Arturo Alvarez Demalde
Serial entrepreneurs have a knack for building nascent businesses and pushing them to realize full potential before moving to the next gig. This breed of entrepreneurs is largely driven by innovation and productivity rather than monetary gain. However, serial entrepreneurship is not for everyone. The entrepreneurs must know how to overcome challenges such as rejections, broken promises or cash flow problems. According to the American Express, you can decipher whether you are a serial entrepreneur in the making if you possess any of the following signs:
• You are curious and egocentric
• You tried out your hand in business before driving
• You already have a hand in at least two or more businesses
• You fear regrets much more than failure
• You are driven by the idea to start a business, one after the other
• You know the current startup will not scale sufficiently to earn the type of money want
Important statistics about small business
Each year, thousands of Americans try their hand in business. According to Fit Small Business, about 80% of all new businesses established in America survive beyond the first year but only 50% go beyond 5 years. The report also shows 22% of small firms are self-financed using personal or family savings. Some of the most successful businesses in the world, i.e. Amazon, Google and Apple were started out in the basement or garage. Based on these revelations, a Small Business Association report shows a staggering 60% of businesses without paid employees are home-based.
Tips to become a successful serial entrepreneur
It takes a lot of individual effort and sacrifices to become a successful serial entrepreneur. For instance, preparing for surprises and developing the right mien to overcome rising challenges. According to the Medium, here are 5 tips for becoming a successful serial entrepreneur:
1. Work with partners to realize your goals
Since a business cannot run in isolation, partnering with like-minded people is always a plus big plus. Serial entrepreneurs often use their vast network to drive sales and grow business. If you are not gifted in a particular area consider getting advice from a competent or experienced hand. The support can go a long way to complement your skills and strengthen your hand in the new venture.
2. Do gigs that save time, money and energy
Established businesses often look up to small business for cheap labor products and labor. Serial entrepreneurs will take advantage of the open market opportunities to partner with established brands and in the process save them time and money. For instance, a gifted freelance designer can register with sites like Fiverr or Freelancer.com to do paid work for bigger brands.
3. Prepare to fail
Any reasonable entrepreneur must accept failure should things not work as expected. This can happen due to wrong product, poor execution or bad timing. A serial entrepreneur understands that some business ventures will succeed as others fail. Before giving up, it is important to learn to persevere and know when to cut losses and move on since every business has own dynamics.
4. Working differently
In today’s highly competitive business environment, presenting an amazing and unique product doesn’t always mean the world will fall for it. It takes much more effort to win public and investor admiration. Serial entrepreneurs often make a difference by creating ordinary products embedded with technology, i.e. a functional armchair with voice controls and connected capabilities that can tap into the Big Data for enhanced usability and function.
5. Learn how manage to time and delegate duties
A successful entrepreneur must know how to manage time and when to delegate duties. For serial entrepreneurs, time management skills are vital in inspiring new ideas and rising to the challenge without sacrificing too much personal time. If there is too much work to be done and no sufficient time, the wise thing to do is delegate some of the responsibilities.
The making of a serial entrepreneur
Serial entrepreneur, Rusty Tweed is a great example of what a talented entrepreneur can achieve in short time frame. Rusty is the Founder and CEO of Tweed Financial Services, Mold Zero and TFS Properties, among other successful ventures. Tweed Financial Services is currently expanding its service offerings to include wealth management while TFS properties has come up with an elaborate plan to construct more commercial buildings in hot markets around the US.
The main income steam for the real estate outfit is brokering off properties. Mold Zero is a relatively new entrant in the market. As part of long term growth strategy, the firm is committed to extending its reach across various metro areas. The LA based entrepreneur first tried his hand in business some 25 years ago. Rusty Tweed studied mechanical engineering at the prestigious University of Waterloo but decided to pursue a career in financial services to exploit his entrepreneurship skills
