Many entrepreneurs are brilliant creatives and strategists. They may also love the thrill of starting a business and then raising it up to be a success. The excitement of conceiving and then launching a new business can lead to serial entrepreneurship. Some entrepreneurs start two or more companies at once, branching out even more, or jump at every new business opportunity they are presented with.
Yet, just as serial entrepreneurship can lead to many great opportunities, it can also lead to an entrepreneur losing focus and their business(es) losing traction. So, what can a serial entrepreneur do to stay on target? To help shed some light on this issue, we asked 15 members of Forbes Coaches Council to share advice for serial entrepreneurs who may be in danger of losing focus.
1. Budget Your Time
One of the most powerful words is “no.” There is an unlimited number of opportunities; however, each of us has a limited amount of time. Focus is critical. All successful business people build financial budgets; you also need to budget your time. The better the opportunity, the more time you allocate. If you are not willing to spend at least 25% of your time on it, just say “no.” - Rick Bisio, The Educated Franchisee
2. Define Your Best Role: Founder Or Grower
Serial entrepreneurs show strong tendencies that affect their best role. Are they great at ideating, fundraising, recruiting—all hallmarks of a founder—or are they best at scaling the culture, employee growth and revenue? That role is more for the second CEO, the one who partners with or follows the founder. If you want to succeed as an entrepreneur, know where you play best. - John Hittler, Evoking Genius
3. Know Your Strengths And Weaknesses
Running a business is very different from conceiving one. Many serial entrepreneurs get excited by ideas, not execution. Know your strengths—likely creativity and ideas—and your weaknesses. If the latter include execution, surround yourself with folks who like to get things done. Every chief executive needs loyal lieutenants to carry out their vision. Put them in place before starting anew. - Gary Bradt, Bradt Leadership, Inc.
4. Make Alignment Your Top Priority
It’s less about how many plates you’ve got spinning and more about your mood and attitude about the spinning plates. Have as many businesses going at once as you want, but tend first to your emotional state of being. See any challenges as opportunities to find better approaches or solutions, and make your alignment top priority. Everything that transpires always matches the vibe you’re putting out. - Christine Meyer, Christine Meyer Coaching
5. Slow Down
Everyone has a finite amount of hours each day and, unless you’re rich, a finite amount of resources. So, it’s important to utilize your time and resources at maximum on a single project to maximize your success. While you’re spending 33% of your time and resources on each venture, your competitors are spending 100% of their time on theirs. Focus on the venture with the biggest customer pain point. - Jason William Johnson, Chicago Urban League
6. Surround Yourself With The Best People
Like most of us, serial entrepreneurs believe they are good at multitasking, which has serious downsides for problem-solving and decision-making. Surround yourself with the best people and cut through the noise of distractions by establishing a measurable plan. Engage in a self-practice to meet your energy level—as varied as kickboxing or meditation—something to feed your body and brain. - Adena Johnston, D. Mgt., CCI Consulting
7. Don’t Boil The Ocean
Remember when Amazon just sold books? If you tried to do everything at once that Amazon is doing now, none of it would happen. Stay focused on your own progress and don’t compare yourself to anyone else. This is a key way to avoid distractions that prevent progress. Do one thing really well before you try doing multiple things. - John Livesay, The Pitch Whisperer
8. Reset And Refocus
With each business, founders and C-Suite managers should sit down and draw up both short- and long-term strategic plans each year and assess them on a monthly, if not quarterly, basis. Each and every move should be discussed and answered using this strategic plan as a filter. - Aaron Levy, Raise The Bar
9. Strive For Serial Impact, Not Serial Activity
What legacy do entrepreneurs want to leave? Focus is everything. Multitasking, though esteemed, is a myth. Research proves brains can’t focus on two things at once. Distraction breeds wasted potential. Serial entrepreneurs can leverage success by renouncing adrenaline-feeding beliefs (“More is More.”) Focus on the right thing, right now, for maximum profitability, productivity and lasting impact. - Diana Furr, Champions of Destiny
10. Build A Strong Structure
If an entrepreneur recognizes that he or she has a number of ideas and wants to move to the next new concept quickly, then the entrepreneur needs to make sure that each startup has a strong team and, especially, a business/operations leader who can continue to grow the business once the founder’s primary focus is not that company anymore. Each company has to have a strong structure. - Stephen Ford, Fitzgerald, Stevens & Ford, Inc.
11. Be A Good ‘Parent’ To Your Business
A new business requires almost the same time and attention as being a new parent. And like a parent, an entrepreneur is responsible for making sure that their “baby” can thrive on its own. Instead of splitting your focus between multiple endeavors, give time and focus to one. That way, you’ll be sure your new business has the skills it needs to succeed. And then you can bring the next one to life. - Alexandra Phillips, Alexandra Phillips Consulting LLC
12. Think About What You Really Want To Accomplish
Over the last decade, I've witnessed the term “serial entrepreneur” worn as a badge of honor to indicate creativity and industriousness. I believe individuals can actually get distracted from doing one thing really well by launching out in too many different directions at once. Pick one thing, stay focused and slowly insert innovations into the area of your greatest passion. - Billy Williams, Archegos
13. Scale Deep Before You Go Wide
Speaking from experience, entrepreneurs should make their first business foundationally sound before starting new endeavors. Running multiple businesses and still worrying about income and scalability will quickly become exhausting. Focus on standard operating procedures (SOPs), sales/marketing pipelines and hiring great staff. Then apply the principles to the next business and you will thrive! - Anna-Vija McClain
14. Be A Ringmaster, Not A Juggler
Entrepreneurs who move from serial to parallel businesses magnify stress, diffusion and risk of collapse. To make this scenario work, build a common back office and separate implementation teams with strong managers. Hire very capable and focused people. Have clear metrics and develop a routine so that people know when they will get attention. Think ringmaster, not juggler! - Mitchell Shack, Centauric, LLC
15. Don’t Be A ‘Master of None’
I would be curious about the motivations behind the serial entrepreneurship. Do the various interests build on one another or detract from the overall vision? In other words, having multiple businesses that feed into each other or serve the same industry or market can lead to exponential returns, a better understanding of the market, larger reach and many other benefits. But beware of vision drift. - Carolina Caro
