Given the wave that the economy has ridden in recent years, a number of people who begin a business in India don't stop at just one. Whether it's a matter of balancing the company portfolio insurance firms multiple ventures, trying to create a quick profit in a rising sector or merely succumbing to the urge, serial entrepreneurship is here to stay. However, serial entrepreneurs must remember it is equally important to go on when things don't go their way.
By definition, an entrepreneur has vision, the passion to begin something new and the capability to take a quantity of risk. But for numerous them, the thrill ends with the chase. Once the company gains traction, an element of boredom sets in along with the itch to begin something new.
And so, a serial entrepreneur is born.
But before plunging headlong into another new business, it is important to take into account these:
Is the existing business stable enough to stand without your constant support? Can there be an able management team in position?
Does the company generate enough revenue to manage to fund at the very least some the main new startup?
Can available resources be leveraged across both businesses? Ideally, administrative functions, IT infrastructure, real-estate ought to be shared across group businesses. Property and staffing costs are no longer meagre in India, and any savings of this type is going to be very valuable to profitability.
That apart, you can learn these lessons from the ability of other serial entrepreneurs:
It gets easier the second time round. If you see a nice-looking opportunity, but are apprehensive about your time and effort it requires 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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