They’re often called startup addicts or business builders, but do you know what goes into being a serial entrepreneur?
Serial entrepreneurs see the world differently than everyone else—there’s always a problem to solve or an untapped market in need of a solution.
In this article, we’ve broken down everything you need to know about becoming a serial entrepreneur. Read on to find out what exactly serial entrepreneurship means, along with real-world examples and the pros and cons of becoming one.
What is a Serial Entrepreneur?
The term “serial entrepreneur” refers to a person who frequently develops business ideas and starts new companies often. Traditional entrepreneurs usually come up with an idea and start a company where they are deeply involved, but serial entrepreneurs prefer to hand over the reins once the company is formed in order to pursue new business ventures.
A serial entrepreneur can exit the front lines of the business by delegating management responsibilities or selling their stake to a third party. Delegating responsibilities allows the serial entrepreneur to receive residual profits while remaining part of the business, although they are typically not involved in the decision-making process. If the entrepreneur does not want any involvement with the business, they may instead choose to sell their stake (or the entire business) to a third party for a lump-sum.
Serial Entrepreneur Examples
Some serial entrepreneurs have gained celebrity status for their actions, and notable examples include:
- Sir Richard Branson: Sir Richard Branson started his first venture (a mail-order record business) at just 20 years old in 1970, but today his business conglomerate includes more than 200 businesses spanning multiple industries.
- Oprah Winfrey: Oprah Winfrey is a world-famous media leader and renowned philanthropist, but she also started her own production company which has launched the Oprah Winfrey Network in addition to publishing The Oprah Magazine and five books.
- Elon Musk: Elon Musk has become a cultural icon for his involvement in ventures such as Tesla, SpaceX, and Paypal, among others.
Reasons to Become a Serial Entrepreneur
You constantly come up with business ideas
People see you as the “creative type” and you have a seemingly never-ending supply of new business ideas. Maybe some ideas aren’t home-runs, but you’re quick to recognize when it’s time to move on and can do so with ease.
You have an unquenchable curiosity
Others may see you as fickle, but you’re really just curious to explore new interests. One business isn’t enough, you have more ideas and you want to see what you can do with them! Being a serial entrepreneur allows you to explore your interests as they come and go.
You’re not interested in management
Management isn’t for everyone, and you’d rather start a new business than manage an existing one. There’s no need to feel guilty about this, in fact, a Career Builder survey of 3,625 people revealed only one-third of employees aspire to work in leadership positions. Focus on what excites you and let others handle the day-to-day tasks that come with running a business.
Reasons Not to Become a Serial Entrepreneur
You’re not ready to let go
Starting a new business is a labor of love, and many founders grow emotionally attached to the companies they start. CEOs commonly refer to their business as their baby, and you want to stick around to make sure your baby is properly cared for.
You value work-life balance and stability
Work-life balance is growing increasingly important for U.S. citizens, and 83% of millennials see it as the most important factor in evaluating a new job. Sleepless nights and long stretches away from home are common for serial entrepreneurs, so consider how much you value stability before deciding to pursue this path.
You want to manage
Being a manager isn’t easy, but it has its perks. As a manager, you’ll have a crucial role in the decision-making process and will be able to make a significant impact on the success of the company. Managers also get to develop a team to support company initiatives and establish a culture, which can be a great learning experience.
Form a New Business Today
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Swyft will keep you updated throughout the filing process so you can understand what’s happening and feel confident in your decision to partner with Swyft.
To make things easier, we’ve broken down our comprehensive filing process into five simple steps:
- A thorough review of the information you provide.
- An in-depth check of the availability of your business name.
- Document filing and approval notification.
- State approval document forwarding.
- Reliable compliance support.
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