Don’t stress if you haven’t heard the term serial entrepreneur before. You aren’t the only one! The term isn’t really common, not even in the business world. One primary reason for this could be that there aren’t many serial entrepreneurs around. It takes immense courage to take such a bold step and become a serial entrepreneur.
Typically, entrepreneurs tend to dedicate their lives to a single business. They don’t consider trying out something else as an option. This is why anyone who isn’t satisfied with merely a single business is viewed differently.
But this is what being a serial entrepreneur is all about. A serial entrepreneur is one who continues to come up with fresh ideas and launch new businesses.
Keep in mind that if you give up on one idea and try something new, you aren’t considered a serial entrepreneur. You have to see your vision transform into reality to be called one. Serial entrepreneurs establish one company and take it to a point where they don’t have to be involved in its every aspect before moving on to a new one.
How to Become A Serial Entrepreneur: A Complete Guide
If you are still struggling to grasp the difference between a serial entrepreneur and an entrepreneur, there’s a pretty simple explanation. The former will never sit still for long. They will always be on the lookout for new opportunities and new markets. They always continue venturing into new directions.
Naturally, being a successful serial entrepreneur is not an easy feat. Establishing one successful business is challenging. How to try your hand at so many and do that successfully? That’s the reason serial entrepreneurs are considered legends in the corporate world.
An excellent example of a successful serial entrepreneur is Richard Branson, the owner of the Virgin Group. Do you know Virgin group owns as many as 200 companies? That’s right! So how can you follow his path? There are actually some pretty simple steps to follow.
But first things first, you have to start with research. Approach every new venture as if you are a newbie. Gather information about your business. Read every material available. If you start your new company like an amateur, you are less likely to commit mistakes due to overconfidence.
1. Surround Yourself With the Right People and Partners
Naturally, you can’t be gifted in every area of business. When you decide to launch a new company, you will have to familiarize yourself with the market. You will need sufficient knowledge which will enable you to run your business.
Of course, the first couple of companies can be related to your field of expertise, but eventually, you will have to step out of your comfort zone. And this is where your partners will prove to be valuable allies.
If you intend to open a business in which you have no practical knowledge, partner with someone who has what you lack. You can find someone already working in the field but on a smaller scale. You can fund the project and let him decide the course of the company with his expertise. An important aspect of being a serial entrepreneur is knowing when to step back.
2. Take One Step at A Time
We get it. You want to operate a series of companies. But you can’t expect things to fall into place overnight. If you start multiple projects simultaneously, you will be stretching yourself thin. You won’t be able to give adequate time to any project. The result? Things are likely to blow up sooner or later.
The journey to becoming a serial entrepreneur starts with small steps. Establish one small company and use its revenue to launch your next idea. Don’t overinvest to the extent that you will have money tied up in places and nothing left to run your business smoothly.
3. Make Full Use of the Available Resources
Most serial entrepreneurs don’t want to let go of their thriving companies merely because they are venturing into new territories. So here’s what you should do.
Delegate tasks to the right people as much as possible! You don’t even have to hire people full-time. The freelance market is thriving, and you can make the best use of it.
Similarly, use every available tool and platform that helps you streamline your business operations. For instance, you can use platforms like QuickBooks and Pushdigits for accounting and bookkeeping.
Remember, just because you are an entrepreneur does not mean you have to do everything yourself.
4. Be Prepared for Every Outcome
Starting every business is exhausting, no matter how many times you go through the process. Even if you are a highly successful businessman, when you launch a new idea, there’s always a chance that it won’t work. You have to be prepared for it.
Of course, the best you can do is prepare yourself well before you enter unchartered territory. Make sure that you study the market carefully. But even then, be ready for some unexpected surprises.
5. Always Try a Unique Approach
When starting a new business, you have to approach it with a fresh mind. Make a statement and do things differently.
You have to offer consumers something new, something they haven’t thought of before. Or you can present something old but in new packaging.
No one is going to give your business a second chance if you have nothing new to offer. For every new business idea, you have to come up with something unique. That’s the only way you can become a successful serial entrepreneur.
It’s Your Time to Shine as A Serial Entrepreneur!
The journey to becoming a successful serial entrepreneur is undoubtedly challenging and tedious. But if you learn how to delegate, a lot of your problems will be solved.
Surround yourself with people you can trust. It would be best if your team comprised people with similar values as you. You can then give them a chance to polish their skills. Remember, a successful serial entrepreneur is one who knows how to develop new ideas and strategies. They focus not on building a company but an empire!
