Embarking on building multiple businesses as a serial entrepreneur brings tremendous upside but also complexity. Each venture takes on its unique challenges and landscape. Effectively maneuvering different startup environments at various stages of the entrepreneurial journey requires savvy navigation.
Surrounding yourself with skilled teams sharing your vision but also complementary strengths reduces the risk of venture vessels veering irretrievably off course when encountering stormy situations solo leaders can’t weather alone. Savvy serial entrepreneurs handpick balanced crews of loyal business partners, directors, advisors, and employees whose combined talents, experience, and dedication help navigate unpredictable obstacles. Foster open communication, autonomy, and leadership opportunities to keep the crew committed when the waters get choppy.
Start with a strong vision
Before diving into new startup oceans, serial entrepreneurs like David Lolis must anchor themselves to a strong central vision guiding decisions amidst storms ahead. Define your north star metrics for success upfront guiding your path when waters get rough. Continuous course corrections are normal, but with no vision compass establishing true north, even smooth sailing can feel directionless. Chart ambitious yet realistic destinations before leaving entrepreneurial ports, revising later as learning warrants.
Pack provisions
Scour resources in your broader entrepreneur ecosystem ensuring adequate capital, tools, and supplies are secured to sustain long voyages. Patch funding gaps by lining up potential investors or alternative financing sources as needed if revenues waver. Build stable supply chains and operations capacity able to satisfy fluctuating demand. Shore up contingency plans to address likely setbacks. Inventory strengths and weaknesses of your provisional foundation to guide decisions if requiring resources mid-sail.
Master essential navigation abilities
All serial entrepreneurs should look to build mastery across basic navigation abilities including reading market winds to recognize shifting Kunden needs and competitive threats requiring pivots, plotting routes balancing speed with direction, analyzing data guiding choices, decision-making reacting to changing conditions, and conflict resolution uniting internal crews. Hone these core startup competencies through each successive venture to navigate seas increasing intuition through accumulated experience.
Embrace Uncertainty
Seasoned sailors heading rapidly out across open seas accept the certainty of unpredictable conditions arising during their voyages requiring flexibility. Serial entrepreneurs adopt similar mindsets seeing market uncertainty and variables out of their control not as liabilities to avoid, but as opportunities to exhibit their leadership under pressure. Stay quick on your feet adjust to fluid scenarios, be decisive move in a purposeful direction despite lacking perfect information, and remain cool when plans hit icebergs.
Given the exhaustive mental bandwidth running multiple startups requires serial entrepreneurs must break bigger vision goals into achievable mile markers demonstrating progress and staying on course. Whether targeting revenue, scale, operational, or funding milestones, outlining incremental objectives for both short and long-term success provides navigation markers that incent progress while offering valuable feedback on what’s working amidst adjustments.
Use occasional calm waters as an opportune time to assess durability across ventures in your entrepreneur fleet need to keep seaworthy should foreseeable storms arise. Perform checkups addressing maintenance concerns on flagship businesses before dealing with used boats still floating despite patches and rust. Ensure compliance, contracts, and structural issues prevent legal breaches or profit holes from sinking promising ships later on.
