Given the wave that the economy has ridden recently, a number of people who take up a business in India don't stop at only one. Whether it's a matter of balancing the business enterprise portfolio with 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 maneuver on when things don't go their way.
By definition, an entrepreneur has vision, the passion to begin something new and the ability to take a quantity of risk. But for numerous them, the thrill ends with the chase. Once the business enterprise gains traction, some 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 essential to think about the next:
Is the present business stable enough to stand without your constant support? Can there be an able management team in place?
Does the business enterprise generate enough revenue to be able to fund at least some the main new startup?
Can available resources be leveraged across both businesses? Ideally, administrative functions, IT infrastructure, property must be shared across group businesses. Real estate and staffing costs are no further meagre in India, and any savings of this type will soon be very valuable to profitability.
That apart, you can learn the next lessons from the experience of other serial entrepreneurs:
It gets easier the next time round. In the event that you see an attractive opportunity, but are apprehensive about the 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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