Society loves serial entrepreneurs, and in a way most successful entrepreneurs become serial entrepreneurs. People like Elon Musk, Richard Branson or even Steve Jobs are maybe the poster children of successful entrepreneurs, but in reality most successful entrepreneurs end up launching multiple businesses.
There are only few categories of entrepreneurs that do not become serial entrepreneurs. And these are usually skill based small businesses/ professions, in addition to what i call entrepreneurs by mistake, aka ex-employees that decide to create a business similar to the one they worked previously in.
Being a Successful Entrepreneur is Hard
To succeed as an entrepreneur you need several conditions to be met and the stars to align. Among the conditions to succeed, you’ll need:
– Enough Capital: Money is a central part in entrepreneurship, as i often wrote. Money & Success
– Demand: You need demand for your product/service, or what we call product-market fit.
– Connections: Connections can help you get big contract, find potential clients and even raise capital.
– Luck: Luck have a big role in success as previously explained, especially for first time entrepreneurs. Luck & Success
– Operations: How good are you at running your company or business, how good are you at finding the right employees and delegating.
But Being a Successful Serial Entrepreneur is Easy
To succeed again as an entrepreneur is much easier than the first time. The conditions to succeed, we previously mentioned, will look now like this:
– Enough Capital: A successful entrepreneur usually have the seed capital needed to launch a new venture, and also know how to raise capital when needed. Furthermore, being a successful entrepreneur raising capital is much easier.
– Demand: This condition does not change, you will still need to find the product-market fit.
– Connections: As a successful entrepreneur, you have surely already established good connections. Even if it is not the case, having proven yourself, it is much easier to get introductions.
– Luck: Luck is luck, but usually lucky people tend to be lucky again and again.
– Operations: Launching a new business is easier, because you know all the mistakes that you should avoid. Operation wise you cogs are oiled, your senses are more alert, and your operation know how and issues resolution has already been tuned.