It’s not simple to start a profitable business. Nearly half of firms never reach their fifth birthday, and one in five collapse within the first two years. Occasionally, the marketing plan is incorrect. Sometimes the funds run out before the firm gains traction, or an unforeseen epidemic, conflict, or catastrophe related to the cost of life throws everything off balance.
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There are instances when individuals just do not want what you are selling.
Starting a successful business requires courage, ability, and maybe a little bit of luck. Therefore, it’s rather unique when a founder launches and succeeds with not one, but several companies.
A serial entrepreneur: what is it?
Someone who launches several enterprises is known as a serial entrepreneur. They may manage many companies at once, assigning leadership responsibilities to others, or they would sell or walk away from one before launching another.
They frequently invest in or get engaged with other exciting early-stage firms in addition to starting their own businesses.
This type of entrepreneur is usually very skilled at spotting new business prospects and developing a company’s vision. The early phases of a firm, such as developing a team, getting investors, and conceptualizing products, usually excite them the most.
They are frequently driven problem solvers with a voracious appetite for risk, a never-ending supply of fresh concepts, and an acute awareness of the market.
Serial entrepreneurs can take many different forms; they could be co-founders of Apple Inc. or operate a street stand selling apples. Actually, a lot of serial entrepreneurs work in a variety of unrelated fields.
Examples of serial entrepreneurs
The people you know
“I start businesses to accomplish goals, not just to make businesses.” ― Elon Musk
Examples of serial entrepreneurs include Elon Musk.Without the guy who revolutionized internet payments, space flight, and electric cars, this list wouldn’t be complete. Musk has since contributed to the creation of PayPal, Tesla, SpaceX, SolarCity, and The Boring Company after selling his initial company, Zip2, for $307 million in 1999. He is a classic example of a serial entrepreneur due to his extravagant aspirations and propensity for taking excessive risks.
Examples of serial entrepreneurs include Richard Branson.Few persons can claim to have been knighted by the Queen, visited space, and contributed to the Rolling Stones’ success. At one point or another, this British entrepreneur’s commercial empire encompassed an airline, a rail franchise, a mobile network, and a record label (Virgin Records, which he sold for $1 billion).
“You become what you believe, so set the highest, most ambitious goals for your life.” (Wellesley College Commencement Address, 1997) Oprah Winfrey
Examples of serial entrepreneurs include Oprah Winfrey.
Although the talk-show host is most famous for allowing celebrities to open up on her sofa, Winfrey has turned her notoriety into a string of lucrative business endeavors. The first major studio run by a Black person was her production firm, Harpo. Inc. She co-produced a Broadway musical and launched a television network, radio station, and magazine.
Achievements across three continents
Austin, Texas native Jan Ryan
There was a box in her division where staff members could leave suggestions on index cards while Ryan worked as a product expert at IBM in the 1970s. The employee who came up with the greatest suggestion at the conclusion of each week received $100. Ryan was so successful that the tournament was discontinued.
She remembers, “I realized I had to relocate to a place where I could truly make a significant contribution.”
She was given her opportunity in 2005 when she was hired to restructure Sigma Dynamics, a company that created software for predictive analytics that could be used to forecast consumer behavior. She led the business through a successful relaunch as CEO, drawing in customers including Bank of America. A year later, Oracle bought the business.
Ryan saw that no one was using the new technology for customer care as social media usage increased. In 2009, she filled the need by founding Social Dynamx, a software as a service (SaaS) company that assisted businesses in offering customer support via social media platforms. Three years later, Lithium Technologies purchased the company.
According to Ryan, “serial entrepreneurs are drawn to trends that have the potential to upend society, but you don’t want to follow the crowd.”
Thomson, Sarah Jane (England)
After having a dream about it, the former director of sales and marketing founded Ebiquity, a media monitoring and consulting company, in 1997. Thomson was one of the first to utilize the internet to collect real-time advertising spending data for UK marketers. She tested the concept with her husband while on maternity leave.
Less than three years later, the pair floated the company on a London Stock Exchange submarket. The business, which generated $78 million in revenue in 2021, is no longer controlled by the Thomsons. Since then, Sarah Jane has started four other businesses:
2006: Almost half of the UK’s schools subscribe to First News, a children’s newspaper.
2007: Priority One, which offers cybersecurity and IT services to companies.
2018: ThreatAware, a cybersecurity tool management platform for companies.
2018: Discover.Film, a streaming service for short films with over a million monthly users.
Thomson, who works for all four businesses, says she became an entrepreneur because it allowed her to better manage work and family life.
“I had to choose between motherhood and my career when I told my boss at the time that I wanted to switch to a three-day workweek after giving birth,” Thomson recalls. “Being able to work according to my own schedule is what motivated me.”
Moleli, Lebona (South Africa, Johannesburg)
When Moleli was twelve years old, he began selling vegetables from his grandmother’s garden door to door to get experience in the business world. After working in marketing for 15 years, including a time at Coca-Cola, he made the decision to combine his work skills with the entrepreneurial attitude he had grown up with.
His first venture, a market research firm, failed, and after eight months without making any money, he split from his partners. Moleli, however, didn’t stop there and has now founded five other businesses:
2008: The Marketing Kraal, a company that focuses on outdoor advertising, including murals on walls and billboards.
Lesaka Marketing, a firm that creates marketing strategies for small and medium-sized businesses, was founded in 2009.
2010: The shuttle and tour company Thuto Travel and Tours.
2015: Lebona Investments, which makes investments in small-scale industry, real estate, and agriculture.
2018: Mohope Brewing Company, a craft brewery operated entirely by Black people.
One benefit of managing many businesses, according to Moleli, is that you are not dependent on a single source of income, which may be dangerous.
However, he continues, “money has never been my main motivator.” Establishing a business is similar to giving birth to a kid. I like seeing the baby develop.