Serial entrepreneurs are those who consistently transform original ideas into profitable business plans. They are risk-takers who enjoy challenges. After successfully establishing a business, they hand over the responsibilities of business operations to the management and move on to the next venture. At times, they decide to sell their established company to reinvest the profit in fresh startups.
Entrepreneurs of such business operations have several qualities that set them apart from other business owners and give them the drive to take on new endeavours. Here are the top 10 qualities of a serial entrepreneur.
- Passion
Passion drives entrepreneurs to start their businesses in the first place. Their unbridled passion is what grows the seed of dreams and desires into reality and success. It is the fuel that helps entrepreneurs move forward with persistence despite hurdles and setbacks.
It is a fire that motivates entrepreneurs to invest time and energy in developing their ideas and visions to eventually structure them into concrete and innovative businesses. The passion of an entrepreneur determines how far he can travel and how much he can achieve.
- Leadership skills
Entrepreneurs are the leaders whom the employees look to for advice, guidance, and mentoring. They should lead by example by motivating, inspiring, and helping their employees to achieve the desired goal. Hence, leadership skills are one of the most crucial qualities of an entrepreneur.
Their leadership skills are reflected in how they make decisions, handle stressful situations, and manage business setbacks and mistakes made by employees. Understanding the scenario, they should either take charge of the situation or patiently listen to their colleagues’ suggestions.
- Work ethics
Success in business is not determined by monetary profits but by the work culture and principles the brand represents. A business’s work ethics are its foundation and identity that attracts clients and employees to it. These work ethics often reflect the ideals the entrepreneur stands for and strives to uphold.
Serial entrepreneurs invest money and resources in employees and build an ethical work culture to ensure steady and consistent growth and development. This quality creates a space and a signature for them in the world of entrepreneurship.
- Risk-taking
Serial entrepreneurs are risk takers, which has made them who they are. They are willing to take risks to achieve their goals. They are not afraid to fail and take unconventional decisions and approaches to reach their destination.
Most successful entrepreneurs like Bill Gates and Mark Zuckerberg are college dropouts, and business magnets like Elon Musk found companies like SpaceX to invest in space missions. Though not all risk-taking leads to success, the conviction with which they choose to take responsibility for the risks makes them unique.
- Curiosity
Entrepreneurs decide to launch a business when they see a gap in the market and raise the question of why such a gap exists and what can be done about it. The curiosity in them is what makes them notice the missing part when a lot of people have observed the same. Their insatiable curiosity does not rest until they find a solution to it.
Curiosity is a quality in entrepreneurs that keeps them seeing possibilities and opportunities in everything they look at and do. They are always in a search to find answers to the unquestioned and find possibilities of the unfathomed.
- Mistakes
Serial entrepreneurs are not taken aback by mistakes but rather consider them as learning points that give them insights that can be incorporated into better business practices in the future. A successful business owner was not always successful but had a series of failures and setbacks before they reached where they are today.
The mistakes they make equip entrepreneurs with lessons, experience, and insights that help them develop learning skills, tools, and techniques that can be applied to solve their current problems or in the future. The point is that they won’t make the same mistakes again.
- Patience
Patience is the quality that helps drive an entrepreneur’s passion. However, entrepreneurial success does not come overnight; hence, an entrepreneur should be ready to wait. It takes time to pitch the idea to an interested investor and go through a long journey to reach their goal.
Most serial entrepreneurs are patient as they know a little time waiting will only give better results. They believe in their idea and the course of their business and are willing to wait until the required aim is materialized.
- Self-confidence
Steve Jobs was met with many doubtful eyes when he first introduced Apple. Nevertheless, Apple is now the biggest name in electronics and software, a testament to Jobs’s self-confidence and conviction. Serial entrepreneurs have confidence in making the idea a reality, even when others question their ability to succeed.
It takes a strong and enduring confidence to pitch, convince, and impress an investor to help build a business. Serial entrepreneurs have that self-confidence which enables them to attract people to be part of their journey and success.
- Network
Strategic relationships and networks are key to business development and growth. Serial entrepreneurs have strong and wide networks that help them in times of need. From family to friends, they know how to leverage the connections to help them with resources, introductions, advice, partnerships, and more.
Serial entrepreneurs utilize their networks to increase opportunities and achieve their goals. It also helps them partner with competent professionals with expertise in various areas of business operations that ease business processes.
- Resourceful
Serial entrepreneurs find opportunities and possible resources in everything they look at. The uniqueness in their perception and mindset helps them make the best out of everything. Even in the midst of stress, they try to look at the positive side to derive meaning from it. They are always in search of personal improvement and business opportunities.
They are creative in looking at problems from a fresh angle and finding new ways to solve them. Moreover, they have a never give up attitude that helps them overcome hurdles in their business journey to success.
A passion for business adventures, a constant zest for entrepreneurial challenges, and always seeking to learn new things make serial entrepreneurs who they are. They are not here to make a profit out of entrepreneurial success, but for problem-solving and reaching for the unattainable and unknown horizons of possibilities. They are here to promote business ideas that make human life easier.
Entrepreneurship is about facing challenges and finding solutions. To read more about these topics, subscribe to CanadianSME Small Business Magazine https://lnkd.in/dbqmSKN. For the latest updates, visit our Twitter page at @canadian_sme.
