2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44
Being an entrepreneur is hard work, and being a successful entrepreneur is doubly hard work. This article lists five typical traits that you need to develop in yourself in order to reach the very top of entrepreneurial activity.
A serial entrepreneur is a person who created a successful business, made money from it, and then left and sold it. These entrepreneurs do not dwell on one single idea; they try to implement completely different business concepts.
Real entrepreneurs are rare. Only one in ten candidates truly excels in this area. This low success rate can be explained by the fact that entrepreneurs face a myriad of problems.
According to joint research from Michigan and Stanford Universities, more than 70% of entrepreneurs, having failed once, gave up and no longer tried to implement their ideas. However, the remaining 30% are exactly the same people who continued to move on and began to implement their other ideas. Below are five main traits common to all serial entrepreneurs.
1. Using time management
The most valuable resource for each of us is time, because it is the only asset that we cannot replenish. It is for this simple reason that the need for aggressive, deliberate time management is so important to serial entrepreneurs.
Be critical of your time allocation. How much do you spend on checking emails or participating in projects that could be outsourced or delegated to other employees? Always keep this in mind, because time planning is an essential skill for a successful career as a serial entrepreneur.
Mark Preston
2. Scaling and bringing ideas to life
One of the characteristic features of serial entrepreneurship is considered to be the ability to quickly reproduce and scale a specific business model in a modern market. It is a stretch to call entrepreneurs those people who are incapable of taking risks in order to assess whether an idea will be workable and profitable. If the answer is no, then after the failure you also need to find the strength to try to implement other ideas. This is the main difference between the serial entrepreneur and the typical businessman.
3. Building strategic relationships
A profitable business is not easy to build on your own. That is why serial entrepreneurs gather like-minded people, partners and assistants around them. However, in addition to a close-knit team, it is worth considering a type of strategic relationship such as mentoring or mentoring. For example, helping small startups grow.
I believe that successful entrepreneurs should definitely help small projects for free. You can become a wise and experienced mentor for these people, share the accumulated useful skills, direct them in the right direction. It's nice to know that it was you who became the person who lit the entrepreneurial fire in someone. Mentoring is an extremely rewarding skill for a serial entrepreneur.
Mark Preston
4. Love for knowledge
An innate curiosity and a drive to constantly acquire new knowledge is another trait that distinguishes serial entrepreneurs from mediocre executives. They have some kind of engine that pushes forward and makes them ask questions, seek answers and generate ideas.
I read not only newspapers and technical reference books, I read completely different literature and it is thanks to this that I begin to notice connections that I did not pay attention to before. Oddly enough, many ideas came to me in a dream. I woke up with new ideas and a view of the world. The main thing is not to miss the moment when it dawned on you.
Mark Preston
5. Ability to stop in time
Determination and perseverance seem to be rooted in serial entrepreneurs at the cellular level. Nonetheless, Preston notes that it is just as important to be able to admit your failures and to give up on failures.
The key is to quickly spot the error and allow it to happen. Many entrepreneurs cling too tightly to failing ideas or projects that undermine their strength and drain resources. It is important to stop in time. As soon as you notice that something is clearly going wrong, you need to quickly and decisively say goodbye to it.
Mark Preston
One of the curious aspects of Preston's business philosophy as a serial entrepreneur is that he is totally opposed to business planning. In his opinion, they are a huge inconvenience and bring little tangible benefit to real business. The fact that you have a hefty 70-page Talmud is fine, of course, but it will hardly help when faced with the first difficulties, he assures.
Recommended:
How to sell on Ozon: stories of entrepreneurs who succeed
Both experienced entrepreneurs and those who are just starting their own business can make money on the marketplace. This is a real chance to find clients all over the country
How to make a million from your mistakes: a competition for entrepreneurs from Yandex.Market
As part of the competition, tell us what advice you would give yourself when you were just starting your own business, and win a large sum for business development
How to get some money back for advertising on VKontakte: instructions for entrepreneurs
We will tell you how to spend 10,000 rubles less on promotion on VKontakte with a Mastercard® business card and not lose it in advertising quality
What is adaptive thinking and why entrepreneurs should develop it
This skill is vital to succeed in difficult times. What is this type of thinking Adaptive thinking is the ability to assess existing facts and circumstances and change something in your behavior strategy in order to thrive in these circumstances.
How to pay off a big debt and not go crazy: 5 rules for entrepreneurs
How to reduce spending and develop a payout mechanism and why it is always better to start a business alone. We started our first business almost seven years ago. Before that, I drifted, working for hire in a variety of roles: from a ballroom dance teacher to an SEO optimizer.