Given the wave that the economy has ridden lately, a number of people who start a business in India don't stop at only one. Whether it is a matter of balancing the business enterprise portfolio with multiple ventures, trying to create a quick profit in a rising sector or merely succumbing to the urge, serial entrepreneurship will be here to stay. However, serial entrepreneurs must remember that it is equally important to move on when things don't go their way.
By definition, an entrepreneur has vision, the passion to start something new and the capability to take a certain amount of risk. But for numerous them, the thrill ends with the chase. Once the business enterprise gains traction, some boredom sets in combined with itch to start something new.
And so, a serial entrepreneur is born.
But before plunging headlong into another new business, it is very important to consider the next:
Is the existing business stable enough to stand without your constant support? Can there be a ready management team set up?
Does the business enterprise generate enough revenue to manage to fund at the least some the main new startup?
Can available resources be leveraged across both businesses? Ideally, administrative functions, IT infrastructure, real estate should really be shared across group businesses. Real-estate and staffing costs are no further meagre in India, and any savings of this type is going to be very valuable to profitability.
That apart, you can learn the next lessons from the ability of other serial entrepreneurs:
It gets easier the next time round. If you see a nice-looking opportunity, but are apprehensive about the effort it takes to obtain it going, especially in the context of Indian red tape, remember than your learning curve will be shorter this time.
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