2015-04-09 00:00:00 Starting a Business English https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/22.png Could You Be a Serial Entrepreneur?

Could You Be a Serial Entrepreneur?

2 min read

Entrepreneurship is now a favourable career avenue for those who are have a scalable idea and are looking forward to taking it further and exploring the opportunity. The relatively better chances of getting noticed and funded for your startup or small business in today’s business environment can even make it lucrative. This has led to the rise of the serial entrepreneur; one who starts a venture, helps it grow, sells it and starts another, over years, successfully. Being a serial entrepreneur can expose you to multiple industries and provide you with invaluable experience that will accelerate your career. Here are some of the traits of a serial entrepreneur. Always being curious and experimental: Serial entrepreneurs are always informed on market trends, industry insights and new developments. They are experimental, and forward-thinking in their ability to discover what might be ‘the next big thing’ in whichever industry they choose. They have the passion to explore and are always trying to find an opportunity in a new trend. They also experiment with various ideas before finally settling on their final ideas. Not fearing risk: Risk comes with investing in your startup – in the initial stage it is hard to predict exactly how it will pan out. For successful entrepreneurs, the risk is part of the fun – they are aware that there are only two ways it can go, but still dare to strive towards taking that gamble and putting in their best anyway. If one of their ventures does not work out, they move on to another idea that can be shaped into a new venture. Working simultaneously on two or more businesses: Think about the last time you networked at an event. If your business card says ‘co-founder’ with more than one or two businesses listed below it, chances are that you’re a serial entrepreneur. Serial entrepreneurs put in their commitment, drive and ideas into more than one business through excellent delegation, time management and a deep understanding of each business. A drive to face challenges: Entrepreneurship is a path that involves a lot of dedication and enthusiasm, due to the initial challenges while setting it up and the work involved in sustaining and growing the company. Serial entrepreneurs know this as they run multiple businesses and are more afraid of having regrets than of failure. They assess the risks and plunge into the challenge head-on, to juggle all their businesses efficiently. The ability to delegate: Delegation is key when running more than one business. Successful entrepreneurs know when to step back and when their inputs are required. It all begins by hiring a highly productive team that is well-trained in all the aspects of the business, and allocating tasks effectively for all the work involved to be accomplished within deadlines. Delegation also helps serial entrepreneurs to focus on more important aspects of the business such as managing product promotion and marketing, sales efforts, fundraising efforts and networking for leads and venture capitalist investments. If you identify with the above, you might be a serial entrepreneur. It is one of the most challenging areas to take up but can also be very rewarding. In addition, the exposure to the industry, the hands-on experience and the knowledge you gain are invaluable and will influence the way you are perceived in the industry.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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