Although there are only a few entrepreneurs who consider themselves serial entrepreneurs, the term has been around for a long time.
Serial entrepreneurs are entrepreneurs who come up with new ideas and start businesses based on them regularly. In many cases, serial entrepreneurs do not play a role in the day-to-day handling of their businesses, instead delegating that task to others.
How to Become a Serial Entrepreneur
If you have lots of business ideas and do not want them sitting on the shelf anymore, here are a few tips that can help you transition into serial entrepreneurship.
Work with the Right People and Partners
Many serial entrepreneurs want to go into a business they know nothing about. This is where working with others comes in. Serial entrepreneurs surround themselves with people from diverse business backgrounds so the people they get in touch with can help the entrepreneur succeed in new business ventures.
For example, an entrepreneur might know how to run a business but nothing about flour and confectioneries. In this case, they could work with a baker so the baker can handle the baking and the entrepreneur can handle the business side of things.
Working with the right people also makes it easier to find the resources you need if you would like to start a new business that is similar to one you already started before.
Learn to Move Fast
Serial entrepreneurs do not dwell on things and move from them very fast. If they make a mistake, they try to rectify it as soon as they can. They do not simply accept mistakes and hope that things will get better in the future.
As a serial entrepreneur, you will be required to move fast to capture or take advantage of opportunities that others might not be taking advantage of. Learning to move fast requires you to learn that opportunities are fleeting and can be gone in a few days, hours or even minutes if someone gets to market before you.
Learn to Face Reality and Brutal Facts
Another reality that serial entrepreneurs face is that different businesses will follow different trajectories. While one business might take off in a few months, another will take longer to break even. Facing the brutal fact that some of your business will bring in money on some days and lose money on others is a skill you will have to muster. Knowing that things will not always be smooth gives you time to anticipate the worst and build business resiliency.
Acquire Hard Business Skills
Serial entrepreneurs move from one business or industry to another very quickly, which leaves little time to learn while they are out hunting for the next big opportunity. Serial entrepreneurs should be able to scan a lot of data, determine what is important and interpret the data they have correctly. They should also be able to project revenues and expenses, lead their teams and know how to maximize their investments and the returns on them.
A good MBA programme will arm serial entrepreneurs with all these skills before they go out to the world to try out their skills and seek out opportunities. A flexible programme like the Aston University MBA program allows you to experiment in a classroom setting where you can make mistakes without impacting your life. This programme is also suited for serial entrepreneurs who want to gain the skills discussed above because it can be completed faster than other traditional MBA programs.
Pay Others and Utilize Available Resources
A lot of entrepreneurs have a hard time letting go of a thriving business to start a new one. If this sounds like you, you might need to learn how to leverage the services offered by others as well as the different resources and platforms that exist. The biggest tool you have at your disposal is the internet.
The internet makes it easy to find freelancers and gig workers to handle different aspects of your business so you can focus on other things. For example, there is no need for you to be handling copywriting, marketing or social media management when you could be focused on actually running the business.
Tools that help with invoicing and automation of similar tasks are also handy because they save you time and reduce your running costs, as you do not have to hire someone to handle these tasks for you.
Learn to Roll with the Surprises
Starting a business is hard. It is draining and can take up all your time and mental energy. It also involves getting into areas you have never been in before. Now, imagine doing this tens of times, as you will every time you start a new business.
It is important to understand that although you might have data on a market or new opportunity and think you understand it, nothing will prepare you for the challenges and surprises that are likely to spring up on you along the way.
Rolling with the challenges and surprises calls for developing a thick skin. If you are in a business that you wholly believe in, overcoming the challenges will be worth it.
Keep an Eye on the Money
Your survival and that of your businesses depends on how well you manage the money coming in and going out. It is quite common and acceptable to spend more money than you make while starting out. However, if you keep an eye on your burn rate, things should be okay.
Once your businesses start picking up, you should start making more money than you are spending on the businesses. If you have investors on board, make sure that you invest some of the money you make into the business. This will make investors see you are hitting your targets. It will also make it easier to find financing if you ever need it in the future.
If you would like to become a serial entrepreneur, you have to be prepared for the highs and lows that come with owning, managing or running multiple businesses. You will also need to come up with strategies to manage how you actualize new ideas to ensure you are not doing too much too fast.