Serial entrepreneurs are those who continuously comes up with new ideas and create multiple businesses without getting demotivated with failures. They are motivated by goals, passion, and purpose throughout their journey.
Many people stop with one successor who takes back after heartbreaking failures, but serial entrepreneurs are those rare breeds who always hustle for success even after repeated failures and relentlessly work for till they succeed and then do it multiple times. For them, it is a thrill, and getting into new ventures and areas and excelling in all of them is one of the rare things that we can see.
“My biggest motivation? Just to keep challenging myself. I see life almost like one long university education that I never had — every day I’m learning something new.” — Richard Branson
Who are serial entrepreneurs?
There are entrepreneurs and serial entrepreneurs, it takes more courage and leadership quality to transform into a serial entrepreneur who can build multiple companies and run them successfully. You can see very few names in the world like Richard Branson, Jack Dorsey, Elon Musk, etc. They had succeeded running multiple companies on their own and became icons of the entrepreneurial world.
The man behind the Virgin brand and 400 business under this umbrella, Richard Branson is one of the top serial entrepreneurs who succeeded in building multiple companies with his virgin brand.
The man behind the social media company Twitter and Payment management company Square. Dorsey started with a company that specialized in online dispatch services. The inspiration for Twitter came from LiveJournal. He has also succeeded in founding a payment company that is adopted widely in the market.
Elon Musk is not a stranger for many, the man behind the revolutionary Tesla Cars and many other iconic brands like Paypal, SpaceX, Neuralink, and SolarCity. Elon has the habit of buying and selling multiple companies and at that time, he started Tesla and later SpaceX with his dream of Space exploration business. Even though he has some tough times with Tesla and Space X, Elon continues to inspire young talent.
What are those top qualities?
Whether you’re looking at Branson, Jack Dorsey, Elon Musk, or anyone in between, you’ll notice that they all share some common traits. In particular, you’ll see the following:
1. Strong discipline
While it may not seems like a powerful trait, Discipline is one of the important that a serial entrepreneur should possess. If you can’t split up the work, tune in, tune out, focus from one responsibility to another with little hesitation you may be a failure in managing multiple ventures without sacrificing anyone.
You should have good temperament and patience in handling communication and managing your day to day activities. You have to manage everything in a planned schedule and a balanced manner. Just think about managing multiple inboxes with always a full inbox, which you need to reply to every day. So, if you are not a disciplined person this is not your cup of tea.
2. Creativity and innovation
We cannot discuss anything related to entrepreneurship without mentioning Innovation or creativity, without that no one is going to be a success with even a single startup.
Creativity and innovation are born talents in which you can nurture it to make it better, it is surely one of the sexiest traits that a serial entrepreneur should possess. Do you see things the way the world sees them, or do you look at situations differently? Answer to this question will give you clarity about your thoughts and how often you question the things you see around you.
3. Strong and stable leadership
Multiple businesses or ventures mean more people and more things, so you are not going to be successful if you are a good leader who can lead people from the front. You can hire good people but there is no replacement for you as a parent. Leadership can be learned to a degree, but it’s also a trait we’re born with.
When you hire talented people, it is tougher to lead such people which you may need to manage in your entrepreneurial journey. You may need to adopt various leadership strategies, as different businesses or ventures may need different strategies to work with, but this switch in strategies should be without sacrificing the outcome of each venture.
It is easy to look at successful people and say if they can why can’t I, but the truth is that we are only seeing the success stories and while there will be more and more failure stories than success, even all the above-mentioned people also must have failed multiple times in their past, the only difference is that those failures never let them down, their passion never allow their failure to demotivate, they tried again and again and won.
If you are a serial entrepreneur, chances are there that you may go through high success and also many failures and deep troubles, if you cant handle those situations there are chances that you may end up in deep trouble and may end your entrepreneurial journey for sure.
5. The thrill of challenge
For many serial entrepreneurs out there, there determination and goals are fueled by the thrills of achieving those and creating success. Money that is involved in those successes will have little impact on those entrepreneurs. They are high-risk takers attempting to achieve those impossible goals and making history in their journey.
They are always self-challenging and thrilled by those challenges. If you are motivated by the thrills and challenges of such serial entrepreneurs surely you can also try you first walk towards entrepreneurship and start doing multiple things. But nothing is overnight you surely should have patience and that charisma to build despite many setbacks you may need to face in between.
Do you have those?
Very few people are there who can do multiple ventures and make all of them to success and become a serial entrepreneur. Even if you possess all the traits mentioned above, chances are there for your failure as many other things make one succeed. You also should not give up after failures, which may be a common thing in this journey as you are aware 90 percent of startups out there use to be a failure due to various reasons, you can read the article here.