What do Serial Entrepreneurs have in common?

Why have I run into the term “serial entrepreneur” 20 times this past week? It sounds so edgy, so arrogant. I love it.  What exactly defines a serial entrepreneur? Do they have common personality characteristics? Is there a difference between men and women serial entrepreneurs?

Definitions of a Serial Entrepreneur

“The term serial entrepreneur might refer to someone who seems to have an uncontrollable compunction to get involved, repeatedly, in different entrepreneurial activities. And as most successful entrepreneurs are known to be impassioned and almost obsessive, this definition makes sense. ” ~WSI

An entrepreneur who continuously comes up with new ideas and starts new businesses. As opposed to a typical entrepreneur, who will often come up with an idea, start the company, and then see it through and play an important role in the day to day functioning of the new company, a serial entrepreneur will often come up with the idea and get things started, but then give responsibility to someone else and move on to a new idea and a new venture. ~businessdirectory.com

An entrepreneur who sets up a string of new ventures, one after the other. ~bnet.com

A person who starts several different businesses with little intention of operating any of them for very long. That is, a serial entrepreneur may start one business and work at it until it becomes profitable, then sell it and start another business. A serial entrepreneur is not interested in a career with the individual companies he/she runs, but rather enjoys the process of starting a business. Serial entrepreneurship is risky, as is entrepreneurship in general. ~http://financial-dictionary.thefreedictionary.com

As I was writing and reading about serial entrepreneurs’ I realized how many I have known and been fascinated with. They just did not call themselves S.E.’s. Admittedly I initially found the term arrogant. Which isn’t so far off from those I have known and what I have read regarding their general profile.

Stuart Skorman, who started a number of unique businesses including Reel.com, Empire Video, and Elephant Pharmacy points to several motivators throughout his entrepreneurial career. “I feel a need to prove myself,” he says. “I have a lot of energy. I need a lot of stimulation, and for me, this means starting businesses that I feel will make a difference.”

Sam Zell, overly known U.S real estate entrepreneur offered his definition in response to a reporter’s question regarding why he crafted the incredibly intricate deal that enabled him to purchase the Tribune Co.:

“Because nobody has ever done it before. The true test of an entrepreneur is someone who spends his life constantly testing his limits. The definition of an idiot is someone who has reached his goals.”

Judy Johnston, 47, is six years into running her third startup. Though she knows most people may not find the decision easy, she says it helps for entrepreneurs to be “addicted” to productivity. “I’m very comfortable with having a long to-do list, which cannot possibly get finished, but that I can attack daily. That makes me feel good.” Like many others she left behind a high-paying position in corporate America to start her own business.

Steven Berglas, author of “Reclaiming the fire” suggests that the familiar attributes he sees in men entrepreneurs don’t cross over to women per say. That the character structures of women entrepreneurs reflect values and emotion more so than men. However, most of what I have read confirms the following: “While some subtle differences can be observed, fundamentally the experiences and issues entrepreneurs face seem to be remarkably similar.” ~ Dr Jeff Cornwall

Clemson University professor Wayne Stewart has taken a close look at how serial entrepreneurs differ from their more novice counterparts. In one study, Stewart and his colleagues concluded that serial entrepreneurs were bigger risk-takers, more achievement-oriented, and had a higher preference for innovation. “The results,” he says, “suggest that there is a psychological profile that drives serial entrepreneurs, predisposing them to multiple venturing.”

I suppose it shouldn’t be surprising that serial entrepreneurs share some similar personality traits. What is more interesting to me is how I relate quite well to this type of personality. That in fact I understand them is because I share similar characteristics. I am not supposing that I will become a serial entrepreneur. That seems arrogant but it confirms some of my career and work decisions over the last decade. Further, my style of thinking and the manner in which it interacts within different work environments has always led me to believe that “I would be much better equipped mentally and emotionally building my own business”.

Do you share a general profile with that of an entrepreneur?

• Good health & physically resilient
• Can work for extended periods of time, and while they are in the process of building their business, they refuse to get sick
• Entrepreneurs do not function well in structured organizations and do not like someone having authority over them
• Most believe they can do the job better than anyone else and will strive for maximum responsibility and accountability
• They enjoy creating business strategies and thrive on the process of achieving their goals
• They strive to exert whatever influence they can over future events.
• A dominant characteristic of entrepreneurs is their belief that they are smarter than their peers and superiors
• They have a compelling need to do their own thing in their own way
• Entrepreneurs are self-confident when they are in control of what they’re doing and working alone. They tackle problems immediately with confidence and are persistent in their pursuit of their objectives
• Entrepreneurs have a never-ending sense of urgency to develop their ideas. Inactivity makes them impatient, tense, and uneasy
• Successful entrepreneurs can comprehend complex situations that may include planning, making strategic decisions, and working on multiple business ideas simultaneously
• Entrepreneurs accept things as they are and deal with them accordingly. They may or may not be idealistic, but they are seldom unrealistic
• Entrepreneurs possess the ability to identify relationships quickly in the midst of complex situations. They identify problems and begin working on their solution faster than other people.
• Entrepreneurs are more concerned with people’s accomplishments than with their feelings
• Entrepreneurs are uncomfortable when things are going well.

By: jenniferarmour|July 13, 2010|Categories: all|Tags: serial entrepreneurs|