Hi, I’m Phillip Lin, a serial entrepreneur, actor, author, team owner, motivational and diversity speaker, and non-profit founder. People may think I’m crazy, (well I kind of am! 😉), but really, I just want to prove everyone wrong. As One Bad Asian™, I’m living proof that no matter your background or ability, no matter how much or how little you fit in, you are capable of doing whatever you set your mind to. I hope to inspire as many up-and-coming entrepreneurs as I can through my speaking engagements, non-profit initiatives, and book. Check out our latest articles, and feel free to get in touch at any time.
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April 7, 2023
We’ve all heard of an entrepreneur, but what is a serial entrepreneur? What sets them apart from other entrepreneurs is that they start more than one business. Serial entrepreneurs develop their efforts and reach new goals as they go along their business journey.
Many business founders share similar traits of successful entrepreneurs that are essential to achieving success — serial entrepreneurs take it a step further, outperforming new entrepreneurs with 98% higher sales. That’s a tremendous increase! New entrepreneurs often don’t have the experience or knowledge of serial entrepreneurs. Because this isn’t a serial entrepreneur’s first time being a business owner, they know where to invest and when to launch new ventures.
How do serial entrepreneurs become so successful? There are five specific habits that get them to where they want to be. Before we get into those, let’s learn what it means to be an entrepreneur vs. business owner. This differentiation can often be confusing, and it’s important to understand the meaning of each term thoroughly.
What is an entrepreneur? The official definition of an entrepreneur is someone who organizes or operates a business, taking on greater than normal financial risks to do so. It largely boils down to the amount of personal risk they assume to start a new business or some form of enterprise. If they profit significantly after taking on the risk, the investment proves to be a success.
Besides risk, the main difference between business owners and entrepreneurs is the amount of business innovation and scalability. Think about an entrepreneur that creates a start-up with the goal of growing exponentially. Then consider a standard small business started or purchased by a business owner. Smaller risks are involved with owning a standard company than with breaking ground through an entrepreneurial start-up. But with higher risks comes higher rewards, which is what draws people down the entrepreneurial path. However, entrepreneurs must carefully weigh the opportunities and risks associated with their proposed venture before they get the ball rolling.
We’ve covered the difference between an entrepreneur vs. business owner — now let’s go over what makes serial entrepreneurs stand out from the rest.
If you’re still unsure about the serial entrepreneur meaning, we’ll go into more detail for you. Think about the entrepreneurs that have founded multiple businesses over their careers through hard work and dedication. Those with that personal initiative and innate ability to recognize opportunities and develop healthy business habits for their companies to thrive. That’s what sets serial entrepreneurs apart.
Beyond founding their own companies, they often invest in early-stage start-ups or franchises that excite them. They’re experts at finding new business opportunities and creating a renewed vision for companies. They love being a part of starting a business from the ground up by building a team, evolving processes, and attracting new investments. Many serial entrepreneurs can be active in several unrelated industries seeking new ideas and opportunities.
If there’s one thing that’s certain, a serial entrepreneur knows how to be a successful entrepreneur. They implement certain healthy business habits, which we’ll cover next!
Think you have what it takes to be a successful entrepreneur? Take a few lessons from the experts in business themselves — the serial entrepreneurs of the world. Here are five healthy business habits of successful serial entrepreneurs to add to your entrepreneurial toolkit.
Successful entrepreneurs have a strong work ethic because they know that hard work and dedication will help them reach their goals. You have to be willing to put in long hours and make sacrifices along the way. The difference between a successful entrepreneur and those who fail often comes down to work ethic and resilience to keep going when times get hard.
An integral part of being a serial entrepreneur involves taking risks. When you start your own business, risks are inevitable, but serial entrepreneurs continue to add more risk to their roster. They want to try out multiple business opportunities, and they must take more risks with more at stake to achieve the level of success they want – they don’t shy away from ventures that spark their interest.
If you surround yourself with negative people, you won’t get anywhere. They’ll only bring you down. Serial entrepreneurs associate with those who give them positive energy and encouragement. This can include business partners, family, and friends who are in their corner and provide helpful advice and support.
You can’t succeed as an entrepreneur without having passion behind what you do — it’s as simple as that. Passion is the primary driver to succeed when times get tough, and things seem hopeless. If you’re passionate about your businesses as a serial entrepreneur, then you’ll be more willing to put in the effort to reach that level of success even when you can’t yet see the light at the end of the tunnel. You’re more concerned about the end goal than about the path you take to get there.
There will always be something new to learn when taking on new business opportunities! You must constantly be open to learning and searching for ways to improve. Stay ahead of the curve by attending seminars and networking events and reading up on your field to grow your industry and entrepreneurial knowledge. Viewing things from a new perspective can often spark creativity and allow for new ways of thinking.
When you think of serial entrepreneur meaning, traits of successful entrepreneurs such as drive and personal initiative should come to mind. Through hard work and dedication, serial entrepreneurs become the business leaders they’ve always dreamed of being. Learn more about the personal habits that make for a successful serial entrepreneur and how to become one. With the right mindset and resources, the possibilities are endless.