next by giving the responsibility of the first company to someone else. Serial entrepreneurs are the one who has lots of creative and unique ideas that can be put to start. Such people are actively involved in many activities and each of their company needs them to move forward else it wouldn’t be lasting long.
Serial entrepreneurs are low in number as it requires great strength and determination to deal with the complex range of challenges they have to face. According to a university research, there are more than 70% of the entrepreneurs who don’t try again after their first experience of launching a failed venture. The vast majority of entrepreneurs from generation X (and millennials too) have the mentality of “one-and-done” when it comes to startups or failure. Only a less than 30% of the people are the ambitious serial entrepreneurs who keep on launching other ventures successfully.
Having a look at some of the most successful entrepreneurs of our age like Mark Zuckerberg of Facebook, Bill Gates of Microsoft or Howard Schultz of Starbucks, all these are not serial entrepreneurs. They had a vision, believed in it, founded a company and it worked. These people put all their efforts, investments, creativity and innovation in just a single company. Many of you might think Oprah is a serial entrepreneur than? Well, not exactly, because her commitment is only to her company and brand that has many products. Her company’s product line has evolved a lot over time to stay fresh and keep up with customer’s interest, but it is still a media company.
Many entrepreneurs who are successfully selling their companies might decide to start a new one. To make another company successful they need to pay as much time and effort as possible which will leave no time for multiple iterations. Some might become the mentors or VC for the first company. Many successful entrepreneurs who don’t have the time and energy to found company after company, satisfy the thirst of innovation and progression by growing multiple divisions in the single company just as Facebook, Nike, Microsoft or Google did. At the start, Facebook was just a social media medium to connect you with your friends and family, and now it’s one of the powerful marketing tools which offers so much than that.
If an entrepreneur has started 5 or 10 companies and is not yet as overpoweringly successful as he should be, then this shows the lack of willingness to push through hard times. And when it comes to funds, it wouldn’t give a nice impression to the investors who are looking for commitment and perseverance.
With the race in coming up with new ideas and startups, many people have started launching their businesses, but only a few end up continuing them regardless of how well they are making money from it.
If not money, then what keeps these people motivated and inspired to innovate?
According to a serial entrepreneur Alan Levy, as soon as he achieved monetary success as a first-time entrepreneur, he realized that it wasn’t the money but the desire to innovate and so many other things he loved about being an entrepreneur. The idea of building the teams of people who have completely diverse yet complementary skill sets and competing against other companies makes a serial entrepreneur go forward. You will find many successful entrepreneurs admitting that it’s not the money but non-monetary reasons like passion, hard work, and excitement that keep the fire going. To be on the thin line of becoming either a great success or a great failure needs unordinary courage and risk-taking abilities.
It is easy to look up at some of the most exceptionally successful serial entrepreneurs and think how lucky they are. It might look somewhat easy, but it wasn’t only the “lucky charm” that got entrepreneur like Richard Branson to where he is today. These serial entrepreneurs also have a countless number of setbacks and failed attempts, but the main difference between them and the one who stops is “being exceptional optimistic”. They don’t see these obstacles, delays, and disappointments as permanent ones. It’s the extraordinary optimism that keeps them composed during hard times. To be a successful serial entrepreneur one should understand that it is completely fine to collapse, you wouldn’t learn anything new unless you keep failing and trying a new way out. This doesn’t mean that one should be maniacally happy all the time. Workload or pressure of becoming successful can drive you insane, but keeping an eye on your long-term goals can manage your day to day situations. Every once in awhile take a break and warm up a nice sandwich in the microwave.
It is important to have the ability to embrace hard work and take the responsibility when things go wrong. Starting a company or companies can be quite painful, and it’s not just some motivational quotes or stories that can get you out of any situation. Anyone who is willing to choose this path needs to understand that it’s not always the carpeted road they are going to drive the car on. Mostly you will have to figure it out all on your own without any external help and guidance. Entrepreneurs must have the capability to shut out the outside world and listen to themselves. They need to find the inspiration to continue working within themselves and maintain the focus on the vision of their company.
Unpredictability and risk are the main factors of many entrepreneur’s daily life. Even if someone had an awesome yearly run it doesn’t mean that he/she will have another great run and that’s just how the business goes. Serial entrepreneurs should learn to be more tolerant and open-minded to the pain of uncertainty.