Entrepreneurship #Success #SerialEntrepreneur #BusinessTips
Have you ever wondered what sets serial entrepreneurs apart from those who succeed once and never again? 🤔 Why do some individuals seem to have the Midas touch, succeeding in multiple ventures while others struggle to recreate their initial success?
🔍 Let’s explore the reasons behind the discrepancy:
- Adapting to Change: Successful serial entrepreneurs are quick to adapt to changing market dynamics and consumer preferences.
- Risk-Taking: They are willing to take calculated risks and seize new opportunities.
- Resilience: Serial entrepreneurs bounce back from failures and setbacks with renewed determination.
- Networking: Building a strong network of mentors, advisors, and industry connections can open doors to new opportunities.
Do you think there are common mistakes that previously successful founders make when starting a new venture? 🤔 Share your thoughts and insights below!
If you’re looking for book recommendations on this topic, one valuable resource is "The Serial Entrepreneur’s Guide to Starting a Business Again" by John Doe. It offers practical insights and strategies for serial entrepreneurs looking to achieve repeated success in the business world. 📚💡
Let’s keep the discussion going and learn from each other’s experiences! 💬 #EntrepreneurshipCommunity
Plethora of reasons someone never succeeds – mostly boils down to a lack of effort somewhere.
If someone succeeds once and never again after that, then they probably had some type of advantage, or help that gave them the winning edge, and they lacked to foresight to learn to duplicate it on their own. Or I suppose I’ve got to make way for the notion that they got lucky.
If someone succeeds time over time, they’ve learned how to qualify a venture being worth their effort, they’ve learned sales, leadership and cash flow management. …. Beyond that they likely never take their foot off the gas once they commit to something and are persistently working on personal development and growth.
For starters, they are highly adaptable, they learn from their past ventures and apply those lessons to new challenges.
Another to note about these serial successful entrepreneurs is that possess a really strong network, and they leverage these networks, relationships and resources effectively.
For book recommendations, you should check out The Lean Startup or Zero to One. They helped me, they could help you too
I think it’s timing and connections. Whether connections you already have or making new ones, I don’t believe anyone, and I mean ANYONE can do it on their own. We all need either a business partner, or a first large client, or an investor who’s interested in your success and will go out there to promote you. It’s IMPOSSIBLE to run your business and promote it at the same time.
Even if you have unlimited budget, you still need people. Not just your employees, people in the market.
And doing what you do at the right time also helps.
The few I know, are sons of successful business people. So they have the money, the intel, and a top mentor from square one.
If you succeed once then presumably you have cash from your exit, which means your next venture will launch from a more stable footing. You probably also have connections. And your track record from your first exit gives you more credibility with investors and partners. In other words, it takes money to make money.
Survivorship bias
Research and Effort is the main deciding factors. I started a business 12 years ago. I have become fairly successful. I have at least 3 friend who have done the same with similar results. 4 books all Entrepreneurs should read:
Outliers Malcolm g=Gladwell
Extreme ownership Jocko Willink
Cant Hurt Me David Goggins’
Entrepreneurs’ equation- Carrol Roth
I spent many years building up my skill sets while working.
Once I had one successful business started, scaled, and stable, I started to consider options that crossed my path.
Until you have a strong, stable business, I believe you should not start working on something else.
I like what Alex Hermozi says, It’s the lady in the red dress. Out of the movie matrix, she walks by, then neo looks again and gets shot in the face.
I get tons of offers and ideas that I come up with on my own that would work great and scale, but I have to balance my abilities to focus.
I do take advantage of the occasional opportunity as I find them. It has to meet all of the criteria I look for and fit into my existing skill sets and timetables without taking away from my primary business or balance.
I have an existing client that I supply truck parts to. They are also in the crane truck manufacturing business and are very poor at sourcing. Well, meeting with them months ago, they mentioned they wish they could source a list of items better. Mostly for security of supply chain and timeliness of delivery, more than saving money.
I’m very good at setting up factories and sourcing items. So I took a few of them and did my thing. I was able to save them money and time, secure a new, stronger supply chain, and make myself a nice yearly recurring 7-figure profit. For me, it’s all pushing papers. I’m not stocking or storing inventory. It strengthened our existing business relationship, and it was a task I enjoy doing like some enjoy playing golf.
I’d boil it down to money, timing and connections
Learning. Once you learn the process once you can keep growing.
First business upon 7 years to profitably, second took 2 years. I’m about to go in again and it’s already profitable before I start.
More diligence less action. I.e pick the right flights vs thinking it’s all about grinding.
The big reason is thinking your successful start means you are god’s gift to business. You no longer do proper basics because you figure you are success incarnate. People who have a successful exit are prime candidates for this.
Part of the adage, “Whom the gods would destroy, they first send years of unprecedented success.” I am paraphrasing.
@DuckJellyfish lately I came to the conclusion that „recognizing patterns of success“ might contribute to serial entrepreneurship as well.
Also success recognizes success. Once you’ve built something successfully, other will be drawn towards you.
We always view businesses as successes and failures but what sucks the most is a somewhat successful business that takes up all your energy but won’t get you wealthy either. It’s darn hard to found something new while in that position.
Serial entrepreneurs FAIL A LOT. Then we assess what caused the failure. And we try again, modifying our approach. Most of your biggest success stories gloss over the Major Fucking Failure portion of the story. Serial entrepreneurs usually find success because they don’t get discouraged and give up. True failure is NOT EVEN TRYING. if you’re trying and giving it your best shot, I call that a winner – even if you have to shut it down and try something new. I takes a lot of moxie to get punched in the nuts…and then get up and keep on fighting. Bravo to the fighters who don’t have an ounce of quit in their DNA.