Want to Become A Serial Entrepreneur? Here’s What It Takes

Become A Serial Entrepreneur

We’re a serial-loving culture. From serial television shows to serial books to serial movies, we like to see works that continue on a theme.

 Serial entrepreneurship is different. A serial entrepreneur doesn’t continue to do what he or she has done before, but instead launches new ventures. Here’s just one example: One glance at Kris Duggan’s Crunchbase profile will quickly show you why he’s considered a serial entrepreneur. 

 But what exactly is a serial entrepreneur — and what does it take to become one? 

A New Breed of Visionaries 

In today’s exploding startup culture, a serial entrepreneur refers to someone not content with starting a single successful business; they want to challenge themselves by launching multiple ventures, often in very disparate fields.

While these creative founders are as unique as the businesses they develop, serial entrepreneurs do share some common characteristics, such as: 

·      Risk ready. While the average person may be uncomfortable with risk to some extent, the serial entrepreneur thrives on it.

·      Resilient. By the same token, the serial entrepreneur doesn’t let setbacks deter or distract from the goal.

·      Adaptable. Serial entrepreneurs can pivot on a dime, which is often necessary in startup culture. A rapidly changing environment is all part of the game.

·      Innovative. Serial entrepreneurs have big ideas, and the consistent creativity required to carry them out.

·      Passionate. It goes without saying, but we’ll spell it out: serial entrepreneurs are passionate about what they do, and possess the drive to plow through obstacles and scale virtual mountains.

·      Persistent. Finally, like the Energizer Bunny, serial entrepreneurs keep going no matter what. Nothing stops them in the pursuit of their goals and dreams. 

The Serial Entrepreneur Playbook 

So how does one convert raw ambition into successful serial ventures? Here’s your playbook: 

1.   Know your skillsets. What are your core competencies, and how will these enable you to launch multiple businesses? You must have a level of mastery in the areas where you wish to succeed. This means if you want to launch a tech startup, you need to know coding, data analytics, design, etc. You can’t just hire an engineer and delegate, because understanding the practical details of your venture underpins everything you do. 

2.   Build your network. Serial entrepreneurship is a team sport. You need a wide external network in which each resource serves a specific purpose: investors for capital, industry experts as guides and mentors, even competitors for market intelligence. Cultivate and nurture these relationships so they grow over time.

3.   Reduce risk. Yes, we said above that serial entrepreneurs must be ready to accept risk in order to succeed. But you can also minimize risk by having a contingency plan for worst-case scenarios — as well as a plan for how one of your other ventures could offset failure in this one.

4.   Take charge of your time. As a serial entrepreneur, time is your most valuable asset. You need to know how to synchronize your businesses so these connections work for you, increasing productivity and results across all ventures.

5.   Master management. Believing in your dream is just the start; you must put the framework in place so the architecture of what you’re building has a solid structure that can withstand the winds of growth. 

6.   Look beyond novelty. A new idea needs to be both feasible and potentially profitable. If you can identify a niche in an existing growth industry, you may be able to do an end run around your competitors. For example, a real estate entrepreneur who invested solely in medical buildings did very well. 

Consider your readiness for the serial entrepreneurship path — then go for it!

Gabriel Montgomery

Gabriel Montgomery

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