Serial Entrepreneur

Serial Entrepreneurs Name Professor Class Serial Entrepreneurs An entrepreneur is a person who comes up with a business idea and is willing to take the risks involved to develop, organize, and manage the venture in a competitive market that is always evolving (Tidd & Bessant, 2013). Entrepreneurs are innovators, pioneers, and investors. According to Rick (2011), entrepreneurship involves changing an idea into a profitable business. However, there exist various types of entrepreneurs. One of such types is the serial entrepreneur, a term that is not so common in the business environment. Accordingly, this paper seeks to discuss serial entrepreneurs, focusing on what it takes to be a successful serial entrepreneur. Overview of Serial Entrepreneurs According to Griffiths (2013), a serial entrepreneur is someone who runs a business after another or runs multiple businesses at the same time. This is as opposed to the typical entrepreneur who is involved in the running of the day-to-day activities of a single business. Examples of high profile serial entrepreneurs are Steve Jobs, who runs Apple, neXT, and Pixar or Elon Musk who runs Zip2, Paypal, SpaceX, Tesla, and Solar City (Rick, 2011). Earlier, only a few entrepreneurs risked to run many businesses simultaneously. Over the years, more people are starting to embrace serial entrepreneurship. Most of the successful entrepreneurs, however, have had to concentrate on one business first and succeeded to run it before embarking on other ventures. What It Takes To Be a Successful Serial Entrepreneur Entrepreneurship is not always easy. Businesses do not always work out, or sometimes take longer than expected to be successful and make profits. Some of the things it takes to be a successful serial entrepreneur include passion (Tidd& Bessant, 2013). For many entrepreneurs, as stated by Markowitz (2016), starting a company is a once in a lifetime experience. However, to some, one business is not enough. Without being driven by the profits they make, they develop a passion for producing the best products or services they can. This brings quite a fulfillment to them. It also takes someone who can see an opportunity, to be a successful serial entrepreneur. Opportunities mostly arise where there are problems or when there occurs some inefficiencies. Every problem provides an opportunity for an entrepreneur unlike the corporate who focus on seeking sources to solve the problem (Markowitz, 2016). Some businesses owners build complimentary start-ups to allow for vertical integration. Another requirement to be a serial entrepreneur is the ability to adapt to changes or having flexibility without abandoning vision (Griffiths, 2013). As consumer demands change every day, changes in organizations are inevitable. The entrepreneur should be able to handle the needs for change that comes up to keep the business surviving. Serial entrepreneurs should have the ability to attract great people to work with them. Entrepreneurs will not know everything. They sometimes have to convince experts in the field involved who know more than them, ...