Entrepreneur is a broad term used to describe many famous business personalities. Consider the list below:
- Richard Branson
- Oprah Winfrey
- Rod Drury
- Andreas von Bechtolsheim
- Josh Kopelman
- Michael Rubin
- Omar Hamoui
- Wayne Huizenga
These extraordinary individuals are what the business world has termed serial entrepreneurs. They each found success at more than one venture.
Instead of luck, these individuals demonstrate principles that consistently yield profits. Inc.com expressed the importance for entrepreneurs to maintain healthy “cash machines”. While each person on this list is recognized by an iconic brand, they share several traits in common.
6 Traits of Serial Entrepreneurs
Among the most valuable traits that successful serial entrepreneurs have in common are identifying opportunities and the ability to diversify. There are other telling signs that distinguish serial entrepreneurs. Below is a list of 6 of the most important:
- identifying opportunities
- diversification
- management efficiency
- timing and resource allocation
- strategic partnerships
- idea development
Identifying New Opportunities
Forbes examined how serial entrepreneurs identify opportunities. A key factor was recognizing how different industries intertwine. Developing a talent for knowing precisely when to enter a market was also a deciding factor.
Rusty Tweed is the founder of Tweed Financial Services. For over 25 years, his clients have benefited from detailed financial planning supported by keen risk analysis. Rusty established himself as a serial entrepreneur upon recognizing additional opportunities that would help him provide better services.
Among the successful companies Rusty Tweed built are TFS Properties and Mold Zero. The financial services company provides investors with answers for retirement. Through TFS Properties, Rusty stabilizes rental investments. Mold Zero supports property ventures by managing the dangers of critical mold and mildew. When taken together, Rusty’s companies illustrate why serial entrepreneurs are so highly valued.
Diversify with a Keen Eye and Discerning Interest
Diversification is a key function for major corporations. Just consider how IBM, Walmart, Amazon, and Microsoft aggressively seek to expand their operations. Each of these companies illustrate the modern trend of a single entity meeting more of its consumers’ needs. Yes! Magazine discussed how diversification can limit exposure to risk. New ventures can compliment and even improve leverage for existing businesses.
Extended services provided by serial entrepreneurs are often symbiotic. In other words, clients get the most for their money while making sure that all of their needs are met. This is possible because people like Rusty Tweed take their client’s issues to heart. From an entrepreneurial standpoint, Rusty recognizes need areas and seeks to fulfill them with the best possible services.
Today, IBM and Microsoft are pursuing blockchain; a technology that developed through open source efforts. This is a business model that contrasts much of their development. Similarly, Walmart continues to explore options beyond its brick-and-mortar operations. Most notably, in gaining a greater online presence. Amazon has recognized a need to go the other way. It invested in a line of trucks to make their own deliveries. Amazon and Walmart exhibit different sides of the same coin which puts them in direct competition.
Management vs. the Redistribution of Resources
Managerial efficiency often coincides with resource allocation. However, one pertains to maintaining operations while the other involves the pursuit of future ventures. Serial entrepreneurs must be adept at plugging leaks in a sinking ship. Sometimes all that is required are more efficient operations. Other times, resources are better allocated to new ventures.
Forging Productive Partnerships
Success in business is as much about partnerships as anything else. People determine how a company and market respond to unpredictable future events. This applies more to entrepreneurs than other business people. The reason is that a primary aspect of being an entrepreneur is creating opportunities. Other business professionals often exist in an environment where operations are established and stable.
New Ideas and Creativity
New ideas and entrepreneurs are closely related. A venture might merely require a unique perspective or fine-tuned adjustment. Such instances can lead to substantial profits with minimal work. Identifying these opportunities should be a concern for all serial entrepreneurs. It’s a trait that aids new idea creation. New ideas are raw. Upon conception, they are rarely perfect and require careful adjustment to meet current market demands.
Just like market entry and identifying opportunities are subject to timing, so too must new ideas fit the moment. Thus, serial entrepreneurs must be well-versed in understanding when an idea is mature, as well as when to present it to the public. Ideas, relationships, management and diversification are inescapable traits for people whose personalities align with those of enterprising entrepreneurs