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Entrepreneurship is commonly described as an exciting journey that entails taking dangers, pursuing modern concepts, and creating one thing new and priceless in society.
Inside this dynamic panorama, nonetheless, there exists an distinctive few who take the leap and turn out to be serial entrepreneurs, who constantly search for brand spanking new alternatives.
Nonetheless, the trail of a serial entrepreneur will not be with out its challenges. Every enterprise brings its personal set of hurdles, demanding unwavering dedication, and the power to persevere within the face of adversity. The stress to succeed will be intense, as serial entrepreneurs always steadiness the will for progress and profitability with the dangers inherent in pushing the boundaries of what’s attainable.
So what’s it wish to be a serial entrepreneur? What’s it wish to stroll of their footwear, embracing the challenges and success that include a life devoted to perpetual innovation and relentless pursuit of success?
Right here is an inside take a look at the great, the dangerous, and the ugly of being a serial entrepreneur.
No person units out to be a serial entrepreneur
For a lot of entrepreneurs, beginning a number of companies will not be one thing that they deliberately got down to do. Fairly, it’s one thing that develops naturally.
And that’s exactly the case for Jeremy Ko, the founding father of health club chain Arkkies, indoor health and bouldering health club Match Bloc, bodily training tools provider Javy Sports activities, and health tools provider Motion First — one enterprise ultimately led to a different.
Jeremy first began Motion First whereas he was nonetheless a scholar at Nanyang Technological College (NTU), which initially provided sports activities tapes. Ultimately, he moved into promoting quite a lot of sports activities tools, primarily based on buyer demand in 2016.
“It’s principally utilizing the identical operational techniques, simply in a horizontal enlargement,” he stated. Jeremy went on to start out up his different companies in an analogous method, increasing into completely different verticals inside the health business.
Cassandra Riene Tan, the founding father of The Nicely Group — an umbrella firm that creates and operates a various portfolio of hospitality, way of life and wellness ideas — began up her companies in an analogous vein.
She initially meant to launch BOTANY, as her sole F&B idea beneath The Nicely Group. Nonetheless, she quickly realised the potential for additional enlargement, main her to launch further ideas, together with cafe and bar idea The Ritual and the upcoming Japanese positive eating idea Takahashi, to cater to numerous communities.
Miza Nazili Ghazali, however, was motivated to start out a number of companies as she believes in diversifying her earnings sources.
“By having a number of companies, I cut back the chance of relying solely on one firm’s success. This strategy permits me to help and maintain different companies, even when one faces challenges,” she explains.
The 29-year-old initially dabbled within the F&B business, however she ultimately discovered her ardour when she ventured into the e-commerce business. At present, she runs 4 companies, comprising well being and wonder platform Beautyfyxed, whitening complement model Ivwhite, clothes enterprise Naezily, in addition to well being and complement firm Shortcutx.
In the meantime, for some, constructing one thing from the ground-up gives them with a way of satisfaction — which is precisely what drove Federico Folcia, an Italian entrepreneur primarily based in Singapore, to launch a number of companies.
Pushed by his fixed dedication to hunt out new alternatives, he based neighborhood area Crane and boutique enterprise consultancy service Powerhouse.
Figuring out the fitting alternatives to start out new ventures
For Miza, thorough market analysis is important earlier than beginning a enterprise. “I analyse elements corresponding to buyer demand, the probability of returning clients, in addition to the utmost income potential of the enterprise,” she stated.
By doing this, she will get to judge the feasibility and profitability of every alternative to make sure that her potential ventures have a stable shot at success.
Equally, Cassandra shares Miza’s thorough strategy to evaluating potential ventures. She emphasises the importance of assessing related prices, required sources, and potential dangers earlier than committing to a brand new enterprise.
To do that, she considers the worst-case eventualities so as to make knowledgeable choices concerning the feasibility and sustainability of her ventures. “This analysis helps mitigate potential challenges and ensures a stable basis for fulfillment.”
Jeremy’s entrepreneurial philosophy, however, centres round cultivating aggressive benefits and fostering a helpful ecosystem. He locations nice significance on having an edge over current market gamers and assessing how a brand new enterprise can synergistically profit his present ecosystem.
Motion First, Javy Sports activities, Arkkies, and Match Bloc all help one another in a optimistic suggestions loop. Our tools design is improved steadily by way of heavy industrial utilization at Arkkies, and we then promote the [improved] tools to purchasers at Motion First.
– Jeremy Ko, founding father of Arkkies, Match Bloc, Motion First, and Javy Sports activities
That stated, it’s not all about reaping earnings — a enterprise shouldn’t solely be financially viable but in addition align with desired life and long-term targets of entrepreneurs, providing them a path in the direction of private fulfilment.
Federico exemplifies this ethos by way of his ventures, be it revolutionising the journey business with a peer-to-peer short-term rental platform (Federico’s home-sharing platform Roomorama, which has ceased operations in 2017) or creating alternatives for private progress and relevance in in the present day’s fast-paced world by way of Crane.
Discovering the fitting steadiness
That stated, operating a number of companies concurrently is an arduous job — its robust to seek out the right steadiness between these companies. That is why Cassandra believes in automating processes every time, and wherever she will.
To start with, I give attention to establishing efficient techniques and processes to streamline operations and cut back handbook effort. By implementing environment friendly workflows and harnessing know-how, I can automate duties and optimise productiveness.
– Cassandra Riene Tan, founding father of The Nicely Group
With this, the entrepreneur will get to delegate her consideration to strategic features of the enterprise, and total enterprise progress.
Except for this, efficient time administration can also be essential in managing a number of companies easily. Miza, for one, allocates particular time home windows for every enterprise to offer every of them devoted focus and a focus.
“For instance, I could dedicate the morning to at least one enterprise and the afternoon to a different. Nonetheless, flexibility is vital, as some days might require extra give attention to one enterprise than the opposite,” she explains.
One other vital side of managing a number of companies successfully is to recollect tips on how to delegate duties and depend on others. Founders usually really feel the stress to deal with the whole lot themselves, which may result in burnout and hinder total productiveness.
In actual fact, they’re extra inclined to psychological fatigue, with 50 per cent of them being extra more likely to undergo from psychological stress.
That was the case for Miza, earlier than she learnt tips on how to higher handle her time and entrust her workers to shoulder sure tasks. She used to work herself to the bone for 20 hours a day in her early days of operating her earlier F&B ventures, Deli Truffles and Iceburnz.
One other strategy to that is to outsource duties that require specialised experience to exterior companions — this is likely one of the key elements of Cassandra’s administration technique. “By leveraging their specialised experience, I can expedite execution and improve effectivity. This permits inside sources to be allotted to different important priorities.”
Equally, Federico additionally has “a choose group of exterior collaborators”, who contribute their experience to each his companies. “This strategy permits for a smoother studying curve, and streamlined communication,” he defined.
Leveraging the interconnectedness of a number of ventures
Whereas managing a number of companies is a difficult ordeal, the sources and networks from one enterprise will be leveraged to profit one other, enhancing the general manageability of the entire endeavour.
As an example, when Jeremy determined to start out up Match Bloc, he leveraged the health tools from Motion First in addition to his basic sourcing experience to start out and handle the enterprise at a decrease price construction. In consequence, Match Bloc managed to breakeven quicker as in comparison with conventional climbing gyms.
Subsequently, in 2021, with the expertise of operating a shopper health club efficiently, Jeremy went forward to ascertain Arkkies, which at present has 11 gyms, with three extra areas coming later this yr.
Federico additionally leverages shared sources and networks to maximise the effectivity of his companies. Throughout each his companies, Powerhouse and Crane, he utilises the identical accounting service and job administration arrange, permitting for price optimisation.
In the meantime, Miza leverages the interconnectedness of her companies to help and stabilise her companies. The success in a single enterprise gives further sources and alternatives that speed up the expansion of one other, whereas challenges immediate useful resource reallocation to help the affected enterprise.
This interconnectedness permits for strategic changes and ensures a cohesive trajectory throughout my enterprise portfolio.
– Miza Nazili Ghazali, founding father of Naezily, Shortcutx, Beautyfyxed and Ivwhite
Moreover, Miza capitalises on shared advertising and promotional channels to cross-promote her services, increasing the attain and buyer base for a number of companies.
Cassandra takes an analogous strategy relating to rising and increasing the attain of her companies.
We completely take advantage of our sources and connections throughout all companies in our portfolio. As an example, we now have discovered that BOTANY serves as a wonderful location for product launches. We debuted a few of Bare Mix (the Nicely Group’s magnificence and wellness idea)’s choices there, showcasing our new merchandise to media colleagues and buddies.
– Cassandra Riene Tan, founding father of The Nicely Group
Moreover, she additionally leverages the shopper base of her current ventures to generate consciousness for brand spanking new endeavours. For the launch of the Nicely Group’s pet wellness idea, A Pet Story, she tapped on the pet-friendly surroundings at their Japanese-French F&B idea, Nicely Collective, to attract in its neighborhood and generate consciousness for the brand new enterprise.
That stated, Miza cautions in opposition to wholly counting on one enterprise to help one other. Correct fund administration and monetary independence for every enterprise are very important, to cut back the chance of 1 enterprise negatively impacting the opposite.
Staying obsessed with every enterprise over the long-term
Entrepreneurship is a difficult and demanding journey that requires persistence, resilience, and a robust drive to succeed, so it’s pure for motivation ranges to fluctuate over time. Nonetheless, it’s essential to seek out methods to rekindle motivation and regain focus to make sure that the enterprise succeeds in the long term.
Cassandra believes that the important thing to this lies in seeing every enterprise “as a dwelling entity that’s always evolving”.
It’s an intriguing course of to constantly refine and form every enterprise, and watching it mature into one thing that’s each optimally practical and aesthetically pleasing in its personal distinctive approach. This ongoing means of transformation and progress fuels my ardour and retains me motivated for the lengthy haul.
– Cassandra Riene Tan, founding father of The Nicely Group
For Jeremy, he attracts his motivation from the optimistic influence his companies have on society. “I imagine the companies I create have a internet optimistic to society. Being within the well being business, by making our tools and gymnasiums top quality but reasonably priced, being wholesome will be accessible to everybody,” he provides.
The identical goes for Miza — her merchandise remedy widespread points confronted by Singaporeans. She additionally wears and consumes the merchandise herself, fuelling her drive to constantly enhance and innovate for the long run success of her enterprise.
In the meantime, Federico adopts a singular strategy by allocating devoted time and empowering people who possess experience and keenness for every enterprise enterprise. He surrounds himself with proficient people, empowering them to infuse their enthusiasm and experience into his companies.
By fostering a collaborative surroundings and entrusting succesful people, Federico ensures that every enterprise receives the love and a focus it deserves, nurturing motivation and driving long-term success.
“I attempt to allocate sufficient love time for every enterprise, and I attempt to empower smarter individuals than me so as to add extra like to my ventures,” he stated.
Do you’ve got what it takes to turn out to be a serial entrepreneur?
Anybody, and everybody, can begin up and run a number of companies. Nonetheless, it takes sure abilities and qualities to efficiently handle and maintain these companies over the long run.
A elementary attribute that serves because the bedrock for the success of serial entrepreneurs is adaptability. The enterprise terrain is continually evolving, therefore, it’s vital to remain receptive to recent alternatives.
For Cassandra, adaptability has been an integral a part of her entrepreneurial journey, significantly in the course of the difficult instances caused by the COVID-19 pandemic. Because the pandemic ravaged her F&B companies, she embraced a solutions-driven mindset to beat these obstacles and discover new avenues for progress and success.
Tenacity additionally performs an integral half in guaranteeing the success of companies, because it permits entrepreneurs to persevere to trials and keep their willpower within the face of adversity.
I want to emphasise that success is seldom rapid — it took me years to achieve my present place. Regrettably, impatience usually leads many to desert their entrepreneurial ambitions prematurely.
– Cassandra Riene Tan, founding father of The Nicely Group
Therefore, it’s vital to keep in mind that managing a enterprise, and even a number of, is a marathon, not a dash. It’s about sustained effort and steadiness, not burning out in a frenzied sprint to the end line.
Jeremy echoes the identical sentiment. He stated that there is no such thing as a “magic sauce” to efficiently launch a number of companies, however there must be fixed exhausting work and dedication.
When one enterprise is steady, you’ll logically begin in search of your subsequent alternative. There is likely to be sensible entrepreneurs like Elon that thrives in chaos, however we’re in all probability not one among them.
– Jeremy Ko, founding father of Arkkies, Motion First, Match Bloc and Javy Sports activities
When taking over a number of ventures, there is no such thing as a doubt that there would entrepreneurs must cope with varied uncertainties, and failures. Nonetheless, Federico emphasises that it’s important to embrace these failures as stepping stones to success, as every setback gives priceless classes and progress alternatives
In the end, no entrepreneurial journey is identical — however what’s sure is that the trail to the long run success of enterprise ventures is paved with challenges.
It’s the mixture of adaptability, tenacity, and a progress mindset that permits entrepreneurs to not solely begin a number of companies but in addition maintain and thrive in the long term, similar to Jeremy, Cassandra, Miza and Federico.
Featured Picture Credit score: Jeremy Ko/ Cassandra Riene Tan/ Federico Folcia/ Naezily
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