For some business owners, the thrill wears off after a business is established and going well. Once a new venture reaches that point, it’s tempting to hand it off to someone else and start a whole new project. That line of thought leads directly to the path of serial entrepreneurship.
The Benefits of Serial Entrepreneurship
For certain types of business owners, the enjoyment and fun of small business ownership isn’t necessarily the final product or business. Rather, it’s how you got there. It’s certainly not true of everyone, but for those people who feel that way, it’s far more fun to keep starting up new projects.
With that approach comes certain benefits. For one, if you do have the skillet necessary to be a good serial entrepreneur, you’ll probably have a business you can sell at the end of every new venture, making it much easier to fund the next project. You will likely also build up a network that supports new businesses very well, getting better connections for your efforts with each new business you start.
The Drawbacks of Serial Entrepreneurship
Creating one new business after another isn’t exactly a situation filled with sunshine and puppy dogs, however. A huge amount of work goes into creating a new business and you’ll constantly be in that stage of a business’ growth where you feel like you have to work every hour in the day to get it established. If your business isn’t your key priority, that approach may do more harm than good.
It’s not uncommon for a serial entrepreneur’s main focus in life to be building new projects, rather than family or other priorities. It’s a potential issue that is crucial to keep in mind.
The Balance of Serial Entrepreneurship
Like most paths, there are both benefits and drawbacks to becoming a serial entrepreneur. Even if you’re sure that you’ll enjoy the somewhat-hectic lifestyle that goes along with building multiple businesses, it’s important to dig deep and consider how it will impact other things you want to do. The drawbacks may not be enough to tip the scale against becoming a serial entrepreneur, but they do offer up considerations that you should look at before making a decision.
It’s also worth keeping in mind the fact that, though you’ve started one or two businesses, you don’t have to keep handing them over to someone and moving on. Perhaps you want to try out businesses until you find the right fit for the long haul. Or perhaps you find something that you aren’t looking for — a business worth holding on to for any number of reasons. No matter what else happens in an entrepreneur’s career, he has to be open to new opportunities and changing course. Find what works for you and go for it.
Image by Flickr user Rob (Creative Commons)
Google+Web.com is now offering forums designed to support small businesses in cities throughout the US. Learn more about these forums here: http://Businessforum.web.com/
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