Given the wave that the economy has ridden lately, a number of individuals who start a business in India don't stop at just one. Whether it is a matter of balancing the company 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 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 specific amount of risk. But also for numerous them, the thrill ends with the chase. Once the company gains traction, an element of boredom sets in combined 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 consider the following:
Is the prevailing business stable enough to stand without your constant support? Can there be a ready management team in place?
Does the company generate enough revenue to manage to fund at least some area of the new startup?
Can available resources be leveraged across both businesses? Ideally, administrative functions, IT infrastructure, real-estate should really be shared across group businesses. Real-estate and staffing costs are no further meagre in India, and any savings in this region will soon be very valuable to profitability.
That apart, you are able to learn the following lessons from the ability of other serial entrepreneurs:
It gets easier the second time round. In the event that you see an attractive opportunity, but are apprehensive about the time and effort it requires to have it going, especially in the context of Indian red tape, remember than your learning curve will probably be shorter this time.
No comments:
Post a Comment