Tuesday, July 23, 2024

Tips For Serial Entrepreneurs

Serial entrepreneurs are always trying something new, and not always in the same type of business. Such entrepreneurs have the innate ability to make a successful undertaking out of a good idea. But they can also lose sight of current businesses when a new venture is on the horizon. Here are some tips for entrepreneurs who want to retain their mojo.

Don’t Lose Your Passion

According to Forbes, being an entrepreneur can be exciting and challenging all at the same time. There is so much to do, and usually not enough staffers for the work. But don’t get overwhelmed. Your passion can keep you motivated and it’s a great feeling to accomplish something you are passionate about.

Be Strategic

While it’s great to shoot for the stars and dream big, entrepreneurs usually have limited resources so you have to pick and choose which businesses you’re going to pursue. This approach prevents entrepreneurs from getting discouraged with too many ideas and gives you something to look forward to as you chase your real goals, whatever they might be.

Shake Off Failure

Businesses are going to fail, that’s a fact of life. Kris Thorkelson, who owns a chain of pharmacies in Winnipeg and helps lead a real estate company, says you have to move forward from failure in order to achieve a degree of success in life. “Whether you’re a writer with a rejected manuscript, or like me, you have experienced some failures in business, it’s the motivation to create something new that helps you get past it,” Thorkelson said in an interview.

Don’t Forget to Delegate

You can’t do everything yourself, so find some key staffers you trust and empower them to do great work. Thorkelson believes this is vital to the success of any business.  Some serial entrepreneurs take on the work single-handedly, which can lead to burnout.

Master Before Moving On

There’s lots of competition out there and you have to be the cream of the crop to stand out. If you spread yourself too thin, you won’t be able to produce quality, and that’s what your clients are looking for. Instead, focus on just a few areas where you can really shine. Once you have mastered that, you can move on to a new business.

For serial entrepreneurs, it’s important not to get distracted. Pick your most important task and do not stop until that one task is complete. You’ll feel a real sense of accomplishment and you’ll be in good shape to take on the next task that comes along.

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