Serial Entrepreneur Explained: Meaning, Examples and Major Characteristics: Entrepreneurship has many different forms nowadays as time has gone by when we usually work with a single business or idea. The thing that has gained lots of mainstream attention in the recent serial entrepreneur about which almost every aspiring business wants to know. We are pretty you are looking for the answer to the question about what a serial entrepreneur is.
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Serial Entrepreneur Explained: Meaning, Examples and Major Characteristics
It is strongly suggested to check the full post in detail for getting answers to all your queries. Our team will try to cover everything related to this prospect for giving clear answers to the readers.
What is a Serial Entrepreneur?
A serial entrepreneur can be called a person who is working on multiple start-ups simultaneously to convert all of them into big ventures. They are the individuals who prefer to take larger risks than normal people for reaching new heights. In simple language, the person will try to transform more than one chance by beginning multiple ventures in their career.
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There is a strong possibility that you may see that person may fail multiple times in their career, but they don’t quite towards their goals. It can be called an individual’s mentality to become a serial entrepreneur by beginning new ventures and achieving success. It is also possible that they might sell their ideas or even businesses after reaching a particular maturity level.
What are the main characteristics of a serial entrepreneur?
A good serial entrepreneur is always the one that has the desired set of characteristics about which we have mentioned in detail below:
- Excellent Time Management
There is an essential role played by time management in an entrepreneur’s success, especially if someone is working on multiple ventures. A serial entrepreneur should have the ability to shift quickly from one duty to another without wasting much time. It means they need to do big things in the lowest possible time.
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It can be scheduling all the tasks efficiently to giving the time that every work deserves for completion. In simple language, it is important to perform time management brilliantly without any wasting.
- Solid Discipline Level
There is a very solid relation between time management and discipline. You can never manage tasks efficiently without having a disciplined schedule. It will make sure you can complete daily tasks again and again without getting lost in the shuffle.
We understand that a serial entrepreneur has to deal with tons of investors and employees for making things control, but it is important to complete them with proper discipline. It is quite hard to do so for a normal individual. However, there are plenty of powerful business tycoons like Elon Musk who have successfully done it.
- Super Creativity & Innovation
There is no way we can call someone a serial entrepreneur if they don’t have creativity and innovation. It means they have to think differently for transforming ideas into reality. Few people are born with this talent, while others have to learn it with their experiences and hard work.
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One can surround them with creative people, but it’s the brain that ultimately creates the ideas. He/she should be capable of looking at the situations differently for sure.
- Superb Self-Confidence
It is very crucial to have a huge level of self-confidence to become a good serial entrepreneur. The person should have incredible confidence to tackle all the challenges without too many doubts. He/she should be open to criticism and work harder to make work on the weakness.
Many people will say too much self-confidence can create ego in an accurate person to some extent. However, you can’t become a big entrepreneur like Ted Turner or Jeff Bezos without having solid self-confidence.
- Growth
If you think that a serial entrepreneur only thinks about money, we suggest you think twice. They only do not work to earn money but also make sure that the profits get reinvested further to expand their companies. The majority of them are very keen to solidify their businesses and make sure it reaches a different level.
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A quality serial entrepreneur will always try to build their business instead of just eyeing profits. They will make sure their ventures get expanded to different levels.
- Patience
Although patience is a key point for all types of entrepreneurship, it is ultra important for a serial entrepreneur. It works hand-in-hand with self-confidence and passion for making sure a person reaches a new height. You may have seen many well-known celebrities and business people have to go through their life’s most tough days for reaching the best days.
If any of them didn’t have the patience, they should have never reached this level of height. It means a serial entrepreneur must possess patience if he/she wants to become successful.
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- Pursuit of Success
Many people think it is only profits that a quality serial entrepreneur looks at while working for a business. He/she should look for success to take his company on a different level. All the ideas should be implemented carefully for having better success.
It is a very important quality that every good serial entrepreneur should possess for sure. It can turn out to be very useful in the long run.
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Who are the top serial entrepreneurs of all time?
Everyone uses someone as an inspiration for proceeding in their career. If you want to succeed with this kind of mindset, we suggest checking out the list of top serial entrepreneurs mentioned in detail below:
- Sir Richard Branson
Finding a better example of serial entrepreneurship than Sir Richard Branson can turn out to be an impossible task for most people out there. He begins his ventures way back in 1970 as a 20-year-old young adult and now owns more than 200 different organizations.
It would be best if you kept a note that all his companies weren’t profitable affairs. He has also launched many unsuccessful ventures like Virgin Brides, Virgin Clothing, and Virgin Cola among others. However, he didn’t lose his patience and created Virgin Music and Virgin Atlantic brands that don’t need any introduction.
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- Elon Musk
Many might know Musk as the founder of SpaceX and Tesla, but he has created tons of amazing businesses before creating these two. Elon Musk is the mind behind companies like Paypal, Zip2, OpenAL, The Boring Company, and many more.
This man has completely revolutionized the space industry without having any prior knowledge. He is the perfect example of how to manage all the businesses within the stipulated time.
- Omar Hamoui
Omar is the founder of Admob that Google bought for nearly US4 750 million. He left the University of Pennsylvania and founded four organizations. He is the perfect example of pure dedication and an innovative mind that every serial entrepreneur should have.
Some other ventures of this amazing guy are Fotochatter and Sequoia, who is expected to reach new heights. If someone wants to become a successful serial entrepreneur, he/she should follow the ideas and philosophy of Omar Hamoui.
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- Oprah Winfrey
We believe few people don’t know the name of Oprah Winfrey. She is a very successful entrepreneur whose talk show “The Oprah Winfrey Show” has received tons of praise worldwide. Winfrey is the founder of Harpo Productions that begin her entrepreneurship journey.
It gets followed by other products like Oxygen Cable Station, Oprah Magazine, and Oprah Winfrey Network. Additionally, she has written five books that make her a perfect example of serial entrepreneurship.
- Rod Drury
Rod Drury is a very well-known entrepreneur who has reached new heights in the technological universe. He started Glazier Systems in 1999 that involved in the software development and consultancy business. He sold it for US$ 7 million four years later and then created AfterMail that further bought by Quest Software in 2006.
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That’s not all, Drury has also established other companies like Xero and Pacific Fiber that didn’t achieve much success. He sold off Xero for US$ 95 million in March 2018 that is quite amazing.
What are the advantages and disadvantages of Serial Entrepreneurship?
We need to understand that every type of entrepreneurship brings a few advantages and disadvantages to the business. Our team will talk about both of them in detail for ensuring that young people know about both of them.
Advantages of Serial Entrepreneurship
- Broaden Creativity
All types of entrepreneurship don’t allow multiple businesses to combine into a single one. Many businesses are unrelated to each other and can’t be combined. However, serial entrepreneurship is a great concept that ensures you don’t stay stuck with one idea and begin to merge it with the present businesses.
- Flexibility and Freedom
A solid set of businesses has a great variety of concepts that can provide extra flexibility and freedom to entrepreneurs. Serial entrepreneurship asks a person to dig deep down and generate ideas that can’t go with the routine of normal individuals. It let the entrepreneurs find what gives them full freedom while doing the business.
- Highly Professional Development
This type of entrepreneurship lets the individual explore many different types of industries and deal with tons of challenges for brushing up their skills and abilities. It means you can deal with a variety of avenues for booting growth and personal development by being a serial entrepreneur. You will get a chance to know in-depth about various industries while exploring this type of prospect.
- Incredible Financial Success
Another benefit of having a serial entrepreneur is it offers a solid level of financial success. The availability of multiple businesses makes sure you know about many different industries that make extra revenues and profits. Having more than a single business will ensure a serial entrepreneur gets lots of wealth.
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Disadvantages of Serial Entrepreneur
- Multiple Risks
A serial entrepreneur has to take lots of risks for achieving success while pursuing this business. There is a need for extra investment for following serial entrepreneurship in real-time. It means you need quite more money than a normal business to achieve success.
- Lack of Focus
There are many instances where people lack focus due to multiple tasks running in their business ventures. It is one of the most issues serial entrepreneurs have to deal with consistently.
- Failures
Failures are quite common to see in serial entrepreneurship that can disappoint tons of people. It has resulted in huge losses and depression in many cases.
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What are few tips for becoming a serial entrepreneur?
Check out some important tips we have mentioned for achieving success as a serial entrepreneur below:
- It is pretty obvious you will fail in certain businesses for achieving success in other ones. Don’t get depressed by any failures, and continue doing your effort.
- The most important thing to do for becoming a successful entrepreneur is capable enough to work in a team. It is very harder to become a serial entrepreneur without knowing the right way to collaborate with others.
- Serial entrepreneurship always demands to work in a tough structure from the individuals for achieving success.
- While beginning the startup, it is essential to keep a close look at the expenses. We suggest you invest each penny with a crystal clear focus to reach higher success.
Wrap Up
We all know achieving success in a business isn’t an easy task that everyone can’t achieve. There is a need for tons of hard work and combined effort to the highest level for reaching where a serial entrepreneur wants. It is important to stay confident about your goals and transforming them into a reality.
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We believe that this post has motivated the readers for becoming a successful serial entrepreneur. If you still have any query, we suggest writing about them in the comment section.
