The main aim of entrepreneurship is to make a profit. Every business owner comes up with ideas and stays through to their business, making sure that it grows and becomes the best among its competitors.
There are, however, some entrepreneurs, who come up with business ideas and give it to someone else for continuity and move on to a new idea and a new venture.
These sets of entrepreneurs are called ‘Serial Entrepreneurs’.
According to the business dictionary, “A serial entrepreneur is someone, who continuously comes up with new ideas and starts new businesses, as opposed to a typical entrepreneur.
An individual with such traits often comes who will often come up with an idea, start the company and see it through and play an important role in the day to day functioning of the new company.
Ideas of getting things started often run through the mind of a serial entrepreneur, but then give responsibility to someone else and move on to a new idea and a new venture
These set of individuals have operated three or, more businesses and moved on. One can, also, find serial entrepreneurship interesting, if such a person has a lot of innovative ideas.
Kyle Racki describes four types Of Serial Entrepreneurs in a blog post which is summarized below
The Folder: They start a business, work with it for a few years, realize it is not working and they shut it down or sell it out.
The Flipper: They start a business, build it and a few years later, they sell it to make a huge amount of money, then move on to the next. This is the kind of successful serial entrepreneurship that people engage in.
The Milker: They start a business, get it to make a profit and hand it over to a manager to handle the day to day activities, but remain a shareholder.
The Gnat: They like to start up a new venture while running other existing businesses.
It can be really difficult, being a serial entrepreneur, leaving a thriving business and going into a new one entirely.
Below are a few features that make up the ‘DNA’ of a Serial Entrepreneur:
Be quick to jump at opportunities: Every problem is good news to a serial entrepreneur.
When opportunities occur in an organization, an entrepreneur uses this avenue to solve the problem, to make the product, or, services, better.
You communicate with understanding: Being able to know what you do and how you communicate it, in a way that your vision is clear for people to know.
You must be committed to making sure that these visions come through and then, communicate it to the world.
You attract people to work with you: People are not willing to work with you because of your poor leadership skill and your teamwork spirit.
Hire people you see as a threat, people who can help you to push further until you come out of your comfort zone.
This helps you to grow larger and it raises your company to the next level of success.
You are able to obtain necessary resources: Capital is needed to grow your business. With capital, your business grows and moves faster.
You must be flexible: As a serial entrepreneur, you must have the adaptability spirit.
You must have the ability to stand in the face of challenges and whatever change may occur, without losing sight of your vision.
Signs That You Might Be A Serial Entrepreneur
- Restlessness in a certain career of over four years
- You are curious
- A feeling of starting another company
- You recognize your Startup will not make money
- Operating two or three businesses already
Serialpreneurs, are really creative people that, everyone will like to work with, so, they can help them grow their businesses, with their innovative ideas.
Featured Image: Financebuddha
