Of late, the business world has seen the rise of a very different crop of entrepreneurs. Ones who aren’t satisfied with a ‘one and done’ approach defining their professional journey. These are typically the people who can neither bask in the glory of a success for too long nor be bogged down by failures.
A serial entrepreneur’s journey is characterized by an insatiable quest to breathe life into their vision, set up businesses across verticals, leave day-to-day operating in capable hands and move on to the next project. So what sets a serial entrepreneur apart from their mainstream counterparts? Here are seven key traits and habits which fuel the nature of a quintessential serial entrepreneur:
- An Adventurous Spirit
Serial entrepreneurs find motivation and a sense of purpose from their adventurous spirit. Instead of resting on the laurels of the last mountain conquered, these professionals are driven by passion for ideas and a strong belief in their ability to implement those ideas, which are fuelled by a generous dose of adventurousness inherent to their nature. They have their eyes set on the bigger picture of improving the order of things in their sphere of work and revolutionizing industries that they venture into.
- A Knack of Mixing Planning with Vision
There are a lot of people out there with an impressive vision of the future. But not all of them carve a success story as serial entrepreneurs. So, where does the difference lie? It is the knack of striking the right mix of planning and vision that sets serial entrepreneurs apart. Yes, they are driven by zeal but they also know how balance out the risks. Another advantage up their sleeve is lessons from the past, which give them the edge over their counterparts in terms of technique, information and experience.
- Knowing Their Limits
It is not possible to be an expert is every field and serial entrepreneurs know better than striving to be jacks of all trades. Instead, they concentrate on their strengths and leverage human capital, networks and knowledge to assign the remaining tasks to people cut out for it.
A business set up by a serial entrepreneur always has a set of executives who keeping the operations running. This saves them the exhaustion that sets in from trying to do it all and keeps them motivated to charge toward the next idea, the next business model.
- Not Being Afraid to Quit
A serial entrepreneur is a mix of successes and failures. But they also know when to call it quits and don’t let it dent their egos or confidence. When they see a business venture going awry, they are prepared to call it quits before irreparable damage is done. They know that new ventures await them and trying to flag a dead horse only means missed opportunities.
- Staying On Top of Their Creative Game
Serial entrepreneurs are also referred to as economic artists. They have the ability to strike creative partnerships, generate investor opportunities and build joint ventures to float successful business models. They do not put all their eggs in the same basket as far as resources and finances are concerned, which makes their transition from one business venture to another swift.
- Understanding the Market Pulse
In order to be able to erect business after business, it is imperative to know what the markets are looking for and that is one trait serial entrepreneurs master over the years. Call it hunch or professional acumen, their innovative streak extends to knowing the pulse of the market, needs of the consumers and prevalent trends in the industries.
- Developing a Thick Skin
If there is one thing all serial entrepreneurs have in common, it is the ability to look beyond ideas that didn’t work, businesses that couldn’t take off or investors that ditched at the 11th hour. In the course of their journey, they develop a thick skin that doesn’t allow epic failures or successes throw them off balance.
Some Serial Entrepreneurs Who Carved Success Stories
A majority of entrepreneurs wouldn’t venture a new business after tasting failure once. And given the high failure rates of businesses launched by novice entrepreneurs, serial entrepreneurs are indeed a rarity. Here are a few who have carved their own success stories:
- Sir Richard Branson: The founder of the Virgin Group conglomerate that has diversified into myriad industries such as professional sports, manufacturing, music, energy, and healthcare.
- Mark Cuban: The co-founder of broadcast.com had his fortunes transformed when the venture was acquired by Yahoo. He has since built business vertical the field of television, theatre, motion pictures and even turned into a TV personality and an author.
- Krishnan Ganesh: The co-founder and CEO of TutorVista, who has three successful startups to his credit.
- Ashok Soota: The man has been in the CEO’s chair for more than half in lifetime, having worked with names like Wipro, Mindtree, and Happiest Minds.
- Swaminathan K: Launched five successful ventures in the realm of education and currently runs an online B-school by the name MYBSKOOL.
- Beerud Sheth: The brain behind Elance – a platform for freelancer – who later went on to launch Gupshup.com.