Reasons Why I'm Not Impressed by Serial Entrepreneurs

On December 21, 2019. I attended a conference that talked about entrepreneurial spirit. There   I met an individual who claimed that the individual was a serial entrepreneur. I asked the man how many companies has he started and the man bragged that it was 10. So basically, I met a serial entrepreneur who brags about how many startups they have launched.

Now, most of the serial entrepreneurs are like bad tv shows; it was bad then, it is bad now. It does not matter if you have started 10companies, but if you haven’t managed all these companies to be stable and profitable, then you should probably consider a carrier change.

Some of the reason why I am not impressed with a serial entrepreneur can be stated as follows:

Team selection is not good at all

I see serial entrepreneurs who think that if they have a found breaking idea, they will be successful in the market. In reality, this is not true.  All, the best entrepreneur, focusses on the teamwork rather than stressing over the idea.

They believe that an idea can come to life if it supported by a good team. Business models tend to change every time with the need of the customer. So, this change would not be possible every time, without a good team.

Quit if the idea doesn’t work

 A weak serial entrepreneur would quit at the first moment when the ideal fails. A strong serial entrepreneur will never give up. When you search on the internet on how people become a serial entrepreneur.

You will get an answer which says it is due to their never quitting ability. Realize when you startup a company you have given employment to a lot of people.

These people depend on you for money. So, when an idea fails, you should consult your team to come with a new one rather than quitting it in the first place. Think of an idea to create enough cash flow and recover from the business failure that you have suffered.

Take hold of every situation

You can’t run a business if you are concerned with every operation that goes into your company. Please realize, when you are acting as a founder, then you can’t take hold of every situation. there can’t be a founder who will check accounts, make sure that production in order, make sure the accounts are up to date, make sure the inventory is stored in the warehouse.

This is too much of a job. Doing this can practically drive you mad. Instead, to mitigate this issue take the help of a dedicated team that will make your company grow and upscale as time goes by. In my experience, I have seen a lot of serial entrepreneurs that are looking for a quick success.

They think all they need to do is create a groundbreaking idea, and then it will get funded and they will be sensation overnight. This shows that they are not starting a company that is made out of passion. Instead, they are building a company just to make some quick cash.

Never learn from their mistakes

If you search on the internet on what is a serial entrepreneur. You will get an answer which says a serial entrepreneur is someone who learns from their mistakes. I have seen entrepreneurs who have very freckleminds; they knew what they did wrong but are not brave enough to admit it.

For instance, last year I meet Paul who had a groundbreaking idea of opening a mobile phone just by waving the hand. Now though, he had this idea; he was too lazy. Paul did not want to create a business plan, nor he did have the decency to meet the investors who were interested in the idea.

So basically, his idea never meets reality. Though it was his mistakes, he blamed the world and corporate culture for listening to the idea. This non-admitting attitude made him a failure. If he had realized his mistake and never gave up on the idea. Then things could have been otherwise.

Does not have the patience to see the company grow

RealizeMicrosoft and Google did not grow in a day. It took them years and a lot of hard work to be successful. I see entrepreneurs who don’t have the patience to see their company successful.

They open up a company, checks whether it has generated enough revenue in one year. If not, they quit. They don’t have the basic characteristics of learning and evolving in time. 

They call quits when they see a lot of challenges ahead of them. if this was the case of founders of Google and Microsoft, then the technology world would not have revolutions.

Do since their friend did

I have seen a lot of entrepreneurs who have started a company just because their friends did. They did not have in business skills, yet invested their time and money in creating a company that would challenge a friend.

This is extremely a foolish decision to take. Your friend has started a company doing market research and having business skills. He knew what to do from the start and make it successful. You, on the other hand, needed to prove a point. Realize that entrepreneurship is not a competition, but a talent that you have it or you don’t. 

Can’t team up and work

Now I have seen people who hate the idea of being a co-founder. They believe since the idea is theirs so that company is there too. They don’t want to take help from others, so the idea gets delayed and opening the company gets delayed too.

This type of attitude is not tolerated in the business world. You need team up and open up a company since you don’t have enough cash flow right now.

I have to see a chef who planned on opening up a restaurant, the chef did not make his idea wait and opened up the business using the help of his engineer friend . in a recent study, they are both super successful.