I know for sure that there’s a lot of us out there. Some serial entrepreneurs are just managing multiple small companies, websites, or apps and others are building large business empires with impressive networks. You know the saying: do not put all eggs in one basket. By venturing out into new markets and thinking up new startup business ideas a serial entrepreneur is just distributing risks to a wider net. If one company fails, it is not so bad as you have many more.
Not only that, multiple businesses can be beneficial to each other too. If you launch a product in one category you can also market it through your network of companies, therefore, building each other up. It will never get boring (if you have good time management skills).
What is a Serial Entrepreneur?
A serial entrepreneur is a person who creates multiple businesses. There are more out there than you may think. Juggling between multiple companies is difficult but it can also be fun. To do it successfully one must have strong discipline, good time management, leadership skills, creativity and innovation, and many more skills. These can all be taught and it can all start with just a small notebook by writing down all the tasks you need to do therefore building up that “discipline muscle”.
What Strategy Can You Use To Become a Serial Entrepreneur?
You can start with just one company, work on it for a while, trying to automatize as much of it as possible. When you have more time and the business is generating profit as passive income you can start working on your next project.
You can focus your full attention on one idea for 6 months, when it is on its own feet you can then add the next one to your portfolio. You will start to notice that even with small projects the knowledge learned will be useful for the next one. It can be better to earn $10 000 from 10 projects than to trust that one idea will lead you there (which is also fine). Both ways are great and it is up to you to decide which way you wish to go.
Success Tips for Serial Entrepreneur
- Do not build everything by yourself. This is what I talked about before, automatize as many tasks as possible whether it is through other companies, products, or people. Fiverr, Upwork and Freelancer are great for outsourcing tasks that a person has to do. Find newly added listings and focus on them – they will have more time and also they need to prove themselves so it is likely that you will get the job done for less money and in higher quality. The same goes with offline businesses, look for companies that can do the job for you.
- Partner with the right people.
- If you can do it by yourself, that is great! In the beginning, it is not necessary to look for partners, first build your brand and make sure that the product is ready before presenting it to potential partners or asking for a friend to join. It depends on the idea of the business, evaluate if you have all the skills needed to build it yourself. If not, maybe a friend can join. Find people who have similar interests, values, and motivations.
- Prepare for the unexpected.
- There are some tips out there that you should have a plan B. I do not necessarily agree with that. In the beginning, you will not know where the business will take you and in which direction it can go. When the business is built up and it is becoming stable and you know exactly what it is supposed to do you can think of the risks and what might happen. An example would be: if your product is based on earning revenue from advertising (for example website or app) then you should know where to go if your website is blocked by an ad company you are using. In this scenario, you could switch to a different ad provider or launch direct campaigns.
- Create a structure and have a focus.
- You need to create a structure that will give you time to develop new ideas and implement strategies. Decide how much time each project needs per day and adjust it accordingly. New ideas might need more time than the ones you have already automated and outsourced. Delegate tasks to people you trust and learn from their findings. This is where discipline comes into play, follow the rules you set out for yourself. My favorite quote that helps with this is: “Motivation is just an emotion, use discipline to achieve your goals”.
- Keep an Eye on the cash flow and profit opportunities.
- This might seem trivial to some but it is an important practice to always be open and to look out for new opportunities for earning a profit. When you are starting out, cash will be burning. It will take some time to turn it around and earn more than you spend. Look out for more ways you can extend the startup you have to build, ask friends what they think about your idea, and listen. For example, start selling merchandise, place advertisements on your website, add referrals, earn from posts with do-follow links, sell similar products, upsell, and more.
Top 5 Serial Entrepreneur List
There are a lot of serial entrepreneurs out there. Some are more recognizable than others, but here is a list of people you can follow and learn about how they are managing multiple companies.
Known for managing: Virgin Group (40 companies operating in 35 countries and employing over 60 000 people).
Known for managing: Tesla, SpaceX, The Boring Company, Open AI, Neuralink, Hyperloop, Solar City. Sold: Paypal and Zip2 Corporation.
Known for managing: VaynerX and VaynerMedia. Companies include Tracer, Gallery Media Group, VaynerProductions, VaynerTalent, The Sasha Group, VaynerSpeakers, and VaynerCommerce. Gary is also the Co-Founder of Empathy Wines, Resy, and VaynerSports.
Known for managing: Founder of Crazy Egg, Hello Bar, and neilpatel.com. Also known for creating and selling companies including Quicksprout.
Andreas von Bechtolsheim
Known for managing: Co-founded Sun Microsystems Granite Systems and Kealia. Much of the fortune is coming from investing $100 000 in Google when it was just starting out.
Managing multiple businesses can be great fun. Make sure that you allocate your focus where it is most needed. Start with one, build it, make it stable and autonomous, and move to the next one. Stay strong and join like-minded people in the STARTUP DOSE community.