However, there is a particular kind of entrepreneur who thrives at the opportunity to see a business plan come to fruition: the serial entrepreneur. Coined for the likeness to start multiple businesses despite success or failure of past projects, these creators are full speed ahead when it comes to a new business.
In fact, a study by the National Bureau of Economic Research in the U.S. shows that a serial entrepreneurs’ previous experience indicates a higher chance of business longevity and financial success. Definition of a serial entrepreneur
While serial entrepreneurs may fail—that’s the price of business—they are typically defined by their successes.
There is no particular level of success or profit, or number of businesses required to earn the moniker of serial entrepreneur. But, generally, they have at least one or two significant success stories under their belt.
Many have a burning desire to search for their next project, and they might even oversee multiple ventures at the same time.
Commonly in serial entrepreneurship, businesses are built with the intent of becoming sustainable. Businesses might also be set up with the intent to be sold once established. Having the grow and sell mindset helps open serial entrepreneurs up for their next opportunity.
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What is the difference between a traditional entrepreneur and a serial entrepreneur?
While both traditional and serial entrepreneurs start and grow businesses, one of the key differences is how much day-to-day involvement they have with the business.
Traditional entrepreneurs often see owning a business as a hands-on experience. Not only do they own it, but they tend to manage its day-to-day operations. This means that a traditional entrepreneur ends up wearing a lot of hats.
Serial entrepreneurs, on the other hand, take a step back and hire experts to manage the different aspects of their business. This helps them free up time to work on their other business ventures.
However, not all traditional entrepreneurs take a direct hands-on role in many or all aspects of their business. Likewise, not all serial entrepreneurs have a hands-off approach. All businesses are different, just like all entrepreneurs.
Common characteristics of serial entrepreneurs
There aren’t necessarily specific characteristics that will define you as a serial entrepreneur. But these three traits are common amongst serial entrepreneurs:
Simply having a good idea isn’t enough to succeed in business.
Many new businesses face serious challenges, and not all of them make it through. And those small businesses that succeed are more likely to see gradual success instead of instantaneous progress.
Serial entrepreneurs tend to be resilient. They face failure head-on and don’t let it stop their future plans. They get up, dust themselves off, and move on to the next challenge.
Being able to start multiple ventures requires a continuous flow of ideas and creativity.
While many serial entrepreneurs work with partners on specific projects (though not always the same partners at the same time), the idea still needs to come from someone, somewhere.
Simply put, without the flow of ideas, the businesses dry up.
3. Good time management
You don’t have to be a serial entrepreneur for time management to be important. It’s important for all entrepreneurs.