The recent trends suggest that almost 55% of people chose entrepreneurship so that they are their boss. 39% got into this due to their passion, and 25% of people jumped on the bandwagon to seize the opportunity. Do these scenarios sound relatable? Well, those statistics are about first-time entrepreneurs. If you are already a successful one, you may wonder what’s next. It is another common dilemma that faces many individuals who have already tasted success and now want to explore more. Still, they can hesitate to start up once again. It can be counter-intuitive, but a lot of people go through this.
If you wonder whether starting from scratch would be a good idea, you can look at yourself and analyze your strengths. Here is a quick peek into them. If you identify with them, venturing out for a fresh start should not seem like a challenge. So, here you go!
When you launched your first company, you needed expert advice and help from time to time for growth, problem-solving, and others. After you become successful, you can advise others from different fields and guide them about their entrepreneurial journey. When you do this, you also come across critical insights, which may not have presented themselves otherwise. So help others and form strategic networks. You don’t know when a bolt from the blue strikes and gives you an idea for your next mission.
Scaling up fast
Vic Di Criscio believes that serial entrepreneurs need to know the growth engines. They cannot afford to run their business in the start-up mode for too long. They have to work on ideas that promise a quick rise for their business or next project. You can say that it is the main differentiator between a first-time entrepreneur and the repeat one.
Understanding the situation and acting upon it
Of course, an entrepreneur needs to be determined and perseverant. But for a serial entrepreneur, it is essential to have a clear sense of judgment about what is working for them and what is not. It creates room for moving on to a better idea. So, when you realize something is not working, you must allow it to pass. If you hold on to it, you can drain your precious resources and energy too.
Entrepreneurship is a long journey. It teaches something very crucial at every stage. You have to be open about it and grow. As the fresher in this field, you may not quickly adapt to changes. But after tasting the success with your first venture, you cannot afford to spend time and effort on the same lessons that you learned previously. As you graduate, your focus should also change. Your decision-making abilities have to become sharper than before. You must be able to detach yourself from your work, especially if it is not working.
If you are ready, you don’t have to wait for your second venture. You can start working on your idea and take it to the next level. If this also clicks, you can feel confident about your choices.