A person who brings their unique idea to the table and runs a profitable business is considered an entrepreneur. There are a variety of types when it comes to being an entrepreneur; you can be a technopreneur, wannapreneur, talkoprenuer, and serial entrepreneur, among many others. We will be focusing on serial entrepreneurship which has increasingly been growing popular over the past couple of years.
Entrepreneurs have been trained with a mindset that is constantly looking for opportunities. They identify a gap in the market, create solutions and work to build a startup for it. Serial entrepreneurs are always trying to start a new launch. Often, you will see them running three to four businesses at a time.
However, many entrepreneurs have been skeptical about the idea of starting more than one company. Managing one business can be a hassle of its own and just the idea of having multiple businesses to take care of is not good for the faint of heart. Now you might be thinking – why do people do it? Why through all the trouble when you can enjoy managing just one business? Here are a few reasons why that will clarify these questions.
Backup Financial Security
Having a single company can be lucrative – but for whatever reason you end up losing it, you lose your main source of income. Having multiple businesses means that you can always put food on the table if one of your companies decides to shut down.
Expanding and Improving
Some people like the idea of spreading their business influence on a larger scale and are known for being the mastermind behind popular products and services around the world. Plus, starting all kinds of businesses means you will be learning new things, coming across new challenges, creating connections with all kinds of people, and more. You are continuously updating yourself, training your mind to be more advanced than your peers and never have to deal with the same boring work day ever again.
Being Granted a Higher Power
Serial entrepreneurs work in different companies which means they will be working with all kinds of people – resulting in them networking with various influential people in the industry. With high value networking, it becomes easier to start new businesses and figure out the process to make business operations work more smoothly.
For a better understanding, look into the work conducted by Aubrey Banks, who has been known to be one of the best entrepreneurs around the globe. Banks started off with opening a clothing store “Remix Clothing” and when he fostered its success, he moved on to working in two record label companies, building his skills until he finally opened his own music production company called, “Music Heads LLC.” He started working with all kinds of influential people like Jay Z, Chris Rock, and others.
Moreover, he continues to initiate other startups such as The Tailored Firm, 19eight9, and Why Not Me, to name a few. As a veteran, his desire to keep creating innovative businesses that people can thrive on gives him the motivation to make the most out of his skills and serve as an inspiration for all kinds of entrepreneurs out there.
