SERIAL ENTREPRENEURSHIP: TOP 10 KEYS TO SUCCESS
Although a serial #entrepreneur# conceives the business idea and might even start running things, he eventually entrusts the responsibilities of running it to someone else or other group of persons as he has to move on to another business venture. Thus, for one to be a successful serial #entrepreneur#, there are various keys ranging from right people, platforms, etc.
1. THICK SKIN
Starting any business requires plenty of energy, time, commitment, and tends to be very draining. The first key to success as a serial #entrepreneur# is to develop a thick skin, have stamina both mentally and physically to stand and withstand the pressures and stress that come with serial entrepreneurship. The thick skin is needed for the challenges that would be posed at the beginning and in the course of the business.
To be a successful serial #entrepreneur#, there is a need for the #entrepreneur# to build a structure that can last even in his or her absence. This is because the serial #entrepreneur# would eventually have to leave the business to start running or overseeing another one. A usual #entrepreneur# would stay in one business course and run it through; he or she would be there for the daily running of the business until they finish the course of the business. However, the serial #entrepreneur# is not there to man the business. Hence he or she must be able to build a structure that can hold a business to last even without his presence. This structure is beyond a building, this structure is people. A serial #entrepreneur# that wants to succeed must have people he can delegate responsibilities to and trust to carry out instructions. Thus, the serial #entrepreneur# must surround himself with people he or she can trust, people that share similar values, drive, vision, and views. This would give the serial #entrepreneur# time to develop new ideas and start-up new businesses and maintain focus on each new business venture.
3. THE MONEY FACTOR
The serial #entrepreneur# must be willing to spend money. A person that wants to practice serial entrepreneurship, cannot afford to be frugal or be a miser with money. This is because, if the start of a business is an idea, the fuel to run it is money. But then the serial #entrepreneur# does not need money just for the execution of ideas. A serial #entrepreneur# would need to pay others and utilize as many people and platforms as possible. Creating a LinkedIn company page or paying expert recruiters would go a long way in increasing the reach of the business to potential clients and customers. Since the serial #entrepreneur# would not be available for the daily running of the business, he or she must give serious thought, or have a sustainable plan on how the delegates running the businesses in their stead, would get paid.
4. TIME MANAGEMENT
A key to being a successful serial #entrepreneur# is the ability to use time wisely and manage it well. The founder of Smart Bear and cofounder of IT Watchdogs advised that a serial #entrepreneur# who wants to be successful should focus on one task at a time. While multitasking may be a sign or proof of efficiency in some other things, it has been shown by research it is not always true for serial entrepreneurship. Doing more than one task per time in a business may be very counterproductive and unhealthy to that business. Hence, a serial #entrepreneur#, might if need be, take lessons on how to manage his or her time very well.
Even if there is nothing new under the sun, there is still room for uniqueness; your idea should stand out as being original. Do not compromise on your uniqueness or originality as a serial #entrepreneur#. Ideas may be similar, but they should not be so similar to be confused as the same. Ideas should also not be so similar to an existing idea or product in the market, otherwise, it would lose its originality.
Hence a key to success as a serial #entrepreneur# is in how original and unique an idea is and can appear when it is actualized.
Although a lot of people think of a serial #entrepreneur# as a Jack of trades, a key to being a successful serial #entrepreneur# is to partner with the right people, in the right vocations. In building a business, there are various factors to take into consideration and one of such factors as availability of information. Since it is impossible for the serial #entrepreneur# to be all knowledgeable or have all the information, he or she must partner with people that are knowledgeable and have the information that is needed to keep a particular business or even business idea running. There is nothing new under the sun, not even a new idea, partner with people that are already doing what you envision entering into. Partner with people that are already running with an idea that looks like yours. A serial #entrepreneur# who believes he is omniscient and refuses to seek help or the right partnership is already set up for failure.
This is a core key for success as a serial #entrepreneur#, while the serial #entrepreneur# would not be stuck in a particular business as he needs to keep running other ideas and businesses, there is a need for supervision of those that have been delegated to see to the running of an already established business. A serial #entrepreneur# that refuses to make time to supervise his other enterprises, would not be successful. This does not mean you do not trust the people delegated or would be controlling them, this key rather entails that the serial #entrepreneur# keeps a watchful eye on his businesses while running other businesses.
8. THE TECHNOLOGY FACTOR
A serial #entrepreneur# in his or her strive for success must take advantage of information technology. This makes keeping track records easier, supervision is also easier. Among the many structures a serial #entrepreneur# should put in place, he must also have a team of people that are information technology-oriented. It is an advanced age and everything, including business, must be done in an advanced way.
The famous saying that you cannot do the same thing in the same way and keep expecting a different result. A serial #entrepreneur# must be creative and innovative, he must do things differently, especially as he is doing different things. As much as things are similar, do them differently, make sure it is worth the while also.
10. DEVELOP A GROWTH MINDSET
A serial #entrepreneur# must be willing to evolve with the changes and needs of the time. This would help him or her to develop a growth mindset, every problem thus becomes a cloak over a new business venture. The serial #entrepreneur# runs chains of businesses, and a growth mindset, aside from being a key to success, is also a way to keep ideas coming, and businesses running.
The serial #entrepreneur# is not limited to or by these keys alone. Each business that is pulled off brings with it lessons and in those lessons are the keys to success. Perhaps the most important key to being a successful #entrepreneur# is to keep being one. An ultimate key to success, is in the persistence of good efforts.
Name: Robert Moment
About the Author
Robert Moment is a results-driven certified social + emotional intelligence coach and trainer and certified peak performance coach and author of the game changing #entrepreneur# mindset Special Report titled, “5 New Words That Will Change The Way You Think About Achieving Business Success
Robert specializes in helping entrepreneurs overcome self-limiting beliefs, fears and imposter syndrome using the power of high emotional intelligence and peak performance coaching to be your authentic self, living inspired doing what you love scaling to a 6 or 7 figure business.
Schedule your FREE 15 minute Transformation coaching call. No sales pitch. No fluff. This call will bring you clarity to your mind, and peace to your heart about life and the future of your business.
Visit https://HighEmotionalIntelligence.com ( Click on #Entrepreneur# Coaching)
Enroll Today in the transformative online course #Entrepreneur# Mindset Success Secrets to Start a Business with Rapid Results.
Get the FREE Course Module titled, “Entrepreneurial Growth Mindset Success Habits for Starting Your Own Business”.
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