Are you a serial entrepreneur? Find out if you are, through the character traits discussed in this article. The serial entrepreneur has a number of positive and negative traits.
It is sometimes really amusing, when someone introduces himself as a serial entrepreneur. They say it with so much smug and pride, like it is a job description or a profession. On one of such encounters, I recall asking this self-introduced serial entrepreneur, what happened to the other seven (7) businesses he claimed to have started, from before he left college. He mumbled uncomfortably, that he had moved on from them.
Who is a serial entrepreneur?
A serial entrepreneur is someone who starts one business after another or, multiple businesses at the same time. The truth is the term, serial entrepreneur, is such a vague term, that does not really say anything. Worst of all, it can so easily be a synonym for “serial failure” or a “Jack of all trades, master of none.” It sometimes describes people who have failed in so many businesses, that they are not sure what they are into anymore. Are you one of those entrepreneurs who can’t point to one successful business venture, but still wears the badge of a serial entrepreneur with pride? Then you need to do a rethink.
Don’t get me wrong. There is nothing wrong with being a serial entrepreneur, if you are a successful one. By that, I mean, someone who starts and grows a business or businesses to the point that the business is profitable and then a few years later sell it for lots of money or gets someone else to manage it, before moving on to the next.
Character traits of serial entrepreneurs
Find out if you are a serial entrepreneur through these character traits. The serial entrepreneur has quite a number of positive and negative traits. Let’s start with the negatives;
Negative traits include:
- Being restless and easily bored.
- A short-attention span. They lack the much-needed committed attention to the businesses they start.
- Unemployable and unwilling to work for or learn under someone else.
- Serial entrepreneurs are more interested in the thrill of starting something new than the daily challenges of running a business. They are more concerned with giving birth to businesses and less in nurturing it into sustainable growth and this can mean failure for all the ventures involved.
- Serial entrepreneurs usually start a business even before they leave college.
- They tend not to learn from their mistakes in business.
- Serial entrepreneurs are involved in multiple unrelated businesses and opportunities.
The positive traits of serial entrepreneurs in business include but are not limited to;
- Serial entrepreneurs are usually innovative.
- They are risk takers.
- They are not afraid to go after what they want and less afraid of failure,
- They are self-motivated and driven by success.
- They see opportunities in everything.
The worst kind of serial entrepreneur you could be is someone who fails in all the businesses ventured into because you can’t give those businesses the much-needed attention to sustain it. If you own a business and your business is not making money? Then, you are not a successful entrepreneur, because making money is a fundamental part of doing business.
A word of advice. Don’t tell a potential investor in your business, that you have started 10 different businesses. It doesn’t put you in a good light. Investors are looking for perseverance and commitment. They need to know that you are serious and in for the long haul before investing their money in your business.
Do you describe yourself as a serial entrepreneur? Then, you need to have an honest conversation with yourself. What kind of a serial entrepreneur are you?