A parallel entrepreneur is an individual who initiates their entrepreneurial pursuits more frequently. They typically conceive fresh concepts, integrate them into the commercial sphere, and assign the responsibility of running the venture to someone else so that they can concentrate on launching additional businesses. This is advantageous for individuals with numerous innovative ideas as they can establish a series of prosperous entrepreneurial endeavors.
Certain individuals possess the inherent parallel entrepreneurial mentality, while others acquire it through learning. Some critics criticize repeated entrepreneurship, claiming that these individuals often abandon ventures when their presence is crucial. Consequently, being a parallel entrepreneur is an incredibly challenging task. To confront this challenge, there are recommendations and guidance from experts. Let’s examine them.
Establish Robust Systems
Constructing a robust system is crucial for any entrepreneurial endeavor as it minimizes the likelihood of the venture requiring a specific parallel entrepreneur. Every business undoubtedly necessitates a capable team for prosperity. Nevertheless, a sturdy foundation reduces the likelihood of failure. Delegating various responsibilities to different individuals is vital in this context.
Introduce Novel and Exceptional Offerings
One of my acquaintances ventured to market a product he believed to be highly distinctive and innovative. However, upon entering a store, the manager pointed out a similar product already available. Hence, diligent effort in discovering or creating genuinely innovative offerings that are almost impossible to reject is pivotal. By developing and promoting a novel product, one can experience significant growth and then pass the reins to competent individuals and shift focus to additional concepts.
Prepare for Unforeseen Circumstances
As a repeated entrepreneur, you generate new ideas, anticipate everything, and launch the initiative. However, upon embarking on a new concept, unexpected issues invariably surface. Failing to prepare for such contingencies leads to dismal outcomes. Succeeding in the business arena is not child’s play, and adopting a fresh perspective and assuming responsibility for every foreseeable and unforeseeable aspect is essential. Experts recommend having backup plans for every endeavor.
Establish Connections with People
Working alone, especially as a repeated entrepreneur, is imprudent and often results in catastrophic failure. Collaborating and forming partnerships are indispensable. Careful selection of associates is vital. At times, when facing a completely novel idea without prior industry expertise, such as conceiving a unique food product without prior experience in the food and beverage sector, the recruitment of exceptionally skilled individuals as collaborators and partners is crucial.
Let’s draw inspiration by exploring some prominent repeated entrepreneurs in the business world. The following ‘top 3 list’ is not ranked in any manner.
# 1: Richard Branson
This British repeated entrepreneur is a personal favorite due to his adventurous nature and unconventional entrepreneurial ideas. He established the Virgin Group in 1970 and currently oversees over 400 diverse companies globally. This is undeniably remarkable, despite encountering unsuccessful ventures such as Virgin Brides, Virgin Vodka, Virgin Cola, and Virgin Clothing. Nonetheless, the repeated entrepreneur persistently pursues new concepts for prosperity.
# 2: Rod Drury
Rod Drury is an exceptional repeated entrepreneur from New Zealand in the technology realm. He founded Glazier Systems, a New Zealand-based software development and consulting firm. After its success, he sold it to Advantage Group for approximately 7.5 million USD. Subsequently, he founded AfterMail, a New Zealand-based email service provider, and successfully sold it to Quest for 45 million USD.
# 3: Oprah Winfrey
In a Forbes poll on admired entrepreneurs, Oprah Winfrey emerged as the victor, receiving twice as many votes as Bill Gates. She astounds the masses with her substantial wealth and influence in the entertainment industry. Best known for her Oprah Winfrey Show, she commenced her entrepreneurial journey in 1986 by establishing Harpo Productions, which acquired the show’s rights from 1988 onwards. She co-founded Oxygen, a cable network, and launched the Oprah Winfrey Network in 2011, both of which were highly successful. Her unyielding pursuit of new initiatives has led to a current net worth of a staggering 2.6 billion USD.
While entrepreneurs outside the repeated category devise and actualize new ideas in the business realm, they generally plan and organize their operations for success. However, in today’s world, repeated entrepreneurship has evolved into a global phenomenon, appealing to numerous individuals seeking diversified business triumph.
