It might sound crazy that serial entrepreneurs who started multi number of businesses in different industries are actually more successful than first time starters. There are many who believe that pursuing multi number of businesses at a time might not be successful. But it is true for only those who lack entrepreneurial skills and ability to run a business. There are entrepreneurs who are reaping huge benefits by running various businesses together. Nevertheless, the percentage of serial entrepreneurs is lesser than starters because only a small percentage has launched more than one business.
Over the time, multiple researches have proved that the majority of entrepreneurs who founded more than one business venture are more successful than others. A research from National Bureau of Economic Research (NBER) and a working paper by Kathryn L. Shaw at Stanford University and Anders Sørensen at Copenhagen Business School confirmed that serial entrepreneurs, who run several companies at the same time record faster success than first- time startups. Research finds that serial entrepreneurs record higher sales and productivity as they recognize before launching a new venture. According to the same research, serial entrepreneurs were 39% more productive and had 67% higher sales than 1st-time entrepreneurs. The authors of this research studied data of Denmark based companies formed from 2001 to 2013. It also found that performance of serial entrepreneurs was not affected by gender difference.
Key Traits of Highly Successful Serial Entrepreneurs
Serial entrepreneurs build multi number of companies in different industries at the same time as they can see opportunities everywhere. They start off with more than an idea and commitment. They are usually more successful and share some common traits that make them triumphant in different ventures.
Unlike, starters who spend most of their time in focusing on single industry or idea, serial entrepreneurs are more dynamic and full of energy individuals. They are always keen to learn more and acquire knowledge about different industries.
Diligent in Selection
Serial entrepreneur is one who is very diligent in selection of idea and industry. Another study reported by Harvard Business School also disclosed some interesting facts about serial entrepreneurship. According to the study, serial entrepreneurs are more likely to succeed because they “exhibit persistence in selecting the right industry and time to start new ventures.”
Serial entrepreneurs are real visionaries and this helps them to be successful in multi number of businesses. They identify opportunities quickly but before starting they spend time to educate themselves about everything related to businesses and industries. They find out right resources and surround themselves with a skilled team and mentors to implement vision successfully.
They are smart, adaptive, and passionate individuals who cannot be stay focused on just one idea and industry for a long time period. In general, they like innovations and experimenting and this characteristic help them to be successful as a serial entrepreneur.
Self Motivated and Self Starters
Unlike one-time entrepreneurs, serial entrepreneurs are highly motivated self-starters who will start a business endeavor time and time again, without thinking much about whether their last venture succeeded or failed.
Serial entrepreneurs want to create value -driven businesses rather than making instant profit. They are driven to follow fundamental values for social welfare through their businesses.
Love to Rush and Problems
The vast majority of successful repeat entrepreneurs have experience of working with different organizations. Before launching their own business ideas they are more likely worked with others to understand everything needed to a run a business successfully.
Repeat entrepreneurs enjoy the thrill of launching a new company. They are full of positive attitude for starting on new ideas on a regular interval. So, working as a serial entrepreneur is worthwhile and more satisfying. You must be keen to engage yourself in different industries, different people and different cultures. Each of them is unique and requiring a different approach because how business gets conducted varies according to type of business and industry.
[Top Image – Shutterstock]
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