Bill Gates tried his hand at entrepreneurship once he had dropped out of Harvard University, that’s when he started Traf-O-Data. When it resulted in failure, Gates went back to the drawing board to become a serial entrepreneur and used the lessons he learned to start Microsoft now one of the most well-known businesses in the world.
Being a good entrepreneur is more than a craft. It is an art. An art I’ve been practicing since I was 12, when I had my first business idea: buying and selling foosball tables through classifieds. Since that very first spark of inspiration, I’ve done it many times to become a serial entrepreneur and learned a few things along the way:
Innovate and disrupt
Like artists, entrepreneurs are in the business of ideas. Without ideas, there is no innovation, and without innovation, there is no long-term success.
The most innovative ideas often combine existing worlds to create something radically different, something magic. On their own, GPS technology and a social media platform aren?t exactly “new” concepts but combine them, and you get Waze.com, the community-based traffic and navigation app with over 50m active users a month.
Think of buying flowers as another example. It may not sound like an obvious candidate for a subscription business model, yet buying flowers on subscription has turned out to be a godsend for law offices, medical practices and many other businesses and, of course, every Casanova out there.
I love that through innovation, a few driven people in a small office can shake up a whole industry. Big companies sitting on gold mines are often at a disadvantage because they struggle to innovate: they?re not nimble enough and they fear that they have too much to lose. Disrupting the status quo is why entrepreneurs exist. So flex your neurons and look for new ideas. They?re everywhere.
Don?t be afraid to be bold
As long as we re still breathing, nothing is catastrophic. After launching a business that generated £10,000 a day and living it large in New York City, I found myself back in Paris, living on £300 a week and moving in with a friend’s grandmother.
Was I unhappy” Nope.
On the contrary: it gave me a laser-sharp focus. As a serial entrepreneur, I went back to what I loved and focused on my business and myself. Within six months, I was back on track, and so was the business. So I know that if I lost everything tomorrow, I could start again the next day.
Creating anything worthwhile requires taking risks. You can’t be scared to fail or lose money, or you will think small. And if you think small, you?ll act small or worse, you won’t act at all.
Staying within our comfort zone makes us lazy and complacent. It makes us dumb. So be smart, and stretch yourself. Dream big, and act boldly. Maybe you?ll fall short. So what” You?ll learn something.
My first real business as a serial entrepreneur?was an online pet shop I started when I was 21. The good news is we sold a lot of pets. Then the bad news: I had no idea how to manage cash flow back then, and had to close down the business. But it taught me how to handle a profit and loss.
So do you fear risk” Break into cold sweats thinking that you might fail” If the answer is yes, then do yourself And the rest of the world a favour; do not be an entrepreneur.
Act fast and test early
Nine out of ten startups fail. And the number one reason by a very long shot is they offered something the market didn?t want.
The market is always right. Not you, not your idea, not your vision. Do people actually want what you offer” How much are they willing to pay” How big is your market” How do people buy” What do they respond to” The only way to find out is to test.
The beauty of the internet is anything can be tested, all the time. So test early, and test often. Act imperfectly, but act fast. Don?t launch a perfect product. Launch something the market can react to, so you get a quick answer.
If testing doesn’t bring the results you hoped for, rework your idea. Or toss it, and move on to the next one.
For more powerful serial entrepreneur insights, including knowing when to part ways with a partner, continue ontothe next page.
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