It is standard for people to launch enterprises, fail, and then attempt again. Though they are typically viewed as a distinct type, serial entrepreneur frequently have a history of founding several profitable businesses.
Unlike more traditional entrepreneurs who start one endeavor and devote all of their attention to it for years at a time, serial entrepreneurs launch multiple businesses one after the other. After they attain a particular degree of maturity, they could also decide to sell their companies. Ownership may be maintained while daily managing duties are assigned to others. Alternatively, if the company isn’t doing well, they might close it and try something else.
A minimum of three enterprises may be started, while there is no set need for the number of businesses to be termed a serial entrepreneur. Additionally, not every business needs to be profitable or successful. Nonetheless, the majority of those who are considered serial entrepreneurs have achieved at least a few notable, long-lasting triumphs.
The Role Of Failure
Being a serial entrepreneur can make people anxious and appalled to think about managing multiple company failures. Your businesses are, most times, your passion. It’s something you’ve made, given birth to, cared for, and shared sleepless evenings with. The thought of multiple businesses failing is too painful to consider. In addition, if your parents, partners, friends, children, or business school instructors found out that one of your companies had failed, what would they say?
The fear of failure is one of those obstacles that unites all of us, regardless of the reasons we each have for having it. Even though it’s normal, fear of failure can be more deadly than the actual failure itself. You must accept that if you are beginning multiple businesses in pursuit of becoming a serial entrepreneur, you will have the fear of faili After all, almost everyone who achieves success has a history of setbacks before reaching their peak.
Making Mistakes Teaches You How To Make Wiser Judgments
You rarely know why your first business venture succeeds. It’s possible that you made every wise choice. Or perhaps the elements of the market came together at the ideal moment to provide you with a tailwind that helped you advance. Or maybe you were just lucky enough to get lucky. It’s difficult to pinpoint what leads to early success. You fail to notice the areas of contrast when you don’t have the background of prior failure to compare that triumph against. You, therefore, have no idea what to do again or what to avoid doing for your next business.
Conversely, early failure might pave the way for subsequent success. If your initial company attempt didn’t work out, consider why. Is it that you found yourself in a role for which you were unprepared? If so, before you attempt again, you should probably put your head down and begin accumulating the countless hours of practice necessary to become an expert in any profession.
Failure Fortifies You
A recent study conducted by Northwestern University’s Kellogg School of Management found that young scientists who received substantial research rewards early in their careers were less likely to publish “hit” research papers later in life compared to their peers who did not receive those early grants.
Co-author of the study Dashun Wang, a professor of management at Kellogg, said, “The losers ended up better.”
Now, not every failure is the same. You should avoid making blatantly poor choices as a serial entrepreneur in order to give oneself experiences that are enlightening and empowering. Failure is not a magic bullet that will fix every issue in your life or business. Never attempt to fail. Rather, be astute, orderly, and imaginative. Set yourself up for success. But understand that when you do fail, you may use it as an opportunity to strengthen your emotions, become less risk-averse, and learn how to face and overcome your anxieties while managing multiple enterprises.
Failure Develops Hard Skin
It takes both mental and emotional toughness to succeed in such a cutthroat industry of being a serial entrepreneur. Only the resilient will thrive, and the only way to identify and assess resilience is through a series of unsuccessful attempts. Even though it will always sting a little, failure has the power to mend fragility and forge true fighters. Rejection won’t feel like a lost chance after a while; instead, it will be seen as motivation to open other doors. Failure is ultimately just a necessary component of the puzzle.
Conclusion
Throughout this post, we’ve emphasized the importance of embracing failure in the journey of ambitious serial entrepreneurs. Rather than fearing or avoiding it, failure should be seen as an opportunity for personal and professional growth while juggling multiple businesses. Serial entrepreneurs can gain valuable insights into their strengths and weaknesses, refine their strategies, and ultimately attain greater success by accepting and learning from their failures as a means of improvement.
