If you continuously come up with inventive ideas and create new businesses then you’d likely be considered a serial entrepreneur. But owning and managing distinctively different companies comes with its own set of unique challenges.
The balancing act of juggling multiple priorities is an art and a science. However, if you’re ready to launch your second or third venture, we’ve asked ten serial entrepreneurs to share their recommendations on how to balance it all.
1. Manage your time.
The key to doing more than one thing is excellent time management and good delegation. I also accept that not everything can be perfect and may be a work in progress.
2. Have one office.
Have multiple fronts, and one ‘back office’. As a consumer facing operation, we have two companies, but centralize everything into one back office. From credit card processing, to customer support, everything not visibly seen by the customer is run by the same engine. This allows us to achieve scale faster and keep costs low.
3. Ask for advice.
Look for support from other entrepreneurs. It’s so easy to lose confidence in yourself when you run ideas by people who fear risk or can’t relate to entrepreneurs. They’re likely to drag you down and keep you from exploring more opportunities because the fear of failure creeps in. Communing with others like you helps keep the energy high and the synergy going.
Focus on what you do best and hire teams for your companies that do what you can’t do.
5. Accept help if necessary.
Drop your ego at the door. You have to rely on experts you bring in and colleagues in the industry. By all means as entrepreneurs, you should stretch the limits of what is out there to become successful but you can only reach your goal by accepting the input of others that bring their expertise to the table. Yes, you can oversee final decisions, but if you are building a widget that needs an engineer’s eye, trust them on what makes it work.