Serial Entrepreneurship – Is It For You?

Serial Entrepreneurship - Is It for You?

If you’re anything like me, entrepreneurship is in your blood, That means you’re probably always looking for your next opportunity. if you can never be satisfied working for someone else…you might be a serial entrepreneur. Some people just aren’t satisfied unless they’re able to start a business. Even if they’ve already started other successful companies, this is the mentality of the serial entrepreneur: they are constantly seeking new opportunities to start and grow a company. Sound familiar? Welcome to my world – Ben Morman Everyday Entrepreneur.

I don’t think I need to tell you that this year has been a whirlwind for me. I have recently added to my portfolio of businesses, acquiring 22 Jackson Hewitt Tax Services franchise locations in the Greater Charlotte and Northern Virginia areas. This adding to my list of other businesses – The Works Insurance, Pet Wants Pet Food, and BlueCoast Realty, all of which fall under The BMOR Group umbrella.

I didn’t get here overnight and honestly, I’m glad it took time. I’ve learned some lessons along the way, many of which happen when you take the road less traveled. I’d like to share some thoughts with you to keep in mind, especially if you’re hoping to embark on your own entrepreneurial journey.

The definition of serial entrepreneur is someone who starts multiple businesses, one after another. It doesn’t matter if every business succeeds — of course, it’s better if your successes outnumber your business failures — but the important thing is that you have an innate drive to keep coming up with new ideas and look forward to starting new companies – or reinventing existing ones.

Some serial entrepreneurs operate in the same industry, but I happen to be one who isn’t limiting myself to one industry. I have chosen to do my research and go where my inspiration and expertise guides me. I think that’s called being a “restless visionary.” But whatever you call it, it’s done with a purpose and a goal in the end. I often see the potential to create and build something new, and then I feel compelled to move on to a new challenge. I’m really excited about starting, building, and growing a business that I can sell – then start all over again.

“Buy low, sell high” is not a cliché in my world, it’s a mantra. If you’re planning to follow this path, it’s important to invest in businesses that have strong growth potential and that are being undervalued by the market. If you can see promise in a company that other people have overlooked or have confidence in your own ability to maximize the strengths of a company by bringing in new leadership and a new strategic vision, you might have the makings of a serial entrepreneur.

Does this sound like you?

You often have a self-deprecating sense of humor about how it’s impossible to ever work at a “regular” job for someone else. You are a smart, creative, visionary and you comfortable with taking risks. If you’re risk averse, this is probably not the life for you. Do you have a restless energy, and want to keep moving forward in life, to keep building things and to keep growing?

We serial entrepreneurs tend to have all sorts of different personalities. Some are more outgoing and charismatic, while others are more introverted and analytical. Some are natural salespeople, while others are more technically minded. Some have deep expertise in a particular industry, while some are jacks-of-all-trades. I personally share many of these characteristics and wouldn’t classify myself as any one single personality type. So I guess what I’m saying is, we come in a lot of different packages, the important thing is to focus on your strengths and your passion – especially that inextinguishable passion for starting and building businesses.

The life of a serial entrepreneur is also not without its risks. In fact, some find that while they love the early stages of building a business, they are not a good fit for being a long-term CEO for managing a more mature company. These entrepreneurs typically need to learn how to delegate to others and partner with other talented executives who have complementary strengths. If you’re a serial entrepreneur, it’s important to find good business partners and trusted executives who can help you manage the parts of the business where you might not have as much passion or expertise.

Ideally, over time, I’ll be able to use my cache of businesses as a kind of an entrepreneurial ladder — gradually starting and building several profitable businesses and reinvesting the profits into more lucrative companies.

If you’re a creative, energetic, idea-generating, risk-taking person who can’t wait to get started with your next exciting venture, you might be a serial entrepreneur! Just be sure to manage your risks and partner with good people along the way. The best serial entrepreneurs understand that although they have powerful skills, smarts, and strategic vision, they don’t know everything – I know I sure don’t – but what I do know is I need other good people to help me succeed. If you’re considering this path, feel free to get in touch. Let me know if there are questions you might have or subjects you’d like me to touch on in the future.