Do You Have What It Takes to Be a Serial Entrepreneur?
Serial entrepreneurship is far more prevalent now than it was five years ago in the current corporate environment. The challenges of managing many businesses or of continuously starting again, however, have not diminished in the slightest.
Some see serial entrepreneurship as a necessity, while others see it as the only rational way to satisfy their insatiable curiosity and creative brains. On this peak, many have risen and many have perished.
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Determine whether it’s for you.
“There are certain business concepts that are too alluring, violent, and lovely to ignore. You envision it fully born, dream about it, and see its significance in everything. “But not every business idea is for you to start and run,” James Khuri once said. You don’t need that drama, even though the world might need that notion.
Your ability to identify a need and come up with a workable company concept is admirable, but it’s not always a sign that you should launch a brand-new venture or that you should manage it if you decide to do so.
You already know that starting a new business requires a lot of willpower and grit from your past ventures, but you might not be aware that your enthusiasm for and familiarity with the industry you are currently working in is what has allowed you to flourish thus far.
A few years ago, Khuri joined Noah Schaa and Marco Antonio Letona to co-found Beautiful Minds, a social organization that empowers young and aspiring entrepreneurs. He handed it over to them right away due to the early mechanics of beginning the firm. Since then, the business has expanded rapidly.
The growth and decline of serial entrepreneurship in management
It was observed by a wise guy that “how you do one thing is how you do everything.” Some individuals who identify as serial entrepreneurs are just inexperienced in the business world and think that the next one will be “the one.”
However, if a serial entrepreneur’s current company is spotless and the management is operating effectively, I usually take them seriously. You may progressively slow down and enjoy your business’s smooth sailing with the help of a well-designed management structure.
Organizing your current home is the first step if you truly want to develop another concept and launch a new company. Create solid organizational structures around the proper people, work hard to have your business operating well, and then you’ll have more time to focus on other projects.
You would have to do the same with your new business when this was finished. You need strong processes, platforms, and people to support your company if you want to keep your creative freedom and entrepreneurial spirit.
The necessity of originality
“A new business can be dead weight or a breath of fresh air, it can help you rediscover that excitement of starting afresh, or it can be a millstone around your neck after the excitement wears off.” James Khuri
There are two types of varied business portfolios: interesting and hefty. I frequently counsel company owners who are plagued by the “distraction” of a new venture to make sure the idea is viable, lucrative, and original before investing any time at all in its development.
If you already have other businesses to worry about, there’s no reason to enter a sector only to compete with the other companies that are already there. When James initially entered the real estate market more over 20 years ago, he chose the unusual and quite unpopular path of investing only in medical facilities. Years later, when his business began making successful forays into apartment complexes, that one choice brought him enormous profits.
For a serial entrepreneur, breaking into a new industry is far more important than for a typical entrepreneur. A serial entrepreneur bears the brunt of every setback and lost time because his other endeavors suffer, but a normal entrepreneur is in it for the long run and can afford to take his time.
To put it simply, as a serial entrepreneur, you must frantically look for a creative approach that makes you stand out in order to join a market. You may progressively start shifting your focus to different sectors of the industry as your new company gains traction.
How about the cash?
How are you going to fund your new company? If your new company concept is essentially an extension of your previous one, you may want to think about funding the new venture as a spin-off. But you must be careful not to encourage what James wryly calls “entrepreneurial teenage pregnancy.”
In other words, not all businesses are financially secure enough to “have a child” in the traditional sense. First and foremost, you must ensure that the old business is mature and self-sufficient, just as with persons. You may tell this has happened when your firm can function with little to no oversight and when your profit margins remain strong after units and pertinent recurring expenditures.
Self-funding is the second method that I frequently recommend, and by “self,” I mean everyone you know who can provide you with grants and other forms of assistance. This relieves a lot of the burden, however it is not always feasible or simple for all entrepreneurs. Entrepreneurs frequently turn to banks and investors, but they must proceed with considerable caution.
As a seasoned business owner, taking out bank loans or investment capital does not just put your new venture at risk of failing or faltering. Additionally, it jeopardizes you and your other firms. However, a brilliant entrepreneur can make it work with the appropriate concept and management.
Therefore, the strategy must be to invest more time in researching your concept, getting expert advice, and testing it out before taking a big chance. I respect your determination to take down tree after tree as a fellow serial entrepreneur, but at least put more effort into honing your ax.