That's because serial entrepreneurs are almost the opposite of
their better-known colleagues, the traditional entrepreneurs who
start businesses to make them successful and profitable over the
long term. Serial entrepreneurs live for the start-up - cobbling
together a new business, raising capital, and exploiting new
markets. They start up and then sell out so they can do the whole
thing all over again.
It's the difference between stick-with-it types like
Bill Gates and
Steve Jobs, and those who appreciate the atypical career path of
Jesse Ventura, who went from the
Navy to pro
wrestling to Minnesota
governor to talk-show host. The best serial entrepreneurs get out
as soon as the business is a concern (sometimes waiting for the
IPO, sometimes not) and lock in their profits. Others might not
have an exit plan; just an exit.
"These people recognize what they do best, so they keep doing it,"
says start-up consultant Jack Derby of Derby Management. "They know
their limits and know they don't want to work with mature
companies."
Experts estimate that serial entrepreneurs are probably just a tiny
percentage of the overall start-up universe, but get more attention
- and more deals - because they have so much more experience with
the successful business launch than the garden-variety entrepreneur
does. After all, says Derby, they have proven track records,
high-level contacts, and cash to invest from the proceeds of their
previous efforts.
Serial entrepreneurs also have a different psychological makeup,
and sometimes it's of a much darker cast, says author and clinical
psychologist Dr.
Steven Berglas, who has studied the subject
extensively.
"They come to realize that success isn't enough by itself," he
says. "They're forced to replicate their success, and they're only
happy if they're doing it over and over and generating greater
levels of success each time. That's how they get their
self-esteem."
For the average businessperson, this kind of constant
engine-revving sounds exhausting. But the serial entrepreneur
wouldn't have it any other way.
- Jeff Siegel
Retiring Retirement
Each year, millions of retirement-age Americans chase a dream
instead of a
golf ball.