What You Need To Know Serial Entrepreneurship, Signs
Who is a Serial Entrepreneur?
A serial entrepreneur is an entrepreneur who continuously comes up with new ideas and starts new businesses. As opposed to a typical entrepreneur, who will often come up with a single idea, start the company, then see it through and play an important role in the day-to-day functioning of a said company.
A serial entrepreneur will often come up with an idea and get things started, but then give responsibility to someone else and move on to a new idea and a new venture.
As opposed to a typical entrepreneur, who will often come up with an idea, start the company, and then see it through and play an important role in the day to day functioning of the new company, a serial entrepreneur states otherwise.
Is Serial Entrepreneurship for everyone?
Curiosity is a big aspect of being a serial entrepreneur. We are hardwired to seek out new information and ask questions. Curiosity drives entrepreneurs to find answers and solutions many people face or fill a void in people’s lives.
Walt Disney once said, “We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths.”
The curiosity never ceases, not even when we sleep. If curiosity to learn more is part of your personality, you very well could be a serial entrepreneur.
More so if you are ready to take action based on the knowledge you’ve compiled and share it with the world in an innovative way.
The journey toward serial entrepreneurship often begins before you are even old enough to drive. It may have been a lemonade stand or a grass cutting and snow shoveling side hustle, depending on the weather.
The main point is that you acted on your entrepreneur potential early on, whether you realized it yet or not. Sadly, many people see entrepreneurs as money hungry business builders who are not emotionally invested in their investments.
But if you give a serial entrepreneur $100 million, he or she will likely invest most of it in new ideas, startups, businesses, products and more. Serial entrepreneurship is not simply a job. It’s a way of life.
Signs you can be a Serial Entrepreneur
You are curious and customer-centric
Some entrepreneurs start a successful business and then transition with it into the mature stages of the company, helping build a company that will be around for awhile. Think Jeff Bezos and Mark Zuckerburg.
You have more fear of regret than of failure
I’ve never been afraid of failing. However, I am afraid of regret. I don’t want to look back on my life and feel bad that I missed an opportunity. I want to take risks and live life to the fullest. That means I like to start lots of businesses.
We hear this a lot: “Failure is not an option.” Well, serial entrepreneurs know better than to say that, because it’s not true. You will fail. It may not be your first business, but it might be your second or third.
You recognize your current startup won’t make money
A good serial entrepreneur will step away from her current business and evaluate how it is doing. Is it making enough money to reward you, your team and your family? Or, are you wasting time trying to keep it from sinking too fast?
Let’s say that you realize your company may never be profitable. I’ve known some entrepreneurs who were relieved by that news…not because they had a sadistic side. No, they were eager to start on another project. Closing down their current one gave them permission to do that.
You simply know you want to start another company
Nothing will persuade you. You’ll take the payout when an offer comes if it comes, or you’ll find some other way to back out of your current business because you want to start another company. It’s as simple as that.
You already have your hands in two or three businesses
If your business card gives your title as “co-founder” and lists two or more companies, you are a serial entrepreneur.
You don’t always have to build and then sell, moving from one project to the next to be considered a serial entrepreneur. You might like the idea of keeping your nose in each business to mentor, advise or lead. But you have to ask yourself: Can you make that kind of commitment without sacrificing your family.
Being a serial entrepreneur is a choice and if you think you can bear all of its associated risks, then it is for you.