What is a Serial Entrepreneur? A Serial Entrepreneur is an entrepreneur who runs many businesses within a short span of time either simultaneously or one after another.
We all know who is an Entrepreneur, someone who creates and builds a new business with all his ideas, skills, techniques, creativity, and talent. Today we will know in detail who a serial entrepreneur is, what he does and what are its pros and cons.
We all know what a Traditional entrepreneur does, someone who startups a new business with different ideas at their own risk in terms of money and investment. He is the main mind behind the creation, optimization, and invention of new ideas in order to grow and expand the business.
What is a Serial Entrepreneur?
A serial entrepreneur is someone who can run one business after another and also someone who can run multiple businesses at the same time. He keeps on inventing new business ideas to turn one business into another. He does not believe in one job rather keeps on changing jobs.
Serial entrepreneurs do not take much time to switch their business from one to another because their main focus is to grow and expand the business, profit is their secondary goal. They keep on hopping from one business to another while they delegate or sell their previous business to someone else with time when they find some new startup idea.
These business owners switch from one to another after past experiences and the mistakes they learned from previous businesses. These types of entrepreneurs can run many businesses simultaneously.
Some Very Well-known Examples of Serial Entrepreneurs:
1. Elon Musk
Elon Musk is currently one of the richest people in the world. He is a serial Entrepreneur, an Entrepreneur, and also an Investor. He is a founder of PayPal, SpaceX, X.com, Zip2. He was an early investor of a car company named Tesla, and now he is the Executive officer of the same company. Elon Musk initiated as an entrepreneur by founding Zip2 and then after four years sold the same to Compaq. After that, he found X.com and then merged with Confinity which was later named PayPal, and later sold it too to eBay.
2. Steve Jobs
Steve Jobs was the founder of a very well-known company Apple. He was an Entrepreneur, an Investor, an Industrial Designer. He was mainly the founder of Pixar, Next, and Apple. Apple is the most successful one, the products of apple include ios, it is the most unique idea and loved by millions of people around the globe.
3. Mark Zuckerberg
Mark Zuckerberg is the founder and CEO of very well-known social media application Facebook. He now owns almost all popular social media platforms like Instagram and Whatsapp. He is also an investor; he has invested most of the shares in some big companies all around the globe.
The examples above show that an Entrepreneur is not just running or focusing on just a single business but more than one at the same time.
Different kinds of Serial Entrepreneurs:
1. Start and delegate Serial Entrepreneurs
They start a business and grow it when they start earning profits out of it, they hand over the business to someone else to manage it but they have shared in it till the end.
2. Multi-business Serial Entrepreneur
When they are running a business and at the same time start another business. They run multiple businesses simultaneously to grow and expand different ideas and take risks from all of them at the same time.
3. Start and sell Serial Entrepreneurs
When they start up a business and grow it but later due to some issues like change of mind, different business ideas, unsuccessful business or any other to have to sell their business to someone else to continue their running business. The usual reason is to hop from one business to another.
4. Start and shut down
When they start a business and then sell or shut it down due to some reasons, either interest or unsuccessful business. They may not find its scope for future goals, they either shut it down or sell it to someone else.
Pros and Cons of being a Serial Entrepreneur:
We will first talk about the Pros of being a Serial Entrepreneur,
- You can startup many businesses of your choice.
- You can switch businesses when you lose interest in a previous startup and find something else interesting.
- More businesses, more money.
- Much experience in business due to different opportunities.
Now, we will see what are the Cons of being a Serial Entrepreneur.
- There are several management problems when you are running several businesses at the same time.
- You may not be able to find new customers and also may have a chance to lose previous ones.
- More startups, more risk to take.
- You may not be able to focus on all the firms at the same time.
- Switching business may require a huge investment each time.
Conclusion
Being a Serial Entrepreneur does not have easy jobs to do but it is very beneficial if one becomes one. There is too much to serve as an entrepreneur. To startup different new businesses, one requires many skills to manage and regulate skills. It has many pros and many cons but you have to work according to your excellence and interests, to hop onto different businesses one should know about the trends and demands to grow and expand the entity.
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