Did you know Canada is a nation of entrepreneurs? Every year, more and more people open small businesses. Many for the very first time. It can seem like an intimidating step to take, considering approximately half of new Canadian companies remain in business after ten years.
However, there is a particular kind of entrepreneur who thrives at the opportunity to see a business plan come to fruition: the serial entrepreneur. Coined for the likeness to start multiple businesses despite success or failure of past projects, these creators are full speed ahead when it comes to a new business.
In fact, a study by the National Bureau of Economic Research in the U.S. shows that a serial entrepreneurs’ previous experience indicates a higher chance of business longevity and financial success. Definition of a serial entrepreneur
While serial entrepreneurs may fail—that’s the price of business—they are typically defined by their successes.
There is no particular level of success or profit, or number of businesses required to earn the moniker of serial entrepreneur. But, generally, they have at least one or two significant success stories under their belt.
Many have a burning desire to search for their next project, and they might even oversee multiple ventures at the same time.
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Commonly in serial entrepreneurship, businesses are built with the intent of becoming sustainable. Businesses might also be set up with the intent to be sold once established. Having the grow and sell mindset helps open serial entrepreneurs up for their next opportunity.