Serial Entrepreneurs: 5 Ways to Successfully Run Multiple Businesses
The life of serial entrepreneurs is a very unique one so we want to show you just a little about what it’s like and how to be a successful one. We would like you to spend some time thinking about all of the things it takes to start a business. Trying to come up with something that’s never been done before or finding a way to do it differently. Then trying to not only find your customer but also connecting with them over time. Constantly thinking of different ways to innovate and scale as leanly as possible. Then take all of that and multiply it by three or five times. That is the life of a serial entrepreneur.
Being a serial entrepreneur isn’t really just a choice that people make but instead an urge that they can’t fight. Becoming addicted to the concept of innovation and the implementation of new theories into real world.
Today we will discuss the secrets behind successfully running multiple businesses and the skills you need to become a profitable serial entrepreneur.
1. Don’t spread yourself thin
The majority of entrepreneurs face the exact same challenges and one of the greatest is finding enough hours in the day to get it all done. Many people in this situation try to do it all and ultimately end up doing nothing. Walking around constantly feeling defeated and as if they were sinking more and more each day.
While trying to do so much each fire begins to burn with equal intensity. Leaving you unsure of which one to prioritize next.
One of the greatest things that you can do is to just believe in yourself. Always pushing forward and knowing that in the end success in one business will lead to the growth of another.
One great way to do this is to take a step back and see where one of your businesses can benefit the other. Creating a blueprint in your mind of how each action will affect its constituents.
In the end it boils down to two things. Those two things are planning and focus.
With the proper plan in place it allows you to be proactive instead of reactive. Giving you a greater level of focus in the face of adversity.
2. Streamline your resources and energy
Some of the most successful entrepreneurs have stated that even amidst all of there success and experience it’s still challenging to know where to allocate your resources. This is the most difficult when more than one of your businesses has a pressing issue at a time.
A key way to manage this and remain profitable is by sharing resources and leadership roles throughout companies.
Great examples of this is by utilizing a shared office space for all of your businesses. Cutting your costs greatly and giving the professionals of each company a chance to make positive collisions. Acting as potential advisors and establishing a support group.
When you have to move from one business to the next you must ensure that your time is maximized. Remaining focused helps serial entrepreneurs with getting the most out of their time. A great way to do this is by planning your day the night before. Never allowing yourself to just live day by day or the day will get the best of you every time. You could even take it a step further and plan out your week every Sunday. Challenging yourself each week to get the most out of your most valuable resource which is time.
3. Don’t sit lonely at the top
Even with the limited time that many entrepreneurs have they still feel the need to lead in many areas of the company’s direction. Feeling that only they know what is best for the company.
The problem is that you still only have 24 hours in a day and can only do so much. The best thing to do at this time is to take a step back. Focusing on creating Standard Operating Procedures that set your team member up for success.
People perform based on what they are measured upon so be sure to create SMART(Scalable, Measurable, Attainable, Repeatable and Trainable) goals. Then you will be able to implement processes that can be duplicated without your presence.
This allows for you to create powerful team members that can assist in making tough decisions. That ultimately give you more free time to focus on what you do best. Which is usually developing your brand and ensuring that each decision you make establishes a better connection with your consumer.
Once the people believe in you then they will inevitably believe in your product. Perception is reality so allow people to perceive your greatness and you will receive great results. Social media plays a major role in this so leverage it to your benefit.
4. Use your enthusiasm to drive your ventures
Make sure that you are focusing on the areas of your businesses that add the most value. Then filter through those actions even more and focus on the ones that add the most value but take the least amount of time.
Another barrier that many people face while trying to do this is communication. You must ensure that you have an efficient form of communication that keeps you connected with all of your businesses.
Make sure that you are using the tools that keep your team committed to completing tasks and eager to start new ones. This dedication is the most important quality a serial entrepreneur can possess.
Once you have created an efficient system everyone will be on the same page and focused on growth instead of being consumed by their challenges.
5. Get out of your own way
Many entrepreneurs get so caught up in their product that they begin to loose focus on the big picture. Forgetting that your product was created to provide a service to a body of people. With the goal of making an impactful change in their lives.
While focusing on creating something new people tend to forget to look for the white space in the market. Failing to remain up to date on the current trends which at times may lead to you having to pivot.
You have to get out of your own way and focus on the grow of your company. Putting your personal feeling aside for the best interest of your consumer. They are the true boss at the end of the day.
These are only 5 of the many building blocks of becoming a successful serial entrepreneur. If you can do these 5 things then you will be well on your way to achieving the greatness you desire.