Serial entrepreneurs are an elite group. Although many individuals try to become entrepreneurs, most fail and lose confidence to start another business.
However, a successful entrepreneur is one who will start a business endeavor time and time again, whether their last one failed or succeeded. It's just in their blood to create and form businesses. Learn about the four common traits of serial entrepreneurs and why they enjoy this adventurous lifestyle.
The Thrill of the Challenge
For many serial entrepreneurs, their determination is fueled by the thrill involved with creating a successful business. Serial entrepreneurs often have high risk-to-reward tolerances, as they don't mind taking risks that come with high stakes. There are many stories of how a serial entrepreneur started out his or her first business borrowing money and going into deep debt with the full intention of making a big payoff - and for many, their audacity worked.
Being an entrepreneur comes with a thrill that cannot be matched as an employee. When the success or failure of a business hangs on a single individual's decisions and actions, there is much more of an adrenaline rush.
Some serial entrepreneurs simply have great ideas after great ideas. They are curious and are always asking the question, "what if..." In addition, it is not enough for a typical serial entrepreneur to form one business and operate it in perpetuity without exploring other options and other business ideas.
Many serial entrepreneurs today were also once office workers. They gave of their time and ideas, but felt stifled when management did nothing with their creative input. Instead, these types leave the office and start a business using their own ideas, and it is not uncommon that once a serial entrepreneur gets a taste of success, they keep going after it.
Many serial entrepreneurs are out to prove themselves. They simply want to succeed on their own terms and make an impact with the results of their endeavors. It may be seeing their ideas come to life or simply showing others that they have the ability to succeed. However, without this quality, a potential serial entrepreneur could only be a one-time shot.
Try and Try Again
Failure is always a reality for serial entrepreneurs, but it is never a deterrent. A serial entrepreneur is always open to the risk of failure. They have a lot of energy and confidence that sets them apart from the "tire-kicker" entrepreneur types.
Even huge entrepreneur moguls like Donald Trump experience failure. After hugely successfully commercial real estate developments in the 1980s, Mr. Trump became overextended financially and lost much of his empire. However, his determination brought him back, and he still remains one of the world's best real estate developers.
Some serial entrepreneurs are born, while others are made. Successful entrepreneurs have many more qualities than are listed here, but these are four common qualities that you will find in yourself if you have the desire to see your businesses succeed time and again.