Becoming a successful serial entrepreneur requires a measure of boldness and creativity. While this route to business stability has long been viewed with trepidation by traditional entrepreneurs, there have been serial business people who have built an excellent track record in starting new businesses one after the other. So what is the secret to their success? Here, Ali Mayar shares 6 success tips for serial entrepreneurs entering a new industry.
1. Find the right partners and work with them.
The most successful entrepreneurs are those who can create networks effectively and leverage these networks. A network is the key to productive connections. The people who make up your network can potentially offer invaluable introductions to other people, provide you with useful advice, and even offer you financial and logistical assistance in some cases. Choose to make valuable connections with friends, colleagues, fellow entrepreneurs, influencers, and business managers. Their input, based on insider knowledge and experience, can be an excellent source of information for you, particularly if you are starting a new type of business.
2. Maintain a solid work ethic.
You could be the kind of serial entrepreneur who can generate great new business ideas every other day but if you have no work ethic on which to build a venture, forget about succeeding. Keep in mind that starting every business requires a lot from you – focus, will, creativity, and drive. Having a strong “can do” mentality will help you move forward and farther.
Ali Mayar cannot emphasize this skill enough. In every business, the smallest details matter but it is impossible and impractical for you to manage them yourself. If you can delegate effectively, you can unburden yourself of the nitty-gritty and focus on your strengths. By delegating, you also empower and train others so they can run the business successfully.
4. Don’t just do something differently, do it better.
Look for ways to do things better and do so not just for the sake of doing things differently. Explore other approaches, study past successes and learn to interpret trends. Look for creative ways to approach problems and do not be afraid to find solutions by using unconventional strategies. Do things better and stay true to your vision.
5. Leverage changes in technology.
There is no question that technology is a major component of many ventures. Ali Mayar suggests keeping an eye out for new technologies and learning how these technologies can be optimized to bridge the gap between what you can offer and what the market needs. Do not be afraid to design new processes to improve your service to your target consumer base.
6. Be resilient.
Serial entrepreneurs who succeeded did not reach their goals by second-guessing themselves and giving up. There is no such thing as a perfect prep and launch. There will always be glitches, problems, issues, concerns, complaints… you name it. As a serial entrepreneur, you need to develop the ability to overcome any type of failure and bounce back from it. When you are resilient, you learn to treat obstacles as opportunities, never allowing anything to stop you.