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What It Means To Be Serial Entrepreneur

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Before I tell you what it means to be a serial entrepreneur, I think it is important that I first explain who an entrepreneur is. If you run your own business, you do not depend on an employer for your income, you are what is simply called an Entrepreneur. An entrepreneur is someone who comes up with a new idea or innovates on a previous idea by someone else and builds a successful business around it. The main goal of an entrepreneur is to make sure that this business is raking in enough profit to keep it running and also scale as time goes on.

While most people are traditional entrepreneur who sticks to one business and nurture it to fruition, the world has experienced those called Serial entrepreneurs too. Now who is a serial entrepreneur.

A serial entrepreneur is simply someone that is capable of starting and running multiple businesses at the same time. After starting their first business, they tend to hunger for more success and expand by starting multiple more. They either delegate the running of the previous business to someone else or just sell it off entirely.

Various people nowadays love to refer themselves as serial entrepreneur maybe because they started a few businesses but only one survived. Being a serial entrepreneur is no easy feat. Serial entrepreneurs have certain qualities that makes them stand out from the crowd

Traditional Entrepreneur Vs. Serial Entrepreneur

A major difference between these two types of entrepreneur is passion. Traditional entrepreneur tends to be unwilling to leave the comfort of their already thriving business. They are skeptical about starting another business because of the fear of neglecting the first one which could ruin it, so they stick to what they have. A serial entrepreneur on the other hand has this burning passion to try out another thing. They are in love with the process and enjoy working on new ideas, they have little or no fear of failure.

Let us now take a look at some characteristics that make up a serial entrepreneur

(1) A Burning Passion

The strong passion they have is one important thing that makes them successful in the first place. They have strong belief in the goals and work hard to achieve it. Regardless of whether it is working out at first or not, they put in a lot of work hours and even motivate their team because they strongly belief in what they are doing. For serial entrepreneurs, failure is not an option. Once they have this new idea to work on, they try every possible best to build a successful business around it. Although their passion is not heavily fixated on a particular idea, they are just in love with the process. Once they see significant progress in their current business, their mind is already thinking how to start another one simply because they are so passionate about what they do.

 (2) Strong Self-Confidence

Most times, starting a new business can be scary, it might be filled with a lot of uncertainty. This is why you need to have a very strong self-confidence. You cannot be a serial entrepreneur if you do not have a strong self-confidence. Serial entrepreneurs have this kind of confidence in abundance. Some might call them egoistic or stubborn, but without this very strong self-confidence, success in another venture is not really guaranteed. Along the way, entrepreneurs tend to encounter various obstacles which may derail them from their path. But with a strong belief in what they are building, they would eventually surmount their obstacles. Self-confidence gives serial entrepreneurs the ability to see the bigger picture even if they are not experiencing much progress in what they are working on.

(3) Good Time Management

This is an important characteristic that you would surely find in Serial entrepreneurs all over the world. Our time is limited so choosing carefully what we spend our time on is important to achieve success. Serial entrepreneurs are great time managers. They know how to compartmentalize and shift from one task to another. This special ability helps them to achieve more. In the present world, there are a lot of distractions, from social media notifications to email messages, even the call of loved ones sometimes can be highly distracting. A lot of responsibility comes with being a serial entrepreneur, knowing how to manage time effectively is a great characteristic that every serial entrepreneur must possess.

(4) Strong Discipline

If you were a successful entrepreneur, you must be a disciplined individual. Being a serial entrepreneur requires much more discipline to succeed. Running a business is no joke and it is even more work when you have a lot of people working under you. You are your own boss but you would still be accountable to some people, for example your investors. Having the right attitude is not enough, a serial entrepreneur has this zeal to get things done, even when it is uncomfortable. They are always focused on the task at hand and they serve as a source of motivation for their team. Without this strong sense of discipline, a serial entrepreneur would derail from their track and eventually spin out of control

(5) Great Team Players

The ability to work with a team is paramount to the success of any entrepreneur. A serial entrepreneur is sure to have a whole lot of people working under them, divided into various teams. Being a good team player is a necessary arrow in the quiver of every entrepreneur. Collaborating effectively with your team members would help you achieve your goal and even give you a new perspective to your business. There are lots of times that a serial entrepreneur would not have certain knowledge needed to get some things done. In this kind of situation, a quality serial entrepreneur seeks out individuals within his team who have this knowledge and leverage on that. This makes them learn new things and also get the job done easily.

Conclusion

Above are some of the major characteristics that serial entrepreneurs possess. This list is not exhaustive as there are other various important characteristics that can be found in serial entrepreneurs. Some examples included the ability to utilize the resources they have effectively, ability to learn from previous mistakes, patience etc. If you are looking to be a serial entrepreneur, you should check out if you have these characteristics already. In case you don’t, work on getting some of them as they would help you greatly in your journey as a serial entrepreneur.

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Ekemini Ekpo is a professional Blogger, Research Analyst, Internet Marketer, and Tutor. He is passionate about Business, Investment, Entrepreneurship, Finance, and Personal development.

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What Are The 4 Types of Entrepreneurs?

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When you know the different types of entrepreneurs, you will be able to decide which one you want to be and how to go about it or improve on it. The truth is that the world of entrepreneurship has been booming recently. With so many budding and well-established entrepreneurs out there. Entrepreneurship involves so much work and commitment. You must also possess certain skills if you want to be successful as an entrepreneur. Many individuals venture into this field just because they want to be their own boss but it is worth noting that entrepreneurship is much more than that.

Whether you are just starting out or you are already an entrepreneur, you need to know the kind of entrepreneur you are or you wish to be. If you feel stuck and not making much progress in your business, knowing the type of entrepreneur, you are can give you the clarity you need to move forward in your business.

The 4 Types of Entrepreneurs

This article explains the 4 major types of entrepreneurs we have.

  1. The Hustler Entrepreneur
  2. The Innovative Entrepreneur
  3. The Imitative Entrepreneur
  4. The Research Entrepreneur

(1) The Hustler Entrepreneur

These types of entrepreneurs are always goal-driven and very determined to achieve their very goals. They are the kind of entrepreneur that have not made it yet but eventually will. To start and grow a business successfully, one needs a lot of resilience. It can be a very difficult task especially if you do not have the necessary capital to start. You would also need to be very patient and able to see the big picture.

Hustlers don’t seem to worry about the problems they encounter on the way, because they see them as stepping stones to greater things. They tend to start small and gradually work their way to the top, willing to do whatever it takes as they climb the ladder of success.

A hustler believes that hard work is more important than capital when starting a business. Their work ethic is simply off the charts, though they are prone to burn out due to intense work.

(2) The Innovative Entrepreneur

An innovative entrepreneur introduces new ideas into the system. They come up with new and better ways of doing things and them into a viable business. Discovering a new market, a new method of production, and eventually reorganizing the enterprise. Their major drive is to make life better and easier for people and in doing so they create a business around their innovative idea. Innovators always look for a way to make their products look unique in the eyes of customers and make their company stand out.

Although these types of entrepreneurs require a lot of capital to bring their innovative ideas to life and often experience resistance from shareholders. They also enjoy all the glory that comes with the success they achieve in the process of implementing their new ideas. They create the rules and often do not have to worry about competitors during the initial stage of establishing their business. With a strong belief in their new ideas, they tend to achieve success though it might take a while.

(3) The Imitative Entrepreneur

Unlike hustlers, imitators just copy certain business ideas and build their own from there. They also tend to improve on the business ideas by making the product better or just doing something else that the parent business is not doing. They combine both the qualities of an innovator and a hustler. Even though the idea is not originally their own, they are willing to work hard, make the business better, and rake in large profit from it. They are known to possess a lot of self-confidence and are very determined.

While some do this by modeling after someone else’s business, others just copy everything exactly the same way. You see them use the same website, same theme, business cards, and even similar logos. This might seem like an easy way out, instead of thinking of their own original idea. But copy cats are always faced with the problem of competition and being compared to their parent business. Modeling is a better way, in which you figure out what works and apply it in relevance to your business.

(4) The Research Entrepreneur

Preparedness is key to these types of entrepreneurs. So, they spend a lot of time gathering all the needed information about any business they want to start. They look at every possible scenario, challenges they may encounter, and the strategies they would use to start the business.

With adequate preparation, they believe failure is not an option since they would have already looked at every possible pitfall likely to be encountered in the business. They would make sure they fully understand all that the business is about before even launching it, this makes them spend a lot of time in the decision-making process.

While it is a good approach to have a good deal of the business and financial plan of a business figured out, a researcher might be stuck in the decision-making stage for a long time and eventually end up not making it to the implementation state.

Conclusion

From the list above, have you been able to figure out the type of entrepreneur you are? Entrepreneurship requires hard-work no matter the type of entrepreneur you are. Whether you imitate or innovate, you still need to do a ton of work to make your business stand out and achieve notable success in any field you choose. Leverage the freedom that comes with being an entrepreneur and find out what works for you. List out your goals for your business and strive to reach them.

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