Monthly Archives: February, 2016

    Be a serial entrepreneur but do it right..

    When I first heard the term “serial entrepreneur,” I had no idea what it meant. It was only after my attorneys yelled at me for not keeping them in the loop with all my incorporation activities that I realized that I had become a serial entrepreneur. But what made it not so great was that I was an ADHD serial entrepreneur. I was starting companies before I ‘finished’ the previous ones. Evidently I’m not unique in that aspect and there are pros and cons to this entrepreneurial path. We all can understand why having one successful company makes it easier to start a second one, but what we often don’t realize is that if not done correctly, you risk not only jeopardizing the new company but the successful one as well. If you can successfully juggle the management of more than one company, you can create many advantages such as diversity, partnership and a brand extension. Diversification with a second business can make sense in many aspects when scalability is a concern. Diversifying with a complementary offering can potentially stabilize the overall entities by blending cash flow generated from independent revenue sources. Jon Gillespie-Brown, a serial entrepreneur and author of “So You Want to Be an Entrepreneur,” describes diversity in business by likening it to a stool. “If you’re running a smaller business, it’s tough to have a one-legged stool,” Gillespie-Brown says. “Having a couple legs gives you diversity, both in customers and in the stages of the business. In[…]