Who is a Serial Entrepreneur?
Serial Entrepreneur is the person who starts one business, runs it, and then starts and runs additional businesses in succession. They are particularly innovative individuals when it comes to generating fresh business concepts and then putting those into action to start a new business. This is a person who can consistently fail but learns from their mistakes and use them to achieve great things.
Understanding Serial Entrepreneur
Even if a serial entrepreneur comes up with a great idea doesn't mean they'll be the first to follow the newest idea's everyday operations.
Once the new business begins to gain traction, the serial entrepreneur would recruit a dedicated team to manage it. They would be willing to devote sufficient time and attention to each of their respective enterprises in this manner.
Maybe that's what distinguishes them as serial entrepreneurs. They really would like to put all of their fresh concepts to the test and see how effective they can be. This allows them to not only test whether the innovative plan will work in the industry but also to gain additional attention and discover how good at multitasking they can become.
Practical Example
Miami controls and manages an electronic firm, and she utilizes the earnings from that business to launch an air conditioning system company that holds separately while simultaneously selling heating systems technology to her firm. After a few seasons, Miami decides to take her concept of linking contractors and organizations to the next level by launching a mobile application. The app is a hit, and the app business is sold to some other firm shortly after. She's also planning to launch a "budget-friendly" smartphone line.
Miami founded several businesses, two of which she currently controls and operates. However, this is not what distinguishes her as a serial entrepreneur. Miami is a great representation of a serial entrepreneur because she seeks to set up a new firm and undertakes more than typical potential costs despite having no commitments to do so.
In Sentences
- A serial entrepreneur, rather than starting one firm and focusing on it for multiple years as a traditional entrepreneur would, establishes multiple enterprises one after the other.