Hey, everyone!
Today, I would like to ask my fellow entrepreneurs on Steemit a question:
Is serial entrepreneurship a viable option for new entrepreneurs?
My response:
I do believe that serial entrepreneurship is possible but only if the entrepreneur already has a passive income source. Once there is an established stream of passive income, then the individual has some wiggle room to start growing another income stream. If there is no passive income, then it will be a struggle to grow a new income stream when there is no guaranteed amount of money to be able to invest towards the new project.
If there is no money coming in, how can a person fund a project with marketing and other startup costs? I know there are multiple entrepreneurs out there that have multiple thriving businesses on their resume and it's great for them. But when you ask them how they did it, I'm pretty sure they will tell you that they started with one business and then started to develop the others once one of them was off the ground.
I have gone through this process multiple times. I used to work on 5-10 projects all at the same time and I became extremely frustrated because none of them would develop to the point that I wanted. It was a constant struggle for me to allocate my time to multiple projects because I wanted them all to thrive. I began to feel like I was being pulled in many different directions. It felt like I was in the middle of a tug of war fight; I was supposed to go to one side but I was actually stuck in the middle.
Some of my past mentors would tell me to be careful with working on too many projects because I would eventually go through burnout. And trust me....I did. Once you begin a new project, there is always the new emotions of hope and excitement. But when you see that nothing is developing, that excitement starts to fade away and it's replaced with despair. It's an endless cycle that needs to be broken and the best way to do it is to not give up once despair hits. Instead, keep pushing forward to get that one project up and running. Once you start seeing small amounts of progress, motivation and excitement start building again.
Serial entrepreneurship is possible... But in my opinion, it's really only a viable option for individuals that already have at least one thriving business. What's your opinion?