The term “serial entrepreneur” isn’t very common in business circles, but I believe that some people are built for that kind of practice. A serial entrepreneur is an entrepreneur who continuously comes up with new ideas and starts new businesses. As opposed to a typical entrepreneur, who will often come up with a single idea, start the company, then see it through and play an important role in the day-to-day functioning of said company.
A serial entrepreneur will often come up with an idea and get things started, but then give responsibility to someone else and move on to a new idea and a new venture. This would have been a very bad practice in the days when the old cliché held sway, “a Jack of all trades is master of none.” In my opinion I think the 21st century has become “the century of the Jacks.”
Having the right People & Partners
This is perhaps the most important piece of advice I will give to anyone who is intending to go into areas of business that excite them, but that they are not particularly gifted in.
Hire Professional Freelancers
If you are like me and refuse to let go of the thriving business while moving into new territory, then you need this key to survive. The internet revolution has created a lot of ease within different industries. Platforms and freelancers are now fast becoming the norm, especially in areas like marketing and social media management.
Expect the Unexpected
Starting a new business can be draining, and I won’t kid you into thinking it is easy. It implies getting into uncharted territory. I have learned that while asking questions and market surveys are very important, they will never reveal the full extent of the unique challenges that you are going to face.
Do the same things Differently
If you are going to start a new business, you need to make sure you make a statement. The thing with ideas is that no one really owns them. I remember walking into a store to introduce my product last year. I was so psyched that it was a unique product. Halfway into my conversation with the manager, she pointed to a product on display behind me and asked “something like that?”
Needless to say, I had to go back and work on the uniqueness of my product before introducing it to the market. Every serial entrepreneur has to deal with some level of divided focus; you need to make sure that it is over something worth it and not something too familiar.
Make Systems and Follow them
I have always been a bit of a do-it-yourself person. I found it really difficult to employ a manager in my business, and so I found it hard to start a new business. I always wanted to be in control. However, one of the inevitable lessons every serial entrepreneur must learn is how to delegate.
Delegation is the number one strategy for success in serial entrepreneurship. Find people you trust, or learn to trust the people you have. Find people with similar values and drive, and give them a chance to flounder and learn.
You need to create systems that allow you time to develop new ideas and implementation strategies. It often means that a chunk of your profits go into salaries, but if serial entrepreneurship and building an empire is what you really want to do, then it’s a sacrifice you have to be willing to make.
The 21st century and technology has not just made serial entrepreneurship possible, it has made it appealing.