Even though 30% of independent contractors are serial entrepreneurs, you may read about great businesspeople and think their accomplishments are uncommon and unattainable. Here are some pointers to help you become one of them.
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Selecting a sector
Moleli advises pursuing business endeavors in fields you are most familiar with and knowledgeable about. However, Thomson claims that her knowledge of the businesses she entered was rather limited. She advises surrounding oneself with intelligent individuals.
“Filling in your gaps is crucial,” she explains. “There will always be more experienced individuals than you. The secret is to have a compelling enough vision to inspire talent to accompany you on your trip.
Assessing the concept
Thomson leans toward “socializing” company ideas by sharing them with friends, relatives, and anybody else who could be in your target market and getting their input, whereas Moleli advocates conducting in-depth market research.
It’s also crucial to start with the appropriate inquiries. “Can it be done?” and “How do you make money with it?” are questions that novice business owners ask. “Who needs this?” is the real question they ought to be asking,” Ryan argues. “I have a strong focus on the needs of my customers. If you start with the consumer and they tell you that this is unnecessary, you can go on, which reduces a lot of the risk.
Give it a go
It is possible to launch certain enterprises with little or no capital. To attract their first paying clients, Thomson and her husband created a prototype of their first product. At first, Moleli had only his laptop and a few helpful contacts in his network. It could be necessary for other firms to approach investors at an early stage.
The important thing is to start, though, because the initial phases will include a lot of trial and error. “Do something,” Ryan urges. “After that, take stock, consider what is and is not working, and act once more.”
Moleli asserts that a successful serial entrepreneur needs patience. “It can take a while for things to come to pass.”
Keeping the plates balanced
All three of the business owners The Hustle interviewed stressed the importance of delegation and assembling a solid support network when asked how they manage to juggle so much on the go. “The key word is ‘team,’” suggests Ryan.
“You need to be able to multitask, but collaboration is the key today,” adds Moleli. I search for partners that understand my working style, share my vision, and I can trust.
What is the income of serial entrepreneurs?
The average base wage for a US serial entrepreneur is $64,686 per year, according to salary.com, and the majority of them make between $54,000 and $76 annually. In actuality, serial entrepreneurs might earn anything from $0 to millions of dollars.
One explanation is that serial entrepreneurs may run a variety of businesses, from small businesses like laundromats and corner delis to large computer corporations worth billions of dollars and employing tens of thousands of people.
Instead than taking a salary in the beginning, many entrepreneurs would reinvest their profits back into the company. The inventor of Pixar and Apple, Steve Jobs, notoriously made under $1 year while serving as Apple’s CEO from 1997 to 2011. Let’s just say that his plan was successful.
In other situations, entrepreneurs are paid differently and do not earn a wage. Thomson, for instance, earns money from her firm ownership in addition to paying herself dividends.
Similar to this, Musk receives his gold in the form of Tesla stock options that vest when specific goals are met by the business. Musk is entitled to a $23 billion bonus share distribution, and that’s just from one of his businesses, after the firm announced record quarterly profits in April.
Characteristics of serial entrepreneurs
There are some characteristics that might guide entrepreneurs to a run of success, but there is no set recipe for becoming a serial entrepreneur.
Vision: Those who can see a better future and the path to achieve it are known as serial entrepreneurs.
A problem-solving mindset: Serial entrepreneurs don’t give up easily when faced with challenges since they view them as opportunities.
Restlessness: Serial business owners are prone to boredom. They have inquisitive brains and are always considering the future.
Drive: Serial business owners have a strong sense of enthusiasm for their endeavors. They relate their work to a larger goal that inspires them, like redefining an industry or resolving consumer complaints.
A spirit of adventure: Serial entrepreneurs are not scared to attempt new things or do things in a different way since they have a high risk tolerance.