Small Business Resources in Aurige

The Aurige Entrepreneur's Guide

Five Traits that are Key for Serial Entrepreneurs

Serial entrepreneurs often start multiple businesses during their careers. These people are entrepreneurs who work in varied areas of the business world. The reasons behind joining this small group vary as widely as their professions. While looking at these individual key traits happen to become evident.

 

Serial Entrepreneurs

Entrepreneurs are not common. Every American does not choose to open businesses. Opening a business is not easy. A majority of entrepreneurs who do not succeed do not try again. If a person does not try they will always fail. Having more than one business in the works takes a certain kind of individual. The most successful do seem to all share a number of characteristics. This includes the top five traits.

1. Management

Time Management is considered the top asset in an entrepreneur. Time is quite literally money. Being able to tactically prioritize for business as well as life is a key to professional achievement. For a serial entrepreneur task optimization is critical. There needs to be a plan or layout when structuring time for any project or activity. Being able to actively tackle any problem in a timely manner or hand it to someone who can be an aspect of this trait. A serial entrepreneur often needs to find the challenges invigorating reaching to overcome instead of being overwhelmed.

 

Time Management

2. Drive

Drive to grow the company. Having an idea is not enough being passionate about the work is the vital point. Passion brings great drive to an enterprise. Growth is the name of the game. Pushing past the troubles of start up into a more stable business model is important. Without drive there is no motivation. This only leads to stagnation.

Take the chance. No risk… no reward. Many serial entrepreneurs have a bit of a daredevil nature, they are risk takers willing to put their word and money on the line to make things work. Being tenacious is part of the characteristic that leads to drive. Entrepreneurs have an unstinting belief that their idea is right. The individual can make more happen to them than anyone watching from the outside can believe. This confidence is backed by an uncanny desire to achieve.

 

Motivation

3. Relationships

The art of relationships is the ability to build them in addition to knowing which will be beneficial. A serial entrepreneur needs great people. These people need a good foundation along with connections to help them reach success.

Owning a business is not easy, no one should believe that running anything will be a cake walk. If the person has the mindset, talent and drive to do it once, then multiple tries may lead them to the accomplishment they are working for.

Having family that understands the ups and downs in addition to the needs of the entrepreneur help to alleviate home stresses. The professional does need to keep the family in the loop on the business front so they will know the stress the entrepreneur is facing.

 

Team building

Team building is an aspect of this trait putting the right people in the best positions can ensure growth and a thriving business environment. Bringing in the right team will make the transitions go more smoothly. A serial entrepreneur wants to be able to have the right team so they can move to the next project.

4. A thirst for knowledge

A serial entrepreneur is always looking. They plan to build a better mousetrap. These leaders want to solve the unsolvable in an innovative and intriguing way that draws others to find other ways as well. A business leader needs to be open to original ideas and the next big thing. Any pacesetter knows that bogging down on one subject just leads to a rut. Always be ready to take in new ideas and give them a unique twist.

 

More Serial Entrepreneurs

5. Know when you fail not to give up.

Resolution and determination are important to any entrepreneur. Knowing when to leave is important. Failure happens. An entrepreneur just sees it as steps in the right direction. Every failure takes you one step closer to success. Do not cling to a theme that will not succeed go back to the drawing board and see where things went right and move forward.

Flexibility is not an option but a requirement. If an owner is not able to alter the setup to meet client’s needs, then the setup is too rigid. Finding a niche may be what the clients lead you to or just a widening your company’s scope.

An entrepreneur needs to be able to roll with the punches. No business starts out with stability. If it is ground breaking or new the path is not already laid down for the company. This is a risky industry if a person has the skills they will have to take the leap.

Quick Hit Business Tip:

On the topic of business taxes this season, you should file 1099 online to simplify your filings & maintain accurate records. Filing taxes when using several contractors can get cumbersome and time-consuming. This is because you’ve got to send out printed copies of the 1099 and w-2 forms to those providers. Most experts would strongly recommend you find a service to file 1099 forms and W-2’s that does BOTH the e-filing and the print and delivery for you. Check out www.eFile4Biz.com to see what one should look like.

 

If you already use them, tell us what you think about their service below!

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