It is very difficult to start a new business. In the next 5 years, about 95% of the businesses which get started today are going to be out of business. Only 5% of them are going to succeed. Yet despite these long odds, some serial entrepreneurs are able to start one successful business after another. These people thrive in the creative process and this helps them to repeat their success over and over again.
How can this process be replicated by every entrepreneur? Although there are never any guarantees, serial entrepreneurs have these specific traits in common. These traits help them improve the value propositions of their ideas, limit their risks, and carve out their own path toward success if it becomes necessary.
1. Don’t Hesitate On a Decision
Serial entrepreneurs own their decisions. To say that every decision is 100% correct would be a lie. There are plenty of bad decisions that get made every day. You’ve got to make a decision and just move on to the next decision. Hesitation indicates fear. Risk is always going to be around for the entrepreneur. If you hesitate, then someone else is going to take the opportunity that is waiting for you.
Embrace the risk. Make sure you take time to gather as many relevant facts as possible so an informed decision can be made, but then keep moving forward. Three steps forward, but two steps backward is still one step forward. If you’re not moving, then you’ll never win.
2. You’re Changing the World
This point boils down to the purpose of being an entrepreneur in the first place. Many entrepreneurs are simply trying to build a business. They want to receive a paycheck on their own terms. Serial entrepreneurs have a greater vision. They’re trying to change the world in the things they say and do.
You’ll find this emphasis in the actual culture of the businesses that serial entrepreneurs supervise. Rewards are more than just the profits that can be generated. They’re also found in an ability to help people, help the planet, and challenge the status quo. There is always the thought that more success can be found right around the corner.
3. Never Quit
Serial entrepreneurs face obstacles in their journey just like everyone else does at times. Instead of getting frustrated by the roadblock in their way, they make a pivot to find a new path. The goal here is survival. Although it sounds a bit cliché, what doesn’t kill off your idea as a serial entrepreneur will make you stronger.
Every obstacle is a lesson that has a learning opportunity. Serial entrepreneurs take these opportunities seriously and look to apply the knowledge gained to current and future ideas. This allows them to keep moving forward, even if that means they’re going to be blazing their own trail in the wilderness for awhile.
4. There Is No Try
Serial entrepreneurs realize that saying they’re going to “try to get something done” is just an excuse for failure. You will either succeed or you will fail. There are no degrees of separation in this. So what if there are economic downturns, changes in culture, or no cash available? These are challenges. Instead of using them as an excuse to quit, serial entrepreneurs put their heads down, get tough, and keep pushing forward to find a new way to reach their vision.
That’s not to say serial entrepreneurs never encounter failure when these opportunities happen. Instead of shrugging their shoulders and offering an excuse, they own the failure, learn from the experience, and then avoid repeating it the next time they start a business.
5. Success Inspires Success
People love to support a winner. Many serial entrepreneurs will tell you that the most difficult experience they’ve ever had was to get their first idea off the ground. Once that happens, the momentum which success brings will cause more success to follow, but only if the entrepreneur stays hungry for it.
This is where the paycheck vs success debate concludes. Entrepreneurs who are satisfied with a fair paycheck will stall out once they taste success. Serial entrepreneurs take their successes and improve upon them. They’re always growing, always streamlining, and never really satisfied.
In this modern economy, it isn’t just about hard work and cash either. Serial entrepreneurs have realized that there must be a social attachment to each opportunity as well. When all of these components are combined together into one package, the end result is a great opportunity to become a consistent member of the 5% club.
Strong proponent of individual liberty and free speech. My goal is to present information that expands our awareness of crucial issues and exposes the manufactured illusion of freedom that we are sold in America. Question everything because nothing is what it seems.