A serial entrepreneur is someone who builds and grows companies in rapid succession. A social entrepreneur is someone who builds companies as a way to solve a social problem. While both of these can be done by the same person, the approach is very different. A social entrepreneur is truly in it for the mission while a serial entrepreneur is in it for the money. This blog looks at Serial Entrepreneur vs Social Entrepreneur.
Nowadays, the new young generation is increasing in the business direction, and new businesses are being built every day.
But the journey of building a big brand by starting a business is challenging, so it is essential to have proper information and skills. Because without any knowledge or skills, no business can be carried forward.
Therefore some mastermind is required to run the business properly. Those are called serial entrepreneurs and social entrepreneurs.
What is a Serial Entrepreneur?
Serial entrepreneurs are personalities who are very creative and full of ideas. If any business is failing in the bar, or if there is no profit in it, serial entrepreneurs help him grow.
In other words, it is a serial entrepreneur to handles many types of business simultaneously and takes them to the high peak of profit.
There have been many such entrepreneurs globally; among them, the most famous one is Elon Musk. He is also a serial entrepreneur because he has also grown many types of business at the same time.
What is a Social Entrepreneur?
First of all, tell that Entrepreneur means a person who makes any new business profitable with his talent and skills. Their main role is in every business.
The job of a social entrepreneur is to understand any kind of social issue that comes into everyone’s business and find a solution. He is adept at finding solutions to any kind of problem with his acumen. Their main purpose is to troubleshoot any problem but without any other harm.
Social entrepreneurs are involved in all fields such as education, health, manufacturing, sanitation, and many more. They focus more on how every socially impacting problem can be corrected innovatively.
People like Max Rivest, Founder CEO of “Wize Monkey” who works for the socio-economic growth of coffee farmers are bright examples of social entrepreneurs.
Can Software Engineers Become Entrepreneurs? 5 Big Challenges
How does Entrepreneurship affect your life? 10 Strong Challenges
Serial Entrepreneur Vs Social Entrepreneur
Here are the differences between A Social Entrepreneur and a Serial Entrepreneur
|Social Entrepreneur||Serial Entrepreneur|
|1. The main objective is to help society.||1. The main objective is profit.|
|2. Run and focus on a single business.||2. They run multiple businesses at the same time.|
|3. They are Investor dependent for running things.||3. These kinds of entrepreneurs are self-dependent.|
|4. As more people are attached to the same cause, they are very resourceful.||4. Less resourceful as it is the idea of only one person.|
15 Facts about Serial Entrepreneur
- He grows new businesses with new ideas.
- He makes a failed business profitable too.
- He can manage multiple businesses at a time.
- Have the ability to convert any innovative idea into a profitable business with proper planning and hard work.
- Super connector – He knows how to interact with people to make them feel their point of view. Understanding the need of the person and connecting to them accordingly, they have the specialty.
- They have a lot of faith in their ideas; because of this, even if the idea fails, even without dropping that idea, make it better back by working on its loopholes.
- Entrepreneur’s mind is very strong, and he has many types of knowledge, but he never works alone, always works with a team, and guides his team properly so that his team is very effective.
- Their main objective is to make their idea a success; they leave no stone unturned in all kinds of investments required for this. They know well to make proper use of all types of investments.
- It is very strategic, which makes them different from the rest. Because they run many type of business at the same time so the strategy cannot be applied to all the business. Which can cause a lot of damage, so they work with a new strategy for each of its business and its Teams of necessary people also make it from time to time.
- Doing different things in different ways brings new and quickest results. This habit of theirs is not there in social entrepreneurs; they can do only one business.
- The thinking of the serial Entrepreneur is foresighted, due to which their business runs for a long time than the business of the rest of the Entrepreneur.
- The ability to make changes in business from time to time or to change any decision instantly, especially in serial entrepreneurs. Social entrepreneurs cannot change any of their decisions on time, and this leads to their business loss.
- Due to many businesses, their turnover and profits are high, so a different modification is seen in their products or services every time. Social entrepreneurs cannot modify their products or services every time; they have worked on the same products for many years.
- The most successful business serial is Entrepreneur; the biggest example of this is Steve jobs, Elon Musk.
- Social entrepreneurs are bound by one rule, due to which they always have to consult with each of their investors, but serial entrepreneurs are self-dependent. They make only those people their investors who always agree with their every decision.
7 Facts about Social Entrepreneur
- Their main objective is to make human life better than profit. Every one of their activities is done in the interest of social welfare.
- They only manufacture such products and services which can help people.
- It mostly works for social organizations.
- Any kind of problem is an opportunity for them to do something new for society. Therefore, whenever there are any social problems, then they work on the products or services that are more important.
- It is also very strategic, due to which it keeps its backup plan ready for every type of problem.
- Social entrepreneurs are completely resourceful because their main objective is social welfare, so they get many partners, investors for investment, and political support is more towards them.
- Through its business, it creates business for the people. Traditional workers who manufacture environment-friendly items also help them in generating employment.
“Entrepreneur” word itself is made for business. It helps the society in development, which inspires many types of industries, small and big businesses.
A social entrepreneur grows business along with social welfare by his work. Still, a serial entrepreneur creates many opportunities by generating many types of business simultaneously, which is most important.
The profit of any kind of business of serial entrepreneurs is more because their investment and work are more. Due to this, there are many benefits to society and every person working with them.