Why You Must Run Multiple Businesses
A person who thinks or brings his unique idea and run a profitable business then it is called an Entrepreneurship and person is called Entrepreneur.
There are a few types of Entrepreneurs. Talkopreneur, Technopreneur, Wannapreneur, serial entrepreneur. There are also others such as Trading entrepreneur, agriculture entrepreneur, manufacturing entrepreneur, technical/non-technical entrepreneur.
But we are going to talk about Serial Entrepreneurship and why it is necessary if you are an Entrepreneur in the real sense. A serial Entrepreneur is one who starts more than one company. And you should. If you can start and run one company, then you can start one more, and then one more.
Let’s see why you should.
- Financial security.
Having more than 1 company can provide you with financial security, of course, once all are running successfully then only. But a real Entrepreneur knows how to run all. Not all companies become Giants like Apple and Facebook. Out of 10 startups, only 1 startup is successful, so if you want to have a fortune then go for multiple startups and turn them into profitable companies.
- It is a matter of excitement.
Some people get into business for making a living, and some people do it for excitement. YES, for some it is excitement, they like to up challenges and thrills.
- You keep learning & improving.
Once you start a new company, you face new challenges, you meet new people you learn something new. And you keep updating yourself. You keep learning new skills; it keeps your mind fresh and active. And not a single day will be boring. Would not it be super cool?
- You’re wasting your skills if you do not start multiple businesses.
Once you are an entrepreneur, you develop skills, skills which make you learn faster, skills which can also be useful in day to day life, a deeper understanding of things of how they work. In business, you deal with lots and lots of people, and you have to deal with every type of person and it sharpens your skill of managing people. You develop another level of thinking.
Now imagine you are just sitting there on one chair with all these set of skills, and running only one company: while you can just go out and start another company and make a difference in your life and others’ lives as well. Once you have experience of starting a company then you can use that experience and start another company easily, with fewer efforts, run with fewer efforts and make money with fewer efforts.
When you are already running a company, you meet many people, investors, vendors, other businessmen/Entrepreneurs, advisors, other highly skilled professionals, service providers. This network of yours is a very important asset for you and you can use them as a platform upon which you can build more companies. Having such a network has a value which can’t be measured in monetary terms.
- Your wealth grows exponentially.
Serial entrepreneurs have a different set of skills and they remain influencer wherever they go, they are the cynosure of every event, every party.
More influence meaning more connections, more high-value networking, and that means more power and give you a superior edge to do things more swiftly; you can accomplish bigger and greater things with your influence & power. More business deals with the snap of your fingers. More business means more profit, right? Your influence is your personal brand and you can use it gain more, grow more, and profit more.
You have worked your whole life for these businesses and what if your children and grandchildren also work on the same businesses, and transform it into an empire. Possibilities are endless.
- Live life king size.
Of course with big money you can live the way you like, depending upon the wealth you can go on abroad tours frequently, buy the latest model of the car every few years, and give your family a comfortable, stable life. Be in limelight, get invited to speak at some conferences, be a public speaker, be a known face of your city, and write blogs, live like a celebrity without being in the film industry. (Wink)
After reading this please doesn’t jump right into starting another business. Please consider a few important points before getting into action.
- Have proper brainstorming about which business you want to start and excel in it. You need a proper understanding of any business before you start.
- Do not leave your old business, if it is running smoothly, then hire someone to run it for you and you can focus on starting a new venture for some time. If you keep jumping from one to another business without establishing old one then it is never fruitful.
- Being a serial entrepreneur can be very risky, it will have many disappointments, stressful events, less time for family, etc.
- Do not start 2 companies simultaneously, have a gap of at least 2 to 3 years between them. Starting 2 companies simultaneously will demand excessive attention from you if you do not have a sound team and enough time. Once you have one company up and running then you can start another one after 1 or 2 years depending upon the resources available to you.
- Try to focus on value adding and resolving a problem rather than just making money, it is easier to give a solution to a problem and sell it.
One plus one makes it Eleven, so go out there and do it again.