Serial entrepreneurs share what it takes to run multiple ventures

Entrepreneurship is usually described as an exhilarating journey that entails taking dangers, pursuing modern concepts, and creating one thing new and worthwhile in society.

Inside this dynamic panorama, nevertheless, there exists an distinctive few who take the leap and turn into serial entrepreneurs, who repeatedly search for brand new alternatives.

Nevertheless, the trail of a serial entrepreneur isn’t with out its challenges. Every enterprise brings its personal set of hurdles, demanding unwavering dedication, and the flexibility to persevere within the face of adversity. The stress to succeed will be intense, as serial entrepreneurs continuously steadiness the need for development and profitability with the dangers inherent in pushing the boundaries of what’s doable.

So what’s it wish to be a serial entrepreneur? What’s it wish to stroll of their sneakers, embracing the challenges and success that include a life devoted to perpetual innovation and relentless pursuit of success?

Right here is an inside have a look at the nice, 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 isn’t 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 fitness center chain Arkkies, indoor health and bouldering fitness center Match Bloc, bodily schooling gear provider Javy Sports activities, and health gear provider Motion First — one enterprise ultimately led to a different.

Jeremy first began Motion First whereas he was nonetheless a pupil at Nanyang Technological College (NTU), which initially provided sports activities tapes. Ultimately, he moved into promoting quite a lot of sports activities gear, primarily based on buyer demand in 2016.

“It’s mainly utilizing the identical operational programs, simply in a horizontal enlargement,” he mentioned. Jeremy went on to start out up his different companies in the same method, increasing into completely different verticals inside the health trade.

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 the same vein.

She initially meant to launch BOTANY, as her sole F&B idea underneath The Nicely Group. Nevertheless, she quickly realised the potential for additional enlargement, main her to launch extra ideas, together with cafe and bar idea The Ritual and the upcoming Japanese high-quality eating idea Takahashi, to cater to numerous communities.

Miza Nazili Ghazali, then again, was motivated to start out a number of companies as she believes in diversifying her earnings sources.

“By having a number of companies, I scale back the chance of relying solely on one firm’s success. This method permits me to assist and maintain different companies, even when one faces challenges,” she explains.

The 29-year-old initially dabbled within the F&B trade, however she ultimately discovered her ardour when she ventured into the e-commerce trade. At this time, 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 offers them with a way of satisfaction — which is strictly 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 group house Crane and boutique enterprise consultancy service Powerhouse.

Figuring out the best alternatives to start out new ventures

For Miza, thorough market analysis is significant earlier than beginning a enterprise. “I analyse elements similar to buyer demand, the probability of returning prospects, in addition to the utmost income potential of the enterprise,” she mentioned.

By doing this, she will get to judge the feasibility and profitability of every alternative to make sure that her potential ventures have a strong shot at success.

Equally, Cassandra shares Miza’s thorough method 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 as a way to make knowledgeable selections in regards to the feasibility and sustainability of her ventures. “This analysis helps mitigate potential challenges and ensures a strong basis for fulfillment.”

Jeremy’s entrepreneurial philosophy, then again, centres round cultivating aggressive benefits and fostering a helpful ecosystem. He locations nice significance on having an edge over present 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 constructive suggestions loop. Our gear design is improved steadily via heavy industrial utilization at Arkkies, and we then promote the [improved] gear to shoppers at Motion First.

– Jeremy Ko, founding father of Arkkies, Match Bloc, Motion First, and Javy Sports activities

That mentioned, it’s not all about reaping earnings — a enterprise shouldn’t solely be financially viable but additionally align with desired life and long-term targets of entrepreneurs, providing them a path in the direction of private fulfilment.

Federico exemplifies this ethos via his ventures, be it revolutionising the journey trade 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 development and relevance in right this moment’s fast-paced world via Crane.

Discovering the best steadiness

That mentioned, working a number of companies concurrently is an arduous activity — its powerful to search out the right steadiness between these companies. This is the reason Cassandra believes in automating processes each time, and wherever she will.

To start with, I give attention to establishing efficient programs and processes to streamline operations and scale 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 elements of the enterprise, and general enterprise development.

Apart from this, efficient time administration can be essential in managing a number of companies easily. Miza, for one, allocates particular time home windows for every enterprise to present every of them devoted focus and a focus.

“For instance, I could dedicate the morning to 1 enterprise and the afternoon to a different. Nevertheless, flexibility is essential, as some days might require extra give attention to one enterprise than the opposite,” she explains.

One other essential facet 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 all the pieces themselves, which might result in burnout and hinder general productiveness.

In truth, they’re extra vulnerable to psychological fatigue, with 50 per cent of them being extra prone 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 employees to shoulder sure obligations. She used to work herself to the bone for 20 hours a day in her early days of working her earlier F&B ventures, Deli Desserts and Iceburnz. 

One other method to that is to outsource duties that require specialised experience to exterior companions — this is among the key parts 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 method 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 learn one other, enhancing the general manageability of the entire endeavour.

As an illustration, when Jeremy determined to start out up Match Bloc, he leveraged the health gear from Motion First in addition to his basic sourcing experience to start out and handle the enterprise at a decrease value construction. Consequently, Match Bloc managed to breakeven sooner as in comparison with conventional climbing gyms.

Subsequently, in 2021, with the expertise of working a shopper fitness center efficiently, Jeremy went forward to determine Arkkies, which presently 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 activity administration arrange, permitting for value optimisation.

In the meantime, Miza leverages the interconnectedness of her companies to assist and stabilise her companies. The success in a single enterprise offers extra sources and alternatives that speed up the expansion of one other, whereas challenges immediate useful resource reallocation to assist 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 the same method in the case of rising and increasing the attain of her companies.

We completely benefit from our sources and connections throughout all companies in our portfolio. As an illustration, we’ve got discovered that BOTANY serves as a superb 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 client base of her present ventures to generate consciousness for brand new endeavours. For the launch of the Nicely Group’s pet wellness idea, A Pet Story, she tapped on the pet-friendly setting at their Japanese-French F&B idea, Nicely Collective, to attract in its group and generate consciousness for the brand new enterprise.

That mentioned, Miza cautions towards wholly counting on one enterprise to assist one other. Correct fund administration and monetary independence for every enterprise are 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 powerful drive to succeed, so it’s pure for motivation ranges to fluctuate over time. Nevertheless, it’s essential to search 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 residing entity that’s continuously evolving”.

It’s an intriguing course of to repeatedly refine and form every enterprise, and watching it mature into one thing that’s each optimally useful and aesthetically pleasing in its personal distinctive method. This ongoing strategy of transformation and development 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 constructive affect his companies have on society. “I imagine the companies I create have a web constructive to society. Being within the well being trade, by making our gear and gymnasiums top quality but inexpensive, being wholesome will be accessible to everybody,” he provides.

The identical goes for Miza — her merchandise remedy frequent points confronted by Singaporeans. She additionally wears and consumes the merchandise herself, fuelling her drive to repeatedly enhance and innovate for the long run success of her enterprise.

In the meantime, Federico adopts a singular method by allocating devoted time and empowering people who possess experience and fervour 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 setting 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 folks than me so as to add extra like to my ventures,” he mentioned.

Do you might have what it takes to turn into a serial entrepreneur?

Anybody, and everybody, can begin up and run a number of companies. Nevertheless, it takes sure expertise 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 essential to remain receptive to recent alternatives.

For Cassandra, adaptability has been an integral a part of her entrepreneurial journey, notably in the course of the difficult occasions led to 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 development and success.

Tenacity additionally performs an integral half in guaranteeing the success of companies, because it permits entrepreneurs to persevere to trials and preserve their dedication 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 essential 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 mentioned that there isn’t any “magic sauce” to efficiently launch a number of companies, however there must be fixed onerous work and dedication.

When one enterprise is secure, you’ll logically begin in search of your subsequent alternative. There is perhaps good entrepreneurs like Elon that thrives in chaos, however we’re in all probability not certainly one of them.

– Jeremy Ko, founding father of Arkkies, Motion First, Match Bloc and Javy Sports activities

When taking on a number of ventures, there isn’t any doubt that there would entrepreneurs must take care of varied uncertainties, and failures. Nevertheless, Federico emphasises that it’s critical to embrace these failures as stepping stones to success, as every setback offers worthwhile classes and development 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 development mindset that enables entrepreneurs to not solely begin a number of companies but additionally 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