A serial entrepreneur is the one who starts multiple businesses over a period of time. With more number of businesses, comes unlimited responsibilities. Being an entrepreneur itself is a tough thing. It requires lots of hard work, passion, plan of action and managing skills. But just loving the art doesn’t makes you an artist, you must know the craft of the art to be an artist. Lacking even in just a single thing can be a reason which can lead to your failure as an entrepreneur. It’s the dream of 1 in 10 youngster to become an entrepreneur but only few succeed in it. And even those who do succeed in founding a startup, fail to make it to the second year of the company. According to a recent study 70% of the Start-ups fails in the first year itself. The study also shows that 50% of them didn’t even try for the second time. The main reason behind these failures is lack of skills and the ignorance of the required analysis. In this blog we are going to discuss the traits that distinguish serial Entrepreneurs.
Traits That Distinguish Serial Entrepreneurs
Managing your time is one of the most important thing you need to learn if you want to be a successful serial entrepreneur. Time is one of the most valuable asset available to you and it can’t be renewed. So whatever you do in your business first make a plan for it but don’t forget to make your plan with respect to time. If your plan of action is in accordance with time it’s your first step towards your success.
Being a serial entrepreneur it’s a tough thing to manage your time. But it is the first and the most important trait in the path of your success. If you can’t manage time for your several businesses it would be better that you tick to only one.
A serial business person has an unbridled energy for what he or she does, paying little respect to the last outcome. Obviously, everything dependably begins with a dream, an objective, in some cases an insane objective, yet then later the unusual thought transforms into something genuine, substantial.
Be that as it may, in the middle of, you have hundreds, if not thousands, of hours and days logged by enthusiastic business visionaries who will forfeit everything to see their activities through.
Scaling the Business
Many entrepreneurs are in a hurry to scale up their business quickly and convert it into established business from a start-up business. However, before taking any step towards expanding your new business, it’s important to see your resources also along with your capacity. An unplanned expansion will become the cause of the failure of your startup. Make sure that you only scale up your business when you have abundant resources whether it is human resource or capital, as you are going to need all of these in abundance.
Interest, Creativity, and Innovation
Another factor which recognizes serial business visionaries from different business administrators is the intrinsic drive to address things, search out new data and think of problematic answers for existing issues by associating different thoughts.
To persistently produce effective thoughts, you need to think in an unexpected way.
“The secret of success is to do the common thing uncommonly well.”
John D. Rockefeller Jr.
Being a business visionary is troublesome; and keeping in mind that the remarkable idealism of a serial business person may have the capacity to take them far, business people additionally must be willing to grasp the diligent work and take the terrible with the great.
It’s extremely hard to begin an organization. If you want to be an entrepreneur but feel the lack of connection between your idea and yourself, and need motivational words, then entrepreneurship is not your cup of tea!
“If you really want to do something, you’ll find a way. If you don’t, you’ll find an excuse.”
Being a trend-setter is troublesome; it here and there implies swimming against the current and fighting against the assumptions of the general population, most of them encounter numerous circumstances. Keeping in mind the end goal is going to be fruitful, at that point, business visionaries must have the capacity to close out the outside world and spotlight on the mission of their organization, and have the capacity to discover the motivation from inside to keep working.
Know when to Move On
It’s the fact that entrepreneurs don’t lack behind in passion. But for any business a proper plan of action is required. Along with this the person should know the value of time and should be able to work according to plan and required of the time. For a successful venture one need to take his or her decision very wisely. One should have a proper knowledge when to move on in the business.
A serial entrepreneur is simply just not an owner of few start-up companies or a person with just these above-mentioned traits. A serial entrepreneur is a person who has learnt how to dream big as well how to convert their dreams into reality. Serial Entrepreneurs don’t need external motivation to remain passionate and dedicated, neither they do not need any external monitoring to be on time, nor they need to be told about all the what, when, which, where and how of what they do. Serial Entrepreneurs simply excel at everything they do.
“We are what we repeatedly do. Excellence, then, is not an act, but a habit.”