Given the wave that the economy has ridden lately, a number of people who start a business in India don't stop just one. Whether it is a matter of balancing the business enterprise portfolio by having multiple ventures, trying to make 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's equally important to go 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 specific amount of risk. But for several them, the thrill ends with the chase. Once the business enterprise gains traction, an element of boredom sets in combined with the itch to start something new.
And so, a serial entrepreneur is born.
But before plunging headlong into another new business, it is essential to think about these:
Is the existing business stable enough to stand without your constant support? Will there be an able management team in position?
Does the business enterprise generate enough revenue to be able to fund at the very least some area of the new startup?
Can available resources be leveraged across both businesses? Ideally, administrative functions, IT infrastructure, real-estate must be shared across group businesses. Property and staffing costs are no longer meagre in India, and any savings in this area will be very valuable to profitability.
That apart, you can learn these lessons from the ability of other serial entrepreneurs:
It gets easier the next time round. If you see an attractive opportunity, but are apprehensive about your time and effort it requires to have it going, especially in the context of Indian red tape, remember than your learning curve will be shorter this time.
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