I just finished leading a 3-day workshop in Toulouse, France for 15 entrepreneurs from the incubators and technology centres of the European Space Agency. Today I have been asking myself questions about what the key skills are that these entrepreneurs will need to develop in order to succeed.
Success can be measured in many ways, but my goal has been to teach them to become serial entrepreneurs – persons who are capable of creating not just one startup business, but capable of starting many healthy businesses throughout their careers.
Becoming a good serial entrepreneur involves learning the ability to do the following:
- Serial Entrepreneurs see opportunity. Opportunities arise where there are problems or where there are inefficiencies. While corporate employees tend to focus on resources, good entrepreneurs tend to focus on opportunities. When an employee encounters a problem within an organization, they most often try to figure out how to navigate around it. An entrepreneur, however, sees this as an opportunity to solve the problem and thereby to create a sellable product or service. Every problem is good news and an opportunity to a serial entrepreneur.
- Serial Entrepreneurs create and communicate a clear vision. A clear vision is key. Without it an entrepreneur ends up being vague and uncertain about how to go forward to create a solution or to organize the team that is necessary for success. A simple and magical thing happens when an entrepreneur creates a clear vision, commits to making it happen and then communicates it to the world.
- Serial Entrepreneurs are able to attract great people to work with them. Many entrepreneurs never get past this point. They work hard, but they mostly work alone. Their ventures seldom grow large and are limited by the fact that they are neither team players nor good leaders. Hire people who are smarter than you. Hire people that almost scare you because they are so capable. Only then will you raise the level of your company to new levels and ensure long-term success. Earn their trust, give them full responsibility and then get out of their way so they can make your company into a success.
- Serial Entrepreneurs are able to raise capital or to obtain whatever resources are necessary. Almost all good business ideas will need capital at some point. Without capital, growth takes longer. With capital, a company can often move quicker and take advantage of windows of opportunity that appear. Capital is like fertilizer for plants. Organic growth is always an option, but sometimes there are faster and better ways to stimulate rapid growth.
- Serial Entrepreneurs remain flexible, adapting to changes without abandoning their vision. As we all know so well, shit happens. One of the only constants in life is change. Being a successful serial entrepreneur involves developing the ability to stay flexible in the face of the winds of change, without losing sight of their vision.
Thanks to Roop Chandwani (www.aggiopartners.com) and Nico Goulet (www.adaravp.com) for inspiration for this article.
One Reply to “5 Key Skills for Successful Serial Entrepreneurs”
I think the key is zero excuses. The most pervasive and cruelest excuse is one that actually sounds quite positive: “I did my best”. When someone says “I will do my best” they are leaving the door open to failure. They are actually pre-preparing for failure. Those that do what it takes are those that can be successful serial entrepreneurs.
The second challenge is to not get stuck on the path, but to be able to see the whole journey at times – and not just keep doing the old things, but be conscious of whether the old habits remain productive in a new context.
Thanks for inspiring some reflection on a Saturday morning 😉
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